Coinbase CEO, Brian Armstrong said, “we will no longer be a client” of any firm hiring people who have committed “bad deeds” against the crypto industry.
In a recent X post, the CEO of Coinbase shared in that the company will let go partnerships with any firm that hired people against crypto under Biden’s administration.
Coinbase CEO spoke up after Milbank hired Gurbir S. Grewal
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 directed his comment towards Milbank’s hiring of Gurbir S. Grewal, the head of the SEC’s Division and Enforcement Director. He announced that Coinbase would not work with them anymore. According to the CEO, Grewal tried to “unlawfully kill (crypto) industry while refusing to publish clear rules.”
“I don’t believe in permanently cancelling people, but we as an industry should not be putting money in their pocket after the abuse. Let your law firms know that hiring these folks means losing you as a client.” – Brian Armstrong
He further mentioned that anyone in a senior position in the SEC can’t just make an excuse for following orders because “they had the option to leave SEC” as “many good people did” and they should have gone into other sectors with fair regulations.
Coinbase remains focused
Meanwhile, Coinbase has been busy. It recently launched the Coinbase 50 Index (Coin50), a benchmark tracking the top 50 cryptos by market cap.
Think of it as crypto’s answer to the S&P 500. Bitcoin and other major coins make the list, weighted by their market size. The index gets rebalanced every quarter.
In Europe, Coinbase is bracing for the Markets in Crypto-Assets (MiCA) rules. As part of its prep, the company killed off its USDC Rewards program to stay compliant.
That’s not all—they’re also clearing out non-compliant stablecoins from the European market. With Trump back in the White House, Coinbase’s leadership sees a chance for faster crypto legislation in America too. Armstrong had called the current US Congress the most pro-crypto Congress in history.
From Zero to Web3 Pro: Your 90-Day Career Launch Plan
