A growing chorus of voices within the cryptocurrency community is urging firms to distance themselves from the Milbank law firm following its recent recruitment of former SEC director Gurbir Grewal. Prominent figures like attorney John Deaton and Gemini co-founder Tyler Winklevoss have taken a stand against these partnerships, criticizing Grewal’s track record and the potential ramifications for the industry.
Why Should Crypto Firms Cut Ties?
Deaton has been vocal about the need for crypto businesses to end any affiliations with Milbank, emphasizing that Grewal’s actions have been detrimental to the sector. Deaton remarked on Grewal’s integrity, stating, “He lacks integrity. Period.”
What is Grewal’s Track Record?
During his time at the SEC, Grewal was known for his aggressive stance on various crypto companies, leading to significant legal challenges for well-known firms such as Coinbase, Ripple, and Binance. His leadership resulted in Binance facing a hefty $4.3 billion penalty, while ongoing lawsuits with Coinbase and Ripple continue to draw scrutiny.
Concerns surrounding Grewal’s new position at Milbank have sparked a wave of skepticism within the crypto community. Industry stakeholders are taking a firmer stance against collaboration with individuals perceived as adversaries. Key takeaways include:
- John Deaton and Tyler Winklevoss advocate for severing ties with Milbank.
- Grewal’s history of targeting crypto firms raises alarm.
- Firms are encouraged to seek ethical partnerships.
The cryptocurrency sector is rallying to forge a united front against negative influences, emphasizing the importance of integrity and ethical practices in building trust and fostering growth.