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Coinbase Declares War: No Deals with Anti-Crypto SEC Allies

Key Takeaways

  • The Coinbase CEO Brian Armstrong cuts ties with law firms hiring former SEC officials linked to anti-crypto regulations;
  • Armstrong criticizes SEC enforcement as overreach, citing a lack of clear crypto rules;
  • The Coinbase CEO urges the crypto community to hold law firms accountable for hiring choices.
Coinbase Declares War: No Deals with Anti-Crypto SEC Allies

Brian Armstrong, the CEO of Coinbase $1.84B , stated that the company has stopped working with firms that hired ex-Securities and Exchange Commission (SEC) officials who attempt to unfairly target the crypto industry.

He didn’t hold back when calling out Milbank, a well-known New York-based law firm, for recently hiring Gurbir Grewal.

Grewal, who used to run the SEC’s Division of Enforcement, played a big role in the lawsuits and enforcement actions against crypto companies, including Coinbase.

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During Grewal’s time at the SEC, the agency filed over 100 enforcement actions. While the SEC argued that these actions were necessary to tackle fraud and protect investors, Armstrong saw it differently.

He called it overreach and pointed out that the lack of clear guidelines left crypto companies in a tough spot.

However, he clarified that he’s not for blacklisting people forever, but he does think there need to be consequences.

Armstrong also sent a message to the crypto community, encouraging them to stand firm against law firms hiring people he believes worked to harm the industry. "Let your law firms know that hiring these folks means losing you as a client", he said.

While Coinbase’s actions are making headlines, regulatory challenges continue to shape the crypto sector. Recently, new EU rules caused Coinbase to sunset USDC rewards. How did the community react? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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