Coinbase to Cut Ties with Law Firms Hiring Anti-Crypto Individuals

Highlights:

• Armstrong stated that Coinbase will cut ties with firms employing anti-crypto individuals.
• Milbank hired former SEC official Grewal, leading Coinbase to sever its ties.
• Armstrong urged crypto firms to stop supporting law firms hiring anti-crypto officials.

Coinbase CEO Brian Armstrong stated on X that the company would immediately terminate any professional relations with law firms employing individuals linked to anti-crypto actions. Armstrong pointed out that some senior law firm partners don’t realize the crypto community’s frustration with the current administration.

In a recent development, Milbank LLP hired Gurbir S. Grewal, the former SEC Division of Enforcement Director. Grewal had led significant enforcement actions against the crypto industry. Armstrong criticized this move, which led Coinbase to sever its ties with the firm. He argued that harming an industry unlawfully is an ethics violation. He also stated that failing to publish clear rules worsens the situation.

We've let all the law firms we work with know, that if they hire anyone who committed these bad deeds in the (soon to be) prior administration, we will no longer be a client of theirs.

Senior partners at these law firms seem unaware of the crypto industry's position on this.… https://t.co/k8R6NtfTV1 pic.twitter.com/RT0k408i9f

— Brian Armstrong (@brian_armstrong) December 3, 2024

Armstrong Criticizes SEC Officials, Calls for Support of Pro-Crypto Legislation

Coinbase CEO stressed that senior officials shouldn’t say they were just “following orders.” He also mentioned that many SEC members left during this time, showing they disagreed with the agency’s direction. Armstrong clarified that he does not support permanently canceling employment for these individuals. However, he urged crypto companies to stop financially supporting law firms that hire them. “Let your law firms know that hiring these folks means losing you as a client,” he wrote.

Users on X applauded the executive for boldly supporting the industry. They see him as a role model. Armstrong and his team are hopeful for pro-crypto legislation in the US under President-elect Donald Trump. They are confident that the regulatory landscape will improve, creating a better environment for driving crypto innovation. Armstrong reportedly had a meeting with President-elect Donald Trump last month. They discussed possible staffing choices for the new administration.

Moreover, current SEC Chair Gary Gensler will finish his term on January 20, 2025. He has served as the 33rd SEC Chair since April 17, 2021. During his time, he focused on increased oversight of the crypto industry, taking action against crypto companies for fraud and registration issues.

According to FOX Business journalist Eleanor Terrett, Trump’s transition team is reviewing SEC Chair candidates and could announce their choice “as soon as tomorrow.” Traders on Kalshi are backing Paul Atkins, a former SEC commissioner, as the top choice for SEC Chair in Donald Trump’s second term. Support for Atkins has increased after his interview with Trump’s transition team.

🚨NEW: @realDonaldTrump’s pick to replace @GaryGensler as @SECGov Chair could be announced as soon as tomorrow, sources tell @FoxBusiness. Stay tuned 📺.

— Eleanor Terrett (@EleanorTerrett) December 3, 2024

Coinbase Continues to Expand Its Digital Asset Offerings

Despite regulatory challenges, Coinbase keeps expanding its support for new digital assets. Recently, the addition of the Solana-based meme coin MOODENG sparked a strong market interest. MOODENG’s price jumped by 94%, raising its market cap to over $600 million. Its daily trading volume surged by 700%, reaching over $1.1 billion, showing strong investor excitement.

Assets added to the roadmap today: Moo Deng (MOODENG)https://t.co/rRB9d3hSr2

— Coinbase Assets 🛡️ (@CoinbaseAssets) December 2, 2024

Moreover, Coinbase has launched a major upgrade to its services by integrating Apple Pay into its Onramp platform. Onramp, previously called Coinbase Pay, makes buying cryptocurrencies easier. With this integration, users can now purchase cryptocurrencies using Apple Pay.