Coinbase CEO to cut ties with firms that hire officials involved in Biden’s war on crypto

Coinbase CEO Brian Armstrong vowed that the exchange would cut ties with firms that hire people linked to the Biden Administration’s ‘evil actions’ after Milbank hired former SEC official Gurbir Grewal.

In a recent He believed law firms were still unaware of the crypto industry’s attitude towards the previous administration

His statement follows a recent case in which Milbank, a New York-based law firm with which Coinbase works, hired former SEC chief Gurbir Grewal as a partner in its New York office. Gürbir served as head of the SEC’s Enforcement Division for three years before leaving his post on October 11.

Armstrong stated that Coinbase ended its partnership with Milbank and refused to work with the law firm as long as Gürbir was still a partner in his office.

“Trying to unlawfully kill an industry while refusing to publish clear rules is a violation of ethics in my book. “If you’re a senior there, you can’t say you were just following orders,” Armstrong wrote in his post.

We have informed every law firm we work with that if they hire anyone who committed these evil acts under the previous administration, we will no longer be their clients.

Senior partners at these law firms appear unaware of the crypto industry’s position on this issue.… https://t.co/k8R6NtfTV1 pic.twitter.com/RT0k408i9f

— Brian Armstrong (@brian_armstrong) December 3, 2024

Moreover, Armstrong called on other crypto industry players to do the same. He believed that officials responsible for trying to destroy the crypto industry should be held accountable for their actions.

“As an industry, we should not put money into their pockets after exploitation. “Let your law firms know that hiring these people means losing you as a client,” he said, adding that these people should find work in other areas because he doesn’t believe in “permanently canceling people.”

During his tenure at the SEC, Grewal filed more than $20 billion in fines and over 2,400 lawsuits against the government agency.

The same day Grewal left, the SEC announced it had authorized more than 100 enforcement actions against crypto companies, digital asset operators and virtual currency providers for alleged violations of federal securities laws.

Coinbase amid SEC’s ‘war on crypto’

The SEC under the Biden Administration has been accused of being virulently anti-crypto, going so far as to wage a “war against crypto.”

Through October 2024, eight lawsuits have been filed against crypto companies under the Biden Administration, with settlements worth $19.45 billion. Compared to last year, the value increased by 78.9% compared to the previous year.

In March 2023, the SEC sent a notice to Coinbase, informing the exchange that it planned to take enforcement action for allegedly violating various securities laws. The exchange hit back at the regulator by filing a lawsuit to force the commission to respond to its request for new rules for cryptocurrencies. However, the SEC asked the court to dismiss the case, citing lack of liability.

In June 2023, the regulator filed a lawsuit against Coinbase and its related entities but did not name Armstrong or other executives.