Coinbase CEO Brian Armstrong has warned law firm clients against hiring those he claimed masterminded bad deeds against crypto in the last administration. In a Twitter post, the Coinbase CEO affirms that the exchange will cut ties and will no longer be clients of law firms who hire such individuals.
Don’t forget that the Biden administration has left no stone unturned to gauge the crypto industry. Through the Gary Gensler-led SEC, the government waged war on many crypto service providers, especially top-tier exchanges like Binance and Coinbase. Gensler’s activities since emerging as the SEC boss has established him as one of the known enemies of crypto.
Coinbase, Binance, others face tough legal battles from Gensler-led SEC
While the U.S is yet to come up with a standard regulatory framework, Gensler believes provisions in the existing financial laws already depict crypto products as securities. With this in mind, he sued the likes of Ripple, Binance, Coinbase, and others for alleged violations of security laws. In reaction to his anti-crypto campaign at that time, Armstrong slammed Gensler, describing him as an outliner.
However, with the emergence of crypto friendly Donald Trump at the November 5 polls, analysts foresee new regulations that will enhance the growth of blockchain and digital assets. Trump’s historic victory means Gensler will resign from his role as SEC boss. In fact, according to a statement by the agency, he is expected to officially resign by January 20, with top crypto advocates speculated as possible replacements.
Some of the names mentioned as possible replacements to Gensler include Robinhood Chief Legal Officer Dan Gallagher, former SEC commissioner Paul Atkins, current SEC commissioner Hester Peirce, Christopher Giancarlo (Crypto Dad), Chris Brummer, Robert Stebbins, and many more.
As the U.S prepares for the inauguration of a crypto-friendly president, there is a renewed sense of confidence among investors. Coinbase CEO says the industry has decided not to work with law firms hiring individuals who worked against crypto in the last administration. He referenced Milbank, saying the firm already messed up by hiring Gurbir. According to Armstrong, the exchange has chosen not to work with the firm as long as he works there.
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