Published by CentBit.Online – Your Trusted Crypto & Blockchain Expert in Bangladesh
Coinbase CEO Brian Armstrong has issued a bold statement, promising to sever ties with law firms connected to individuals accused of undermining the crypto industry under the Biden administration.
In a December 5 post on X (formerly Twitter), Armstrong criticized certain legal firms for hiring officials associated with policies he believes were detrimental to the growth of cryptocurrency. He warned that Coinbase would discontinue relationships with firms employing such figures.
Targeting Law Firms Supporting Anti-Crypto Policies
Armstrong cited Milbank LLP as an example, following its recent hiring of Gurbir Grewal, the former head of the SEC’s Division of Enforcement. Grewal, known for spearheading high-profile enforcement actions against Coinbase and Binance, joined the firm as a partner in its New York office.
“We don’t work with them now (and never will while he works there),” Armstrong wrote, emphasizing that hiring individuals with anti-crypto agendas could harm a law firm’s reputation within the industry.
He added, “It’s an ethics violation in my book to try and unlawfully kill an industry while refusing to publish clear rules. 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.”
Critics Slam SEC’s Enforcement-Led Approach
Under Grewal’s leadership, the SEC filed numerous lawsuits against major crypto platforms, alleging that they operated without adhering to federal securities laws.
- The SEC’s strategy of “regulation by enforcement” was heavily criticized for prioritizing lawsuits over clear regulatory guidelines.
- By using the Howey Test to classify most crypto tokens as securities, the SEC faced backlash for stifling innovation and failing to address the unique nature of digital assets.
Critics argue that such actions slowed the progress of the crypto industry by creating uncertainty for businesses and investors alike.
Armstrong’s Call to Action for Crypto Leaders
Armstrong urged other crypto industry leaders to follow suit, emphasizing the need to pressure law firms against hiring individuals with anti-crypto track records.
The move has been well-received within the community, with users on X praising Armstrong’s commitment to defending the crypto industry. Many see his stance as a defining moment for how the sector navigates political and regulatory challenges.
Meeting with President-Elect Trump Sparks Optimism
In a notable development, Armstrong reportedly met with President-elect Donald Trump last month to discuss the future of crypto regulation and staffing decisions for the incoming administration. The meeting fueled optimism for a more favorable regulatory environment under the new leadership.
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