Coinbase CEO Armstrong’s Bold Stance: 3 Key Messages to Anti-Crypto Firms
Coinbase CEO Brian Armstrong has publicly announced that the crypto exchange will sever ties with law firms employing individuals linked to anti-crypto actions.
In a statement shared on the X platform, Armstrong specifically criticized Milbank LLP for hiring Gurbir S. Grewal, the former SEC Enforcement Director, who had overseen aggressive enforcement actions against the cryptocurrency industry.
Calling such actions “ethics violations,” Armstrong highlighted how individuals in regulatory positions were complicit in creating unclear policies aimed at stifling crypto innovation. He noted that some SEC members, disagreeing with the agency’s direction, chose to resign instead of contributing to what he described as “unlawful industry suppression.”
Armstrong clarified that while he does not advocate for permanently canceling employment opportunities for such individuals, he urged crypto companies to withdraw financial support from law firms hiring them. “Let your law firms know that hiring these folks means losing you as a client,” he wrote.
Pro-Crypto Legislation Under New Administration
Amid these challenges, Armstrong remains optimistic about the future regulatory environment under President-elect Donald Trump. Two pivotal crypto-related bills are set to reach Congress:
The FIT 21 Crypto Bill, which establishes a comprehensive legal framework for digital assets, has already passed the House earlier this year.
The Clarity for Payment Stablecoins Act seeks to regulate and license stablecoin issuers and is expected to undergo a House vote soon.
These bills aim to foster a more favorable climate for cryptocurrency innovation, which Armstrong believes will drive industry growth in the U.S.
Coinbase Expands Digital Asset Offerings
Despite regulatory hurdles, Coinbase continues to expand its support for new digital assets. The recent addition of Solana-based meme coin MOODENG has generated significant market interest. MOODENG’s price surged by 94%, pushing its market capitalization to over $600 million. Its daily trading volume skyrocketed by 700% to more than $1.1 billion, demonstrating strong investor enthusiasm.
This strategic move aligns with Coinbase’s broader commitment to support innovative blockchain projects, ensuring its position as a leader in the crypto ecosystem.
Key Takeaways:
Armstrong cuts ties with law firms hiring anti-crypto regulators, targeting Milbank LLP specifically.
The upcoming FIT 21 Crypto Bill and Clarity for Payment Stablecoins Act promise pro-crypto legislation.
Coinbase’s support for new assets like MOODENG bolsters its market influence.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals