In a recent post, Brian Armstrong, the CEO of Coinbase, made a bold statement regarding the company’s stance on hiring individuals who have worked against the crypto industry. Armstrong declared that Coinbase would sever ties with any firm that employed people who had committed “bad deeds” against cryptocurrencies, particularly in the Biden administration.
The announcement came after it was revealed that Milbank had hired Gurbir S. Grewal, the former head of the SEC’s Division of Enforcement. In response to this hiring decision, Armstrong took to social media to express his disapproval, stating that Coinbase would no longer engage with the law firm. He criticized Grewal for attempting to stifle the growth of the crypto industry by failing to establish clear regulations.
“I don’t believe in permanently cancelling people, but we as an industry should not be supporting individuals who have actively worked against us. Inform your law firms that hiring such individuals will result in losing our business,” Armstrong remarked.
The CEO also emphasized that those in senior positions at the SEC cannot simply justify their actions by claiming they were following orders. He argued that individuals had the choice to leave the SEC if they disagreed with its policies, and many had done so in favor of pursuing opportunities in sectors with more transparent regulations.
Armstrong’s bold stance on this issue highlights Coinbase’s commitment to supporting the crypto industry and distancing itself from individuals who have hindered its progress. By taking a principled stand against hiring practices that go against the values of the industry, Coinbase sets a precedent for ethical business conduct in the crypto space.