After Donald Trump’s re-election, there was anticipation in the cryptocurrency community that supporters of digital assets would secure key positions. However, the biggest surprise came from Coinbase, the leading cryptocurrency exchange in the United States.
CEO of Coinbase, Brian Armstrong, made a groundbreaking announcement stating that the exchange will be cutting ties with law firms that employ individuals who are anti-cryptocurrency.
In a post on his social media account, Coinbase Exchange CEO X revealed that they will no longer engage with law firms that have hired individuals known for their opposition to cryptocurrencies during their time in office.
Armstrong specifically mentioned Milbank, a law firm that recently hired Gurbir Grewal, former SEC enforcement director, as an example.
The decision to sever ties with Milbank was based on their association with Gurbir S. Grewal, who was involved in enforcement actions against the cryptocurrency industry during his tenure at the SEC.
Armstrong urged the cryptocurrency community to refrain from supporting entities that work against the industry. He stated:
“We have informed all the law firms we collaborate with that if they hire individuals who have acted against our industry in the past, we will no longer retain their services.
For instance, Milbank’s recent hiring of Gurbir was a misstep on their part. We have terminated our relationship with them and will not reconsider as long as he is employed there.
Attempting to stifle an industry through illegal means while failing to provide clear regulations goes against ethical principles in my view.
Make it clear to your law firms that hiring such individuals will result in losing your business.”
We have informed all the law firms we collaborate with that if they hire individuals who have acted against our industry in the past, we will no longer retain their services. Senior partners at these law firms seem unaware of the crypto industry’s position on this.… https://t.co/k8R6NtfTV1 pic.twitter.com/RT0k408i9f
— Brian Armstrong (@brian_armstrong) December 3, 2024
*This is not investment advice.