Connect with us

Hi, what are you looking for?

Coinbase
Coinbase

Cryptocurrency

Coinbase’s CEO declares a boycott on law firms that hire anti-crypto officials

Coinbase CEO Brian Armstrong has committed to eliminating relationships with law firms that employ former regulators involved in anti-crypto measures. This move represents a stance against individuals who have targeted the cryptocurrency business.

Brian Armstrong, CEO of Coinbase, has said that the cryptocurrency exchange will no longer deal with law firms that engage persons involved in anti-crypto activity while in government. This judgment demonstrates Armstrong’s uncompromising position against people who, in his opinion, intended to destroy the crypto business by not offering clear regulatory guidelines.

On December 3, Armstrong announced on social media that Coinbase had cut connections with Milbank, a law firm that just hired Gurbir Grewal, the SEC’s former enforcement director. Grewal had played a crucial role in regulatory efforts aimed at the cryptocurrency sector, advocating over 100 enforcement measures during his tenure at the agency. Armstrong chastised such decisions, highlighting that law firms should avoid hiring individuals responsible for governmental overreach against the cryptocurrency business.

According to Armstrong, the crypto community should work together to stop law firms from hiring individuals who have contributed to the industry’s issues. He believes that this technique conveys a clear message of accountability and justice in legal and regulatory systems.

While Armstrong noted that not all SEC officials are hostile to the crypto industry, he chastised those who, despite having the option to leave, remained complicit in what he described as a regulatory campaign against digital assets. Armstrong clarified, “If you were senior there, you can’t say you were just following orders.”

This move by Coinbase highlights the ongoing conflict between the cryptocurrency industry and regulatory bodies. Grewal’s stint at the SEC coincided with increased enforcement attempts against major cryptocurrency platforms, notably Coinbase. Many former SEC officials, including Grewal, have joined legal firms that provide crypto consulting services, raising worries about potential conflicts of interest.

Armstrong’s aggressive position demonstrates Coinbase’s dedication to preserving the cryptocurrency industry while lobbying for a more favorable regulatory climate. As the market prepares for future changes under new leadership in the United States, Coinbase’s efforts serve as a rallying cry for the crypto community to band together against perceived regulatory injustices.

author avatar
CryptoCorn
CryptoCorn is Editor and Author at 4C Media Co. and covers all stories and news related to Crypto & Finance. Excellent blogger and Passionate Crypto Trader. Follow her on twitter at @cryptocorn7.
Advertisement

You May Also Like

Cryptocurrency

Amid the financial pressure on many companies to examine Bitcoin, it is estimated that a quarter of the S&P companies will have Bitcoin in...

Uncategorized

Industry experts note that stablecoin regulations and banking access should take priority over cryptocurrency tax reforms in the U.S. Clear laws can encourage mainstream...

Cryptocurrency

Binance has added a new feature that lets users trade directly from CEX to DEX without having to bridge assets or move funds by...

Cryptocurrency

Decentralized finance has transformed our trading, borrowing, and lending. These services are now available to users directly, without middlemen. The popularity of DeFi is...

polkadot
Polkadot (DOT) $ 4.04 1.38%
bitcoin
Bitcoin (BTC) $ 82,428.08 2.65%
ethereum
Ethereum (ETH) $ 1,800.14 3.76%
cardano
Cardano (ADA) $ 0.646938 3.38%
xrp
XRP (XRP) $ 2.05 2.38%
stellar
Stellar (XLM) $ 0.258331 3.27%
litecoin
Litecoin (LTC) $ 82.77 3.16%