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Coinbase's revenge 🗡

Coinbase's revenge 🗡

The crypto exchange has vowed to sever ties with firms that hire former SEC officials who took part in "anti-crypto" campaigns

Stephen Graves
December 03, 2024

📝 What you need to know

Coinbase has severed ties with law firms employing former U.S. Securities and Exchange Commission (SEC) officials, the crypto exchange’s CEO Brian Armstrong revealed.

Armstrong accused the SEC of having conducted a campaign to “unlawfully kill” the crypto industry, and vowed that Coinbase would “no longer be a client” of law firms that hired those he deemed responsible.

He singled out global law firm Milbank as having “messed up” after hiring Gurbir Grewal, the former head of the SEC’s Division of Enforcement, as a partner.

Armstrong has been vocal about the outgoing Biden administration’s stance on crypto in recent days, accusing it of “unethical and un-American” conduct over claims that tech firms, including crypto companies, were “debanked” during Biden’s term in office.

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💬 Quote of the Day

❝

“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.”

Brian Armstrong, CEO of Coinbase

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