Looking ahead, the cryptocurrency industry seems optimistic about a more favorable regulatory environment under the Trump administration.
Article author: Decentralized Dog
Source: yahoo finance
Article translated by: Echo, MetaEra
Coinbase CEO Brian Armstrong issued a stern warning to law firms, prohibiting them from hiring former SEC officials deemed hostile to the cryptocurrency industry.
After former SEC Enforcement Director Gurbir S. Grewal was appointed as a member of Milbank's litigation and arbitration team, Armstrong announced that Coinbase would sever ties with any law firm that employs such individuals.
On the social media platform X, Armstrong posted: 'We have notified all collaborating law firms that if they hire individuals who have committed these misconducts in the (upcoming) former government, we will no longer be their clients.'
He emphasized that as long as Grewal is associated with Milbank, Coinbase will not and will never collaborate with Milbank.
During his tenure at the SEC, Grewal took enforcement actions against several large U.S. cryptocurrency companies, including Coinbase, Kraken, and Ripple, as well as international companies like Binance.
Under the leadership of outgoing Chairman Gary Gensler, the SEC has intensified its scrutiny of the cryptocurrency industry, issuing numerous Wells Notices to multiple companies and suggesting potential enforcement actions.
Armstrong criticized the SEC's actions, claiming that the agency's imposition of regulations without clear guidelines is unethical. He pointed out that many within the SEC have the option to leave, while those who remain cannot claim they are simply following orders.
Looking ahead, the cryptocurrency industry seems optimistic about a more favorable regulatory environment under the Trump administration.
Trump has expressed plans to completely reform the SEC's approach to cryptocurrency, including a commitment to dismantling what he calls 'Operation Choke Point 2.0', a program targeting financial service access for crypto businesses.