Coinbase CEO Brian Armstrong said the cryptocurrency exchange will not work with law firms that hire individuals involved in what he described as anti-crypto actions during their tenure in government.
On Dec. 3, Armstrong said in an X post that Coinbase will avoid law firms that hire people who tried to “unlawfully kill” an industry without clarifying the rules. He urged the crypto community not to support individuals who had worked against the sector.
Armstrong claimed senior partners at law firms are often unaware of the crypto industry’s position on this issue. He encouraged community members to make their law firms aware that hiring anti-crypto officials could result in losing business.
Coinbase drops Milbank after law firm hires Gurbir Grewal
Armstrong said that Coinbase ended its relationship with Milbank after the law firm hired Gurbir Grewal, the former enforcement director at the United States Securities and Exchange Commission.
On Oct. 2, the SEC announced that Grewal would resign from his position at the agency. The securities regulator said that Grewal had recommended over 100 enforcement actions to address “widespread noncompliance” in the digital asset industry.
On Oct. 15, Milbank said it had onboarded the former SEC official to its litigation and arbitration group. Milbank chairman Scott Edelman praised Grewal’s “record of success” as a federal prosecutor and the SEC’s enforcement head.
Because of this, Armstrong said Coinbase decided to stop working with Milbank. He said:
“If you were senior there, you cannot say you were just following orders. They had the option to leave the SEC and many good people did. It was not a normal SEC tenure.”
Following Donald Trump’s victory in the 2024 US presidential election, members of the crypto community have expressed optimism about a more favorable regulatory environment in the US. This has contributed to bullish momentum in the market, with Bitcoin BTC
$95,366 reaching an all-time high of $99,645 on Nov. 22.
