Coinbase to Stop Working With Law Firms Hiring Anti-Crypto SEC Officials, CEO Says
Leading American crypto exchange Coinbase will cut ties with law firms hiring former Securities and Exchange Commission (SEC) officials who, according to the company’s CEO, led an ‘anti-crypto’ campaign to kill the industry.
Coinbase Warns Law Firms Against Employing Crypto Critics
In a tweet shared on Monday, Coinbase boss Brian Armstrong said his exchange had delivered letters to all the law firms it works with, informing them that it would cease to be a client if they hired anti-crypto SEC officials.
Coinbase has already cut ties with Milbank, a New York-based law firm that recently employed SEC’s former head of the Division of Enforcement, Gurbir Grewal, who brought charges against Binance and Coinbase while working at the agency.
Armstrong says his crypto exchange will never consider working with Milbank again if Grewal is part of the law firm’s workforce. He accuses the former SEC employee of ‘attempting to kill the crypto sector by leveling unfair legal actions against industry players while making zero attempts to adopt clear rules.’
Grewal’s Time at SEC
During his tenure at the SEC, Grewal initiated more than 80 enforcement actions against crypto players. He defended his approach as crucial to protecting investors and fighting fraud. However, Armstrong disagrees, terming the approach as overreach. He and other influential individuals in crypto have always advocated for clear guidance rather than the law-by-enforcement approach that SEC officials employ.
Meanwhile, the Coinbase CEO has urged crypto companies to follow his exchange’s move. He wants them to quit working with law firms that seek to accommodate people who have been fighting against the industry.
SEC to Make Leadership Changes Under Trump’s Administration
His remarks come when the US Securities and Exchange Commission prepares for massive leadership changes. The regulator’s head, Gary Gensler, is expected to leave office next month, immediately after Donald Trump occupies the Oval. Gensler has been criticized for his failure to offer guidance to crypto players.
Another SEC executive who will step down in January is Commissioner Jaime Lizarraga. According to his resignation statement in November, he’s leaving office to spend more time with his sick wife.
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