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Brian Armstrong, the CEO of the cryptocurrency exchange Coinbase, announced the termination of relationships with law firms known for their anti-crypto stance. He emphasized that individuals working in these firms violated ethical standards. In a statement shared via platform X, Armstrong accused these firms of acting to harm the crypto industry.
Firm Stance Against Anti-Crypto Law Firms
Armstrong stated that Coinbase can no longer collaborate with law firms employing anti-crypto personnel. He remarked, “Attempting to undermine our industry through illegal means is an ethical violation.” He noted that Coinbase would not tolerate such actions, citing Milbank LLP as an example.
Recently, Milbank LLP hired Gurbir S. Grewal, the former Director of the SEC‘s Enforcement Division. Armstrong criticized this decision and revealed that Coinbase had severed its business relationship with the firm. According to him, individuals like Grewal are known to exert regulatory pressure on the industry.
The CEO of Coinbase insisted that firms hiring individuals harmful to the crypto ecosystem should be excluded from the sector. Armstrong warned law firms, stating, “Be aware that such employment policies will cost you clients.”
Importance of Pro-Crypto Regulations and New Digital Assets
Armstrong highlighted the necessity of pro-crypto regulations to support the sector. He mentioned that the regulatory environment in the U.S. needs improvement, suggesting that two significant crypto bills may emerge during Donald Trump’s administration. Coinbase believes in the need for a clearer and more stable framework within the crypto industry.
Additionally, Coinbase achieved significant success by listing the Solana 
$172-based new digital asset MOODENG. The price of MOODENG increased by 94%, surpassing a market value of $600 million. Daily trading volume surged by 700%, reaching $1.1 billion, indicating a continued growing interest in meme coins.
Armstrong expressed that regulatory uncertainty challenges the crypto sector, though barriers to innovation can be overcome. Some SEC members resigned due to disagreements with the agency’s direction. This shift may herald a new era in the regulatory landscape.
Coinbase’s decision once again underscores the industry’s efforts to uphold ethical values and resist regulatory pressure.
