With a second Donald Trump administration and friendlier crypto regulations on the horizon, many crypto investors and personalities have drawn the line. Brian ArmstrongCEO of Coinbase, said it is time to only work with companies and personalities with the same commitment to crypto and the blockchain.
In a Twitter/X post on December 3, Armstrong shared that if their partner law firms decided to hire or work with individuals who committed “evil acts” in the previous administration, Coinbase would do so. no longer be a customer.
We have informed all the law firms we work with that if they hire anyone who committed these bad acts during the (soon to be) previous administration, we will no longer be a client of theirs.
Senior partners at these law firms appear unaware of the crypto industry’s position on this.… https://t.co/k8R6NtfTV1 pic.twitter.com/RT0k408i9f
— Brian Armstrong (@brian_armstrong) December 3, 2024
Armstrong directs comments to Milbank
Armstrong’s latest social media post is in response to Milbank’s decision to hire Gurbir S. Grewal, the current division and enforcement director of the Securities and Exchange Commission (SEC).
Milbank is a top international law firm that handles complex and high-profile cases and has twelve offices in New York and Washington. DC Armstrong stated that the company will no longer work with the top law firm. According to Armstrong, Grewal tried to put an end to the country’s crypto industry by not publishing clear laws.
Crypto landscape lacks clarity
In the lengthy post, Armstrong explained why he was frustrated with Grewal and decided to stop working with Milbank. For Armstrong, it is an ethical violation to suppress and end an industry by not publishing clear rules and regulations. He also criticized officials for saying they were merely following orders from the agency. Armstrong stated that any individual can always leave the agency, as other good people have done.
Brian Armstrong, Coinbase CEO. Image: Reuters
Coinbase’s CEO also made it clear that he is against canceling people. But he warned that the crypto industry should not profit from money after allowing misuse. He then warned all companies that by hiring these people they would lose Coinbase as a customer.
Coinbase looks ahead
Coinbase remains true to its roadmap. The company recently introduced its Coinbase 50 Index or Coin50, a benchmark that tracks the Top 50 cryptocurrencies by market capitalization. It is the crypto market’s version of the S&P 500, which is also size-weighted and rebalanced quarterly.
Coinbase is preparing for the Markets in Crypto Assets (MiCA) regulations for its European operations. In preparation, the company has ended its USDC Rewards program for compliance.
Additionally, Coinbase is cleaning up its house by removing non-compliant stablecoins. The company has become active in calling for friendly regulation, with Armstrong calling the current US Congress the most pro-blockchain Congress in the country’s history.
Featured image from Reuters, chart from TradingView