Coinbase ends ties with Milbank LLP after hiring ex-SEC official Gurbir Grewal, citing unethical anti-crypto enforcement actions.
Brian Armstrong urges the crypto community to avoid supporting firms employing regulators tied to unclear crypto policies.
Coinbase integrates Apple Pay for fiat-to-crypto purchases, enhancing accessibility with fast transactions and simplified KYC processes.
Coinbase CEO Brian Armstrong has taken a decisive stance against law firms that hire individuals associated with anti-crypto measures. In a strong statement on the X platform, Armstrong announced that Coinbase would terminate professional relationships with firms employing former regulators who played a role in enforcing unclear crypto policies. His remarks follow Milbank LLP’s hiring of former SEC Division of Enforcement Director Gurbir S. Grewal.
https://twitter.com/brian_armstrong/status/1863774342267781222
Armstrong Condemns Hiring of Former SEC Official
Armstrong notably criticized Milbank LLP for bringing onboard Grewal, who previously led enforcement actions targeting the crypto sector. According to Armstrong, the lack of clear regulatory guidelines during Grewal's tenure has caused significant harm to the industry.
He described it as unethical to enforce actions without providing transparent rules. Armstrong also pointed out that some SEC officials chose to resign during this contentious period, emphasizing that not all regulators followed the same path.
In response to Milbank’s hiring decision, Armstrong confirmed that Coinbase has ceased its association with the firm. He further urged the crypto community to hold law firms accountable by withdrawing financial support if they employ individuals responsible for such actions.
Call for Ethical Practices in Crypto Regulation
Armstrong expressed strong disapproval of senior officials who justify their actions as merely “following orders.” He argued that such individuals should not benefit from the crypto industry's resources after contributing to its challenges. However, he clarified that this is not a call for permanent exclusion from employment, but rather a push for accountability.
This firm stance reflects a broader concern within the crypto industry about ethical practices and the need for clarity in regulatory policies. Armstrong emphasized the importance of aligning with partners who support fair and transparent guidelines, calling on the industry to prioritize ethics over convenience.
Apple Pay Integration Simplifies Fiat-to-Crypto Onboarding
In a separate announcement, Coinbase introduced Apple Pay for fiat-to-crypto transactions, streamlining the onboarding process for users. The new feature, part of Coinbase Onramp, eliminates many hurdles associated with crypto adoption. By offering lightweight KYC procedures and fast transactions, the integration aims to reduce user friction and increase accessibility.