As a seasoned crypto investor with a keen eye for industry developments and a knack for spotting trends, I find Coinbase’s recent actions to be both strategic and principled. Brian Armstrong, the CEO, has shown a clear commitment to standing up against regulatory overreach that could stifle the growth of this burgeoning sector. His decision to cut ties with Milbank over their hiring of Gurbir Grewal, a former SEC enforcement director who was instrumental in recommending enforcement actions against noncompliance in the digital asset sector, sends a strong message to other players in the legal landscape.
Brian Armstrong, the CEO of Coinbase, declared a strong position in which he will not collaborate with law firms who employ people linked to actions he considers morally dubious, related to the SEC’s upcoming former government.
Armstrong disclosed that the crypto exchange had previously alerted its legal associates that hiring people like this could lead to ending their business association with the company.
Coinbase Cuts Ties with Milbank
On X’s post, Armstrong disclosed that Coinbase ended its association with Milbank after they hired Gurbir Grewal, a previous SEC enforcement director who was announced to be leaving on October 2nd. This move by the SEC was significant as Grewal had been instrumental in suggesting more than 100 enforcement actions against noncompliance within the digital asset industry.
On or before October 15th, Milbank had brought on board Grewal as a member of their litigation and arbitration department. Chairman Scott Edelman acknowledged the impressive career achievements of Grewal in his role as a federal prosecutor and an official at the Securities and Exchange Commission (SEC).
According to Armstrong, this hiring led Coinbase to end its association with the law firm. The Coinbase executive criticized high-ranking individuals within the agency for reportedly trying to suppress the cryptocurrency industry without clear regulatory guidance. He pointed out that some SEC staff resigned rather than be part of what he considers an “unusual” period, implying it was not normal.
Armstrong made it clear that he’s against the concept of “permanently blacklisting people.” However, he encouraged the cryptocurrency sector to unite in denying financial support to those whose previous behavior may have led to excessive regulation, as he referred to it.
Coinbase CEO Aligns With Trump Team
Previously, Armstrong advocated for pro-cryptocurrency individuals in government and endorsed Hester Peirce for the role at the SEC. This is reminiscent of the exchange’s substantial $100 million in political contributions, with $40 million going to Fairshake PAC. Although Armstrong did not explicitly support Trump’s campaign, his endorsement of initiatives like D.O.G.E suggests a willingness to collaborate with the incoming administration of President-elect.
Just last month, it was announced that CryptoPotato reported a potential private meeting between Armstrong and President Trump, focusing on significant government positions within the crypto sector, including the Treasury Secretary and SEC chair roles. According to sources, Trump’s team scheduled the gathering, signifying the administration’s supportive attitude towards cryptocurrencies.
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2024-12-03 22:08