- Coinbase CEO Brian Armstrong has cut ties with law firm Milbank.
- Milbank hired SEC’s Enforcement Division’s Director Gurbir Grewal.
- Armstrong asked crypto firms to not hire seniors at SEC.
Brian Armstrong, CEO of Coinbase, criticized law firms hiring former Biden administration officials who enforced stringent regulations on the crypto market. Armstrong announced that Coinbase would end relationships with any legal partners employing such individuals.
His remarks followed Gurbir S. Grewal’s move to Milbank’s Litigation and Arbitration Group. Grewal, a former SEC Enforcement Division director, played a significant role in actions against crypto firms, including Coinbase.
Grewal oversaw numerous enforcement actions during his SEC tenure, earning a reputation for targeting crypto companies. Armstrong stated that law firms hiring individuals tied to these enforcement measures show disregard for the crypto industry’s concerns. He emphasized that Coinbase will not support firms that “put money into the pockets of those who worked to harm crypto.”
Read also: Marc Andreessen and Ben Armstrong Allege Democratic Plot Against Tech and Crypto
The Coinbase chief executive asked his colleagues in the crypto space to follow a similar path and not hire those who supported the Biden administration’s policies on digital assets.
Ethics Violation
Armstrong said that he believes working with people like Grewal to be an “ethics violation” because they “unlawfully” tried to “kill crypto” while not publishing clear rules for the industry to follow. The entrepreneur added that those who resigned from their positions in opposition to the unclear policies are welcome to work with Coinbase.
He explained that the broader crypto space “should not be putting money in their pocket after the abuse” that the industry suffered under the Biden administration. Armstrong noted that a senior working at the SEC or other agency was not “just following orders” but had the option of leaving the agency like “many good people.”
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