Ex SEC Official Gurbir Grewal Lacks Integrity, Says XRP Lawyer
Prominent XRP lawyer John Deaton has called on the cryptocurrency industry to cut ties with law firm Milbank following the hiring of former SEC official Gurbir Grewal, who is known for his anti-crypto activities.
Background on Gurbir Grewal
Gurbir Grewal, a former Director of the US Securities and Exchange Commission (SEC) Enforcement Division, has a controversial legacy in the crypto space. During his tenure, he targeted numerous crypto firms, including Coinbase, Ripple, and Binance, alleging violations of federal securities laws.
One of the most notable outcomes was the Binance lawsuit, which resulted in a record $4.3 billion fine and the resignation of CEO Changpeng Zhao. Meanwhile, legal battles with Coinbase and Ripple remain ongoing, underscoring the SEC’s aggressive stance during Grewal’s leadership.
Crypto Industry Opposition to Grewal’s Hiring
As Gurbir Grewal joins Milbank as a partner, the crypto industry is urging firms to avoid doing business with the law firm. XRP lawyer John Deaton has been vocal in his opposition, accusing Grewal of intentionally harming the industry and lying before Congress.
Deaton’s criticism is echoed by Coinbase CEO Brian Armstrong, who announced that the exchange will immediately end any professional relationships with legal partners who employ anti-crypto individuals. Armstrong believes that it’s an ethics violation to try and unlawfully kill an industry while refusing to publish clear rules.
Conclusion
The hiring of Gurbir Grewal by Milbank has sparked controversy in the crypto industry, with many calling for firms to cut ties with the law firm. As the debate continues, it’s clear that the industry will not forget Grewal’s anti-crypto legacy and will continue to hold him accountable for his actions.
FAQs
Q: What is the controversy surrounding Gurbir Grewal’s hiring by Milbank?
A: Gurbir Grewal, a former SEC official known for his anti-crypto activities, has been hired by law firm Milbank as a partner. This has sparked controversy in the crypto industry, with many calling for firms to avoid doing business with the law firm.
Q: Why is the crypto industry opposing Gurbal’s hiring?
A: The crypto industry is opposing Gurbir Grewal’s hiring due to his controversial legacy in the space. During his tenure at the SEC, he targeted numerous crypto firms, alleging violations of federal securities laws. Many in the industry believe that his hiring by Milbank is a betrayal of the crypto community.
Q: What is the stance of Coinbase CEO Brian Armstrong on Gurbir Grewal’s hiring?
A: Coinbase CEO Brian Armstrong has announced that the exchange will immediately end any professional relationships with legal partners who employ anti-crypto individuals. Armstrong believes that it’s an ethics violation to try and unlawfully kill an industry while refusing to publish clear rules.
