Brian Armstrong, CEO of Coinbase, has said that the cryptocurrency exchange will no longer deal with law firms that engage persons involved in anti-crypto activity while in government. This judgment demonstrates Armstrong’s uncompromising position against people who, in his opinion, intended to destroy the crypto business by not offering clear regulatory guidelines.
On December 3, Armstrong announced on social media that Coinbase had cut connections with Milbank, a law firm that just hired Gurbir Grewal, the SEC’s former enforcement director. Grewal had played a crucial role in regulatory efforts aimed at the cryptocurrency sector, advocating over 100 enforcement measures during his tenure at the agency. Armstrong chastised such decisions, highlighting that law firms should avoid hiring individuals responsible for governmental overreach against the cryptocurrency business.
According to Armstrong, the crypto community should work together to stop law firms from hiring individuals who have contributed to the industry’s issues. He believes that this technique conveys a clear message of accountability and justice in legal and regulatory systems.
While Armstrong noted that not all SEC officials are hostile to the crypto industry, he chastised those who, despite having the option to leave, remained complicit in what he described as a regulatory campaign against digital assets. Armstrong clarified, “If you were senior there, you can’t say you were just following orders.”
This move by Coinbase highlights the ongoing conflict between the cryptocurrency industry and regulatory bodies. Grewal’s stint at the SEC coincided with increased enforcement attempts against major cryptocurrency platforms, notably Coinbase. Many former SEC officials, including Grewal, have joined legal firms that provide crypto consulting services, raising worries about potential conflicts of interest.
Armstrong’s aggressive position demonstrates Coinbase’s dedication to preserving the cryptocurrency industry while lobbying for a more favorable regulatory climate. As the market prepares for future changes under new leadership in the United States, Coinbase’s efforts serve as a rallying cry for the crypto community to band together against perceived regulatory injustices.
