In his public statement, Coibase CEO Brian Armstrong challenged the legal profession for allowing law firms to hire people against cryptocurrencies. Armstrong’s message on X (previously Twitter) was as follows: As a company that believes in the fight for civil rights, we will no longer work with these legal partners.
This announcement was made after Milbank LLP hired Gurbir S. Grewal, a former director of the enforcement division of the SEC. Grewal used to supervise many enforcement operations against cryptocurrency firms, including Coinbase. Armstrong presided over the move by calling it an ethics violation for him to kill an industry while unlawfully denying clear rules for publication.
Requests for Responsibility from the Side of the Crypto Industry
Armstrong urged the crypto community to demand law firms to be more careful with whom they hire. He called on the industry not to fund companies that hire people involved in ambiguous regulatory practices against crypto.
“Tell the law firms that if you hire these folks, you will take your business elsewhere,” he underlined. Nonetheless, Armstrong attacked these hiring decisions, claiming he did not support a system of permanently locking people out of employment. But he demanded their ethical selection and consequences for any earlier unsavory behavior.
Armstrong also pointed out that some of the SEC officials resigned when in the process of undertaking crackdowns against violators of the disclosed regulations; he hoped that resignations were a sign of disagreement with the agency’s new direction.
Upcoming Regulations Set to Propel Cryptocurrency Growth
Armstrong remained positive about the forthcoming regime in the United States regarding friendly cryptocurrency regulation. Among these is the key Legislation for the FIT 21 Crypto Bill, intended to offer legal recognition to digital assets.
A similar bill, the Clarity for Payment Stablecoins Act, has a few limited provisions for stablecoin issuers and is expected to come to a vote on the House floor soon. Armstrong argued that such measures could pave the way for new regulation to foster growth and innovation in the crypto markets.
There might be changes as there would be a change of leadership of the SEC – Chairman Gary Gensler and Commissioner Jaime Lizárraga leaving in early 2025. As pointed out by Armstrong, these new appointments may be more favorable to crypto.
Coinbase Boosts Listings with MOODENG Amid Regulations
However, due to the regulations, Coinbase has been focused on expanding and listing more new tokens. It spread its listing to MOODENG, a token on Solana that skyrocketed 94% after getting listed.
Its market capitalization has floated above $600 million, and daily trading volume surged 700% and crossed $1.1 billion. The year’s progression has indicated that Coinbase is beginning to list relatively highly resourced community-centric digital assets, signifying massive future growth.
Strong words from Armstrong clearly show that Coinbase wants to be on the right side of the regulations while at the same time calling for unity within the space. His comments also explain the need to do business in a way that supports the long-term agenda of this kind of industry.
