Coinbase CEO Brian Armstrong said the exchange was cutting ties to law firms which hires former regulators linked to what Armstrong calls illicit activities. “unlawful”The crypto industry is under attack.
Armstrong’s comments, made in a social media post on Dec. 3, follow news that former SEC Division of Enforcement Director Gurbir S. Grewal joined Milbank’s Litigation & Arbitration Group — prompting the Coinbase CEO to single out the firm as one the exchange would no longer engage with.
Armstrong said:
“We’ve let all the law firms we work with know that, if they hire anyone who committed these bad deeds in the (soon to be) prior administration, we will no longer be a client of theirs.”
Armstrong has criticized the senior partners of law firms. “unaware of the crypto industry’s position”On this issue. In particular, he accused Grewal for contributing to what he termed regulatory actions. “an ethics violation.”
Coinbase’s CEO has claimed that Gary Gensler, the previous SEC administrator under Gary Gensler, had acted in a corrupt manner. “unlawfully”While refusing to offer clear compliance guidance, the company targeted the crypto-industry.
Armstrong writes:
“This was not a normal SEC tenure. If you were a senior there, you cannot say you were just following orders. They had the option to leave the SEC, and many good people did.”
Armstrong said that while he did not believe in “permanently canceling people,”Crypto industry must avoid supporting those individuals he claims are responsible for harming crypto sector.
“He said”
“Let your law firms know that hiring these folks means losing you as a client.”
Milbank has not responded to comments immediately.
This move highlights tensions that have existed between crypto and regulators for a long time. Coinbase, led by Armstrong, has been in the front line of policy and legal battles. Armstrong is often calling for more clear guidelines to encourage innovation within digital assets.
Grewal’s tenure at the SEC coincided with increased enforcement actions targeting crypto platforms, including high-profile lawsuits against Coinbase and other firms. The move of Grewal to the private sector is part of a larger trend where regulators are transitioning from their former roles to become legal advisors in industries that they once regulated.
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