In a twist that’s shaking up the crypto world, Coinbase has decided to cut ties with the law firm Milbank. Why, you ask? Well, it all boils down to who Milbank recently added to their team. Coinbase’s CEO, Brian Armstrong, is taking a stand against what he considers questionable hiring decisions, particularly involving folks from the SEC’s previous administration.
Here’s the scoop: Gurbir Grewal, who formerly headed enforcement at the SEC, has joined Milbank. Now, this is a big deal because Grewal was known for pushing over 100 enforcement actions against the digital asset space. He’s got a reputation, and Milbank’s chairman, Scott Edelman, was quick to sing his praises as he joined their team.
But Armstrong isn’t singing the same tune. In fact, he’s singing a completely different song. He took to social media to announce that Coinbase is parting ways with Milbank due to their decision to bring Grewal on board. He’s urging the whole crypto industry to reconsider supporting individuals whose past actions may have contributed to what he sees as regulatory overreach.
Armstrong’s not about throwing people under the bus forever, though. He’s just calling for a little more thought in the hiring process, particularly when it comes to those who might have had a hand in what he calls an “abnormal” period at the SEC.
This isn’t the first time Armstrong has been vocal about his views. He’s been a known supporter of pro-crypto figures within the government, even backing Hester Peirce for a top role at the SEC. And let’s not forget Coinbase’s massive $100 million in political donations. Armstrong’s not shy about where he stands.
Rumor has it, Armstrong’s got a meeting lined up with Trump soon to chat about important government appointments that could shape the future of crypto. It’s all part of the buzz around the incoming administration’s crypto-friendly vibe.
Stay tuned, because this crypto saga is just getting started!
