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Coinbase CEO Brian Armstrong has announced that the cryptocurrency exchange will sever ties with law firms that hire former SEC officials involved in anti-crypto enforcement actions. Armstrong specifically criticized Milbank LLP for hiring Gurbir Grewal, the former SEC enforcement director who oversaw over 100 digital asset crackdowns. Armstrong accused such hires of attempting to 'unlawfully kill' the cryptocurrency industry and stated that Coinbase will not work with firms employing individuals perceived as hostile to the crypto sector. This move highlights Armstrong's stance against what he views as regulatory overreach and sends a warning to law firms, including those tied to Biden administration attorneys, about their hiring practices.
Coinbase is warning its law firms not to hire any anti-crypto government lawyers or risk losing the company’s work in what could be a sign of things to come for Biden administration attorneys. https://t.co/XEZKl6ngsl
Any law firm that hires the instigators of the SEC’s regulation by enforcement regime from the last couple of years is telegraphing to its clients that none of their lawyers are crypto native. Anyone actually in crypto understands how awful of an idea it would be. https://t.co/GqJzjYD1UR
Coinbase executives threatened to withhold business from law firms that hire senior SEC attorneys, claiming they harmed the cryptocurrency industry during the Biden administration. Subscribe to The Daily Docket: https://t.co/s1z0JFiNQe https://t.co/YesD8ULEEh