Coinbase CEO Brian Armstrong has declared that the company will cut ties with any firm employing individuals who have acted against the cryptocurrency sector.
Armstrong stated that Coinbase will not remain a client of organizations that align themselves with individuals he believes have worked to harm the crypto industry, particularly under the current U.S. administration.
Armstrong criticizes Milbank over SEC-linked hiring
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.Senior partners at these law firms seem unaware of the crypto industry's position on this.… https://t.co/k8R6NtfTV1 pic.twitter.com/RT0k408i9f
— Brian Armstrong (@brian_armstrong) December 3, 2024
Armstrong’s remarks came in response to the law firm Milbank hiring Gurbir S. Grewal, who previously served as the SEC’s Division of Enforcement Director. According to Armstrong, Grewal played a significant role in actions aimed at undermining the crypto industry. The Coinbase CEO accused Grewal of attempting to “unlawfully kill” the sector while failing to establish clear regulatory guidelines for companies to follow.
Armstrong clarified that this decision is not about holding grudges but drawing boundaries. He urged others in the industry to follow suit, discouraging partnerships with firms hiring individuals he described as having “committed bad deeds” against the crypto ecosystem.
SEC criticized for leadership choices
Armstrong did not hold back his criticism of the SEC’s leadership in his statements, suggesting that those in senior positions within the regulatory body bear responsibility for their actions. He dismissed the idea that SEC officials could defend themselves by claiming to be following orders, arguing that they had the option to leave their roles if they disagreed with the agency’s approach.
Armstrong praised individuals who have chosen to exit the SEC and work in environments he considers fair and transparent regulatory frameworks. He emphasized that the crypto industry should not financially support individuals who contributed to policies or actions detrimental to its growth and innovation.
Message to the crypto industry
Armstrong’s message extended beyond Coinbase, calling on the broader cryptocurrency community to stand firm in their support for fair regulation. He encouraged companies to send a strong signal by refusing to work with law firms or businesses that employ former regulators or officials perceived as hostile to the industry. According to him, this is an essential step to ensure accountability and protect the interests of the growing crypto ecosystem.
This announcement underscores Armstrong’s ongoing efforts to advocate for clearer and more balanced regulatory policies and his firm stance on ensuring the crypto sector does not support those he views as working against its progress.
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