Coinbase CEO Brian Armstrong announced that the company will end its relationship with law firms that have employed anti-crypto individuals.
Brian Armstrong, the CEO of Coinbase, issued a resolute statement to law firms that are opposed to cryptocurrency, announcing that the crypto exchange would cease collaborating with them. Additionally, he has expressed opposition to law firms that employ individuals from the former administration of the U.S. Securities and Exchange Commission (SEC), who were accountable for the agency’s ambiguous stance on cryptocurrency regulations.
The CEO of Coinbase has expressed his dissatisfaction with the hiring of former SEC officials by law firms
Brian Armstrong, the CEO of Coinbase, has issued a public statement regarding the X platform and has taken a firm stance against the recruitment of anti-crypto individuals by law firms. Brian Armstrong announced that the crypto exchange informed them they would immediately terminate any professional relationships with legal partners who employ such individuals.
The SEC Division of Enforcement Director Gurbir S. Grewal, who had previously conducted significant enforcement actions against the crypto industry, has been recently hired by Milbank LLP in the most recent development.
Armstrong criticized the firm for hiring former SEC official Gurbir Grewal, which resulted in Coinbase terminating its partnership with the company. “In my opinion, it is an ethical violation to attempt to terminate an industry while neglecting to publish explicit regulations unlawfully,” he stated.
He also emphasized that senior officials involved in developing unclear regulatory policies should not claim that they were merely “following orders.” Instead, Armstrong emphasized that numerous SEC members opted to resign during this time, which indicated their dissatisfaction with the agency’s direction.
Nevertheless, he emphasized that he does not subscribe to permanently dismissing individuals from their positions. Simultaneously, he encouraged the crypto industry to refrain from financially supporting organizations that employ them. He wrote, “Please inform your law firms that hiring these individuals will result in your loss as a client.”
Brian Armstrong’s Perspective on Pro-Crypto Legislation
Conversely, Armstrong and his team have been eagerly anticipating the implementation of pro-crypto legislation in the United States under President-elect Donald Trump. He and his team are optimistic that the regulatory landscape will continue to improve, creating a favorable environment for the advancement of crypto innovation.
Two critical crypto bills will be introduced in the United States Congress. The FIT 21 Crypto Bill, passed by the House earlier this year and supported by Republicans, is designed to create a legal framework for digital assets. The Clarity for Payment Stablecoins Act, the second, is currently awaiting approval in a House vote. Its objective is to regulate and license stablecoin issuers.
Additionally, the price of the Solana-based MOODENG experienced a significant 94% increase due to Coinbase’s ongoing support for new digital assets. Due to this rally, the daily trading volume has increased by 700% to over $1.1 billion, and the meme coin’s market cap has surpassed $600 million.
