Coinbase CEO Brian Armstrong recently declared that his company will cut ties with any law firm that hires individuals he views as having actively worked against the cryptocurrency industry. This decision comes amid a potential shift towards more crypto-friendly regulations under a second Trump administration.
Armstrong’s Public Declaration
Armstrong’s announcement, made via a Twitter/X post, stated that Coinbase would sever ties with any law firm employing individuals who engaged in actions he considers harmful to the crypto space during the previous administration. He specifically called out law firms that are unaware of the crypto industry’s stance on this issue.
Targeting Milbank LLP
Armstrong’s post directly targeted Milbank LLP, a prominent international law firm, for hiring Gurbir S. Grewal, the former SEC Director of Enforcement. Armstrong accuses Grewal of attempting to stifle the crypto industry through a lack of clear regulations. He considers this an ethical breach.
The Issue of Regulatory Clarity
Armstrong’s frustration stems from what he sees as a deliberate lack of clear regulatory frameworks, characterizing the actions of certain officials as an attempt to shut down the industry without transparent rules. He argues that individuals are free to leave government positions if they disagree with the agency’s approach. While he doesn’t advocate for “cancel culture,” he insists the crypto industry shouldn’t profit from those who have allegedly harmed it.
Coinbase’s Future Plans
Despite this strong stance, Coinbase remains focused on its future. Recent initiatives include the launch of the Coinbase 50 Index (Coin50), a market capitalization-weighted index tracking the top 50 cryptocurrencies, similar to the S&P 500. The company is also preparing for the upcoming Markets in Crypto Assets (MiCA) regulations in Europe, including discontinuing its USDC Rewards program and removing non-compliant stablecoins. Armstrong is actively advocating for more crypto-friendly regulations, praising the current US Congress as the most pro-blockchain Congress yet.
