Brian Armstrong, the leader of Coinbase, has announced the end of partnerships with law firms recognized for their negative stance toward cryptocurrency. He claims that the actions of individuals within these firms have breached ethical standards and harmed the crypto industry. Armstrong shared his views on platform X, indicating a strong disapproval of the firms’ anti-crypto activities.
Why Is Armstrong Taking This Stand?
Armstrong emphasized that Coinbase can no longer work with law firms that employ personnel opposed to the crypto sector. He stated, “Attempting to undermine our industry through illegal means is an ethical violation.” He specifically mentioned Milbank LLP as a firm that does not align with Coinbase’s values.
What Are the Implications of This Decision?
The recent hiring of Gurbir S. Grewal by Milbank LLP, who previously directed the SEC’s Enforcement Division, drew Armstrong’s ire. He revealed that this decision led Coinbase to discontinue its business relationship with the firm, citing the detrimental impact Grewal’s involvement could have on the crypto landscape.
Key takeaways from Armstrong’s statements include:
- Rejection of firms employing anti-crypto personnel.
- Demand for clearer regulations supporting the crypto sector.
- Significant success with the new digital asset MOODENG, reflecting market interest.
- Regulatory uncertainty continues to be a challenge but innovation should not be hindered.
Armstrong’s declaration reflects a commitment to uphold ethical standards in the crypto ecosystem, signaling a potential shift in how firms engage with the evolving regulatory environment.