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The wounds left by Gary Gensler’s war on cryptocurrencies are deeper than you can imagine. With the SEC’s defeat, officials close to Gensler’s line abandon ship and look for new jobs. Faced with this, the former CEO of Coinbase, Brian Armstrong, warned of severe consequences to law firms that hire them.
According to the crypto industry, the year 2025 will see great changes in its favor thanks to the new government administration. In that sense, anti-crypto officials must be removed so that they do not constitute an obstacle to the expected developments. The latter is what derives from Armstrong’s attitude.
The businessman warns that his company will sever relations with any law firm that hires SEC officials. These measures would have already begun with the law firm Milbank LLP, which would have hired the director of the SEC’s compliance division, Gurbir S. Grewal. This person would have been one of Gensler’s main lieutenants in the repression against crypto companies.
Armstron criticized this hiring by the firm and announced the immediate termination of any relationship with it. “In my opinion, it is a violation of ethics to illegally try to shut down an industry and refuse to publish clear rules,” the Coinbase CEO said in a post on his X account.
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.
Senior partners at these law firms seem unaware of the crypto industry’s position on this.… https://t.co/k8R6NtfTV1 pic.twitter.com/RT0k408i9f
— Brian Armstrong (@brian_armstrong) December 3, 2024
Coinbase CEO leaves a clear message in defense of the crypto industry
Coinbase was one of the companies victimized by the SEC’s crackdown under the Gensler administration. It is important to note that this war cost the crypto world hundreds of millions of dollars that would otherwise have helped the innovation sector develop even further.
The above explains why Armstrong is willing to leave a clear message against all those who raise their hand against innovation: they will not have peace. Other companies in the world of cryptocurrencies, AI and others are likely to take similar steps. With this, they would prevent a focus of sabotage of crypto progress from forming under the incoming administration.
The businessman goes further and assures that senior SEC employees, who operated aggressively without offering clear rules, cannot argue that they were just “following orders.” He comments that some officials who really knew how serious it was to attack innovation resigned from the SEC at the right time. Basically, those who stayed really agreed with Gensler’s line.
Although the CEO of Coinbase is not betting on the permanent cancellation of these people, at least in the current situation he affirms that it is prudent. Consequently, he calls on other crypto companies to take the same position of eliminating possible sources of problems in 2025. “Let your law firms know that hiring these people means they are losing you as a client,” he says.
For years, Armstrong has called for the creation of a regulation that would set clear rules for the Cryptocurrency sector. Thus, episodes like Gensler’s war cannot be repeated. During his election campaign, Donald Trump promised that such regulation would be created with complete certainty if he was elected president.
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