
Coinbase CEO Brian Armstrong has threatened to cut ties with law firms that hire lawyers with an anti-crypto stance.
Gurbir Grewal, while at the SEC, led numerous enforcement actions against major crypto companies, including Coinbase.
Coinbase's stance is seen as a bold move that could impact law firms and the future of crypto.
Coinbase CEO Brian Armstrong isnโt pulling any punches. The crypto giantโs leader announced that Coinbase will stop working with law firms that hire lawyers who oppose crypto. His bold move specifically called out Milbank LLP for hiring former SEC enforcement director Gurbir Grewal, labeling the decision a “mess up.”
The tension continues to grow between crypto companies and regulators. Let’s dive in and unpack the details.
Gurbir Grewal: The SECโs Tough Crypto Regulator
Gurbir Grewal has earned a reputation as a strict enforcer in the crypto world. During his time at the SEC, he led over 100 enforcement actions against major crypto companies, including Coinbase, Binance, Kraken, and Gemini. Many in the industry view his actions as part of the SECโs broader crackdown on crypto exchangesโoften without clear rules to follow.
This lack of clarity has long frustrated crypto firms. The SEC says itโs simply enforcing existing laws, but many exchanges argue theyโre being penalized for rules that arenโt clearly defined.
Coinbase Strikes Back
While Grewal insists the SEC isnโt targeting crypto unfairly, many in the industry disagree. They see the SECโs actions as a barrier to innovation and growth.
Refusing to back down, Coinbase has taken the SEC to court, demanding clearer regulations for digital assets. Leading the charge is Eugene Scalia from Gibson Dunn & Crutcher, who is representing Coinbase in its fight for regulatory fairness.
Coinbaseโs Chief Legal Officer, Paul Grewal (no relation to Gurbir), took to social media to send a bold message: any law firm that hires lawyers like Gurbir Grewal risks losing Coinbase as a client. The company isn’t going to back down.
Industry On Edge – What’s Next?
Coinbaseโs warning has put law firms on notice. Legal experts believe firms could face significant financial losses if they choose to align with figures like Gurbir Grewal.
A potential leadership change at the SEC could lead to a less aggressive stance toward crypto. Such a shift would have major implications for how law firms and crypto businesses handle compliance and enforcement issues.
The crypto world is playing to win! Watch out for more updates on this story.