With a second Donald Trump administration and friendlier crypto regulations on the horizon, many crypto investors and personalities have drawn their lines. Brian Armstrong, Coinbase CEO, said it’s time to work only with companies and personalities with the same commitment to crypto and the blockchain.
In a Twitter/X post on December 3rd, Armstrong shared that if their partner law firms decided to hire or work with individuals who committed “bad deeds” in the past administration, Coinbase would cease to be a client.
We’ve let all the law firms we work with know, that if they hire anyone who committed these bad deeds in the (soon to be) prior administration, we will no longer be a client of theirs.
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
Armstrong Directs Comment 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 maintains 12 offices in New York and Washington, D.C. Armstrong stated that the company will no longer work with the top law firm. According to Armstrong, Grewal tried to end 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 not to work with Milbank again. For Armstrong, it’s an ethical violation to stifle and end an industry by not publishing clear rules and regulations. He also blasted officials for saying they’re just following orders at 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 clarified that he’s against canceling people. But he warned that the crypto industry should not benefit from money after allowing an abuse. He then warned all firms that by hiring these people, they would lose Coinbase as a client.
Coinbase Looks Ahead
Coinbase remains committed 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’s the crypto market’s version of the S&P 500, and it’s also weighted by size and balanced every quarter.
For its European operations, Coinbase is preparing for the Markets in Crypto Assets (MiCA) regulations. To prepare, the company has ended its USDC Rewards program for compliance.
Also, Coinbase is cleaning up its house by removing non-compliant stablecoins. The company has become active in calling for friendly regulations, with Armstrong calling the current US Congress the most pro-blockchain Congress in the country’s history.
Featured image from Reuters, chart from TradingView
