Brian Armstrong Speaks Out Against Hiring Former SEC Employees
Coinbase’s Brian Armstrong has publicly opposed the employment of former SEC officials by legal firms, particularly those involved in targeting the cryptocurrency industry.
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Coinbase’s Brian Armstrong has publicly opposed the employment of former SEC officials by legal firms, particularly those involved in targeting the cryptocurrency industry.
Armstrong took aim at legal firms hiring former officials from U.S. regulatory bodies, accusing them of employing individuals involved in what he considers unjust actions against the cryptocurrency sector.
He made it clear that Coinbase will cease working with firms engaging in such hiring strategies.
Coinbase’s Uncompromising Position
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,
Armstrong announced.
He referenced Milbank’s controversial hiring of Gurbir Grewal, the former Director of the Division of Enforcement of the US Securities and Exchange Commission.
We don't work with them now (and never will while he works there),
Armstrong affirmed.
Former SEC Enforcement Head Gurbir Grewal Source: Bloomberg
Earlier in October, the SEC confirmed Grewal’s resignation. Just days later, on October 15, Milbank announced his appointment to their litigation and arbitration group.
Milbank lauded Grewal’s tenure at the SEC, emphasizing his leadership in overseeing investigations, compliance measures, and litigation. The firm also noted his direct involvement in over 100 compliance actions targeting the crypto industry.
Accusations of Ethical Misconduct
Armstrong criticized some former SEC officials, accusing them of attempting to “unlawfully kill an industry” without providing a clear regulatory framework.
He remarked:
It's an ethics violation in my book… If you were senior there, you cannot say you were just following orders.
Brian noted that such an approach was not standard for the SEC, mentioning that some employees left the agency in protest of these policies.
Armstrong Calls for Industry Unity
Brian made it clear that he is not calling for a “permanent cancelling” of ex-SEC employees but urged the cryptocurrency sector to send a strong message by refusing to provide financial support.
Let your law firms know that hiring these folks means losing you as a client,
he implored.
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