Coinbase CEO Brian Armstrong announced a bold stance against law firms hiring individuals associated with what he views as ethically questionable actions during the SEC’s “soon-to-be prior administration.” Armstrong revealed that the crypto exchange has already informed its legal partners that employing such individuals would result in the termination of their professional relationship with the company. Coinbase Cuts Ties with Milbank In a post on X, Armstrong revealed that Coinbase severed ties with Milbank following the latter’s decision to hire Gurbir Grewal, the former SEC enforcement director. The SEC had announced on October 2 that Grewal would step down, highlighting his role in recommending over 100 enforcement actions against noncompliance in the digital asset
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Coinbase CEO Brian Armstrong announced a bold stance against law firms hiring individuals associated with what he views as ethically questionable actions during the SEC’s “soon-to-be prior administration.”
Armstrong revealed that the crypto exchange has already informed its legal partners that employing such individuals would result in the termination of their professional relationship with the company.
Coinbase Cuts Ties with Milbank
In a post on X, Armstrong revealed that Coinbase severed ties with Milbank following the latter’s decision to hire Gurbir Grewal, the former SEC enforcement director. The SEC had announced on October 2 that Grewal would step down, highlighting his role in recommending over 100 enforcement actions against noncompliance in the digital asset sector.
By October 15th, Milbank welcomed Grewal to its litigation and arbitration team, with chairman Scott Edelman commending his accomplishments as a federal prosecutor and SEC official.
Armstrong stated that this hiring prompted Coinbase to discontinue its relationship with the law firm. The Coinbase exec criticized senior figures within the agency for allegedly attempting to stifle the crypto sector without clear regulatory guidance, noting that some SEC staff chose to leave rather than participate in what he deems an “abnormal” tenure.
While clarifying that he opposes “permanently canceling people,” Armstrong called on the crypto industry to collectively refuse to fund individuals whose past actions contributed to what he described as regulatory overreach.
Coinbase CEO Aligns With Trump Team
Armstrong had previously championed pro-crypto figures in government, backing Hester Peirce to lead the SEC. This mirrors the exchange’s hefty $100 million in political donations, including $40 million to Fairshake PAC. Although Armstrong refrained from directly supporting Trump’s campaign, his approval of policies like D.O.G.E. highlights an openness to cooperating with the President-elect’s administration.
Last month, CryptoPotato reported that Armstrong is expected to meet privately with Trump to discuss high-profile government appointments crucial to the crypto industry, such as Treasury Secretary and SEC chair. Trump’s transition team reportedly arranged the meeting, reflecting the administration’s pro-crypto stance.