Coinbase CEO Brian Armstrong has taken a strong stance against law firms that hire former government officials involved in what he describes as “anti-crypto” actions. Armstrong recently revealed that Coinbase severed ties with the law firm Milbank after it hired Gurbir Grewal, a former enforcement director at the Securities and Exchange Commission (SEC).
Armstrong’s Call for Accountability
In a post on X (formerly Twitter) on December 3, Armstrong emphasized that Coinbase will no longer work with firms that employ individuals who, during their time in government, sought to “unlawfully kill” the cryptocurrency industry without offering clear regulatory guidance. He urged the crypto community to adopt a similar approach and avoid supporting such firms.
Armstrong explained that many senior partners at law firms may not fully understand the crypto industry’s stance on this issue. He encouraged the community to inform these firms that hiring officials with anti-crypto track records could lead to a loss of business opportunities.
Coinbase Drops Milbank After Hiring of Gurbir Grewal
Coinbase terminated its relationship with Milbank after the law firm hired Gurbir Grewal. Grewal, who served as the SEC’s enforcement director, stepped down from his role on October 2. During his tenure, Grewal recommended over 100 enforcement actions aimed at addressing what the SEC called “widespread noncompliance” in the digital asset sector.
Milbank announced on October 15 that Grewal had joined its litigation and arbitration group. Milbank Chairman Scott Edelman commended Grewal’s “record of success” as a federal prosecutor and at the SEC.
Armstrong criticized Grewal’s actions while at the SEC, saying, “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 win in the 2024 U.S. presidential election, many in the crypto industry are hopeful for a more favorable regulatory environment. This optimism has contributed to bullish momentum, with Bitcoin reaching an all-time high of $99,645 on November 22.
