While it was expected that cryptocurrency supporters would be appointed to critical positions after Donald Trump's re-election, a radical step came from Coinbase, the largest cryptocurrency exchange in the United States.
Coinbase CEO Brian Armstrong has announced that he will be severing ties with law firms that hire anti-cryptocurrency officials.
Coinbase Exchange CEO X announced in a post on his account that Coinbase will no longer work with law firms that hire people involved in anti-crypto activities during their tenure and that they will cut ties.
Armstrong cited Milbank, which hired former SEC enforcement director Gurbir Grewal, as an example.
Armstrong also stated that Coinbase has terminated its relationship with Milbank, which hired SEC Enforcement Division Director Gurbir S. Grewal, citing Coinbase’s involvement in enforcement actions against the cryptocurrency industry.
Urging the crypto community not to support those working against the industry, Armstrong said:
“We have made it known to all the law firms we work with: If they hire anyone who committed bad acts in the previous administration, we will no longer be their client.
For example, Milbank recently made a mistake and hired Gurbir. We no longer work with them (and never will as long as he works there).
Trying to illegally kill an industry while refusing to publish clear rules is a violation of ethics in my book.
Let your law firms know that hiring these people means losing you as 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
*This is not investment advice.
