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Coinbase CEO 
Brian Armstrong announced that the company will stop working with legal firms that hire former SEC officials perceived as adversarial to the crypto industry.
What’s the scoop?
- In his new remarks, Armstrong specifically called out Milbank’s recent recruitment of Gurbir S. Grewal, former SEC Enforcement Division Director, saying Coinbase “won’t work with them while he’s there.”
- Grewal previously led enforcement actions against crypto firms such as Coinbase, Ripple, and
Kraken under Gary Gensler’s SEC chairmanship. - Armstrong criticized the current SEC administration's approach, calling it unethical to crack down on an industry without offering clear regulatory frameworks, and urged crypto businesses to take a unified stance by discouraging partnerships with firms employing those tied to what he described as the agency’s anti-crypto agenda.
Bankless take:
As the Trump administration prepares to take office, Armstrong’s stance signals a crypto industry emboldened to demand more clarity and fairness in future regulatory policies. Ultimately, the industry’s ability to balance principled resistance with constructive engagement will define whether this approach fosters progress or entrenches regulatory divisions in the years ahead.
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.
— Brian Armstrong (@brian_armstrong) December 3, 2024
Senior partners at these law firms seem unaware of the crypto industry's position on this.… https://t.co/k8R6NtfTV1 pic.twitter.com/RT0k408i9f
