In a surprising move from Coinbase, the largest cryptocurrency exchange in the United States, CEO Brian Armstrong has announced a bold decision. Armstrong revealed that Coinbase will be cutting ties with law firms that employ individuals who are against cryptocurrencies.
In a recent post on his account, Armstrong stated that Coinbase will no longer engage with law firms that have hired individuals involved in anti-cryptocurrency activities. One of the examples cited by Armstrong was Milbank, a law firm that recently hired Gurbir Grewal, a former SEC enforcement director.
Following this revelation, Coinbase has terminated its relationship with Milbank, citing the firm’s association with Grewal and their involvement in enforcement actions against the cryptocurrency industry. Armstrong emphasized the importance of supporting the crypto community and not aligning with those who work against the industry.
“We have made it known to all the law firms we work with: If they hire anyone who committed bad acts in the previous administration, we will no longer be their client. For example, Milbank recently made a mistake and hired Gurbir. We no longer work with them (and never will as long as he works there). Trying to illegally kill an industry while refusing to publish clear rules is a violation of ethics in my book. Let your law firms know that hiring these people means losing you as a client.”
Armstrong’s stance on this matter has been clear, as he shared his message on Twitter, urging law firms to be mindful of their hiring decisions in relation to the cryptocurrency industry.
It is evident that Coinbase is taking a firm stand against those who oppose cryptocurrencies, signaling a shift towards supporting the growth and development of the industry. This decision highlights the importance of ethical practices and aligning with partners who share the same values and vision.
As the cryptocurrency landscape continues to evolve, it is crucial for industry players to uphold integrity and transparency in their actions. Coinbase’s move to sever ties with law firms that do not support the industry sets a precedent for others to follow suit and prioritize the advancement of cryptocurrencies in a positive direction.
*This is not investment advice.