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Coinbase CEO Lashes Out at Law Firms Hiring Ex-SEC Officials
Coinbase CEO Brian Armstrong has taken a firm stand against law firms hiring anti-crypto individuals, stating that the crypto exchange will immediately terminate any professional relations with legal partners hiring such individuals. Armstrong’s statement comes after Milbank LLP hired SEC Division of Enforcement Director Gurbir S. Grewal, who had previously undertaken huge enforcement actions against the crypto industry.
Armstrong’s Criticism
Armstrong criticized Milbank LLP for hiring Grewal, saying that it is an ethics violation in his book to try and unlawfully kill an industry while refusing to publish clear rules. He also stressed that senior officials who were involved in shaping unclear regulatory policies should not claim they were merely “following orders.” Instead, Armstrong pointed out that several SEC members chose to leave during this period, reflecting their disagreement with the agency’s direction.
Brian Armstrong Looking Ahead to Pro-Crypto Legislation
On the other hand, Armstrong and his team are looking forward to pro-crypto legislation in the US under President-elect Donald Trump. They are confident that the regulatory landscape will improve ahead of building a conducive environment for driving crypto innovation.
Two Key Crypto Bills
Two key crypto bills are set to reach US Congress soon. The Republican-backed FIT 21 Crypto Bill, passed by the House earlier this year, aims to establish a legal framework for digital assets. The second, the Clarity for Payment Stablecoins Act, seeks to regulate and license stablecoin issuers, and is awaiting approval in a House vote.
Conclusion
In conclusion, Coinbase CEO Brian Armstrong has taken a firm stand against law firms hiring anti-crypto individuals, criticizing Milbank LLP for hiring SEC Division of Enforcement Director Gurbir S. Grewal. Armstrong is looking ahead to pro-crypto legislation in the US and is confident that the regulatory landscape will improve ahead of building a conducive environment for driving crypto innovation.
FAQs
Q: Why did Coinbase CEO Brian Armstrong criticize Milbank LLP for hiring Gurbir S. Grewal?
A: Armstrong criticized Milbank LLP for hiring Gurbir S. Grewal because it is an ethics violation in his book to try and unlawfully kill an industry while refusing to publish clear rules.
Q: What is the FIT 21 Crypto Bill?
A: The FIT 21 Crypto Bill is a Republican-backed bill that aims to establish a legal framework for digital assets.
Q: What is the Clarity for Payment Stablecoins Act?
A: The Clarity for Payment Stablecoins Act is a bill that seeks to regulate and license stablecoin issuers.
Q: Is Coinbase looking ahead to pro-crypto legislation in the US?
A: Yes, Coinbase is looking ahead to pro-crypto legislation in the US and is confident that the regulatory landscape will improve ahead of building a conducive environment for driving crypto innovation.
