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Highlights
- Coinbase CEO criticized Milbank LLP for hiring anti-crypto SEC Enforcement Director Gurbir S. Grewal.
- He also lashed out at individual regulators for unethical enforcement actions against the crypto industry.
- Armstrong emphasized the importance of pro-crypto legislation under President-elect Donald Trump’s administration.
Coinbase CEO Brian Armstrong shared a firm message to all crypto firms who have hired individuals with anti-crypto activities in the past. Armstrong said that his company would stop working with such law firms hiring individuals from the outgoing administration of the U.S. Securities and Exchange Commission (SEC).
Coinbase CEO Lashes Out At Law Firms Hiring Ex-SEC Officials
Coinbase CEO Brian Armstrong has released a public statement on the X platform while taking a firm stand against law firms hiring anti-crypto individuals. Brian Armstrong stated that the crypto exchange has informed that they would immediately terminate any professional relations with legal partners hiring such individuals.
In the latest development, Milbank LLP has recently hired the SEC Division of Enforcement Director Gurbir S. Grewal who had previously undertaken huge enforcement actions against the crypto industry.
Armstrong criticized the firm for hiring former SEC official Gurbir Grewal, leading Coinbase to cease its association with the firm. “It’s an ethics violation in my book to try and unlawfully kill an industry while refusing to publish clear rules,” he said.
He further stressed that senior officials who were involved in shaping unclear regulatory policies should not claim they were merely “following orders”. Instead, Armstrong pointed out that several SEC members chose to leave during this period, reflecting their disagreement with the agency’s direction.
However, he added that he doesn’t believe in permanently canceling people from employment. At the same time, he urged the crypto industry to avoid financially supporting firms that hire them. “Let your law firms know that hiring these folks means losing you as a client,” he wrote.
Brian Armstrong Looking Ahead to Pro-Crypto Legislation
On the other hand, Armstrong and his team have been looking forward to pro-crypto legislation in the US under President-elect Donald Trump. He and his team are confident that the regulatory landscape will improve ahead building a conducive environment for driving crypto innovation.
Two key crypto bills are set to reach US Congress soon. The Republican-backed FIT 21 Crypto Bill, passed by the House earlier this year, aims to establish a legal framework for digital assets. The second, the Clarity for Payment Stablecoins Act, seeks to regulate and license stablecoin issuers, and is awaiting approval in a House vote.
Moreover, crypto exchange Coinbase has continued to support new digital assets, the latest being the Solana-based MOODENG, leading to a massive 94% surge in its price. This rally has pushed the meme coin’s market cap above $600 million while the daily trading volume has surged by 700% to more than $1.1 billion.
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