Brian Armstrong Claims Former SEC Officials Must Be Held Accountable

Coinbase CEO Brian Armstrong has taken a strong stance against law firms that hire former U.S. Securities and Exchange Commission (SEC) officials who he believes have harmed the cryptocurrency sector. He announced that Coinbase will no longer collaborate with law firms employing individuals who were involved in actions detrimental to the crypto industry during the previous administration.

No More Niceties

Brian emphasized that all law firms partnered with Coinbase have been informed that hiring former SEC officials who enforced restrictive policies on crypto would lead to a termination of the business relationship.

In a post on X, Armstrong argued that while these individuals can seek employment in other sectors, the crypto industry should not financially support them after their involvement in regulatory actions. He specifically pointed to Milbank law firm, which hired former SEC official Gurbir Grewal, resulting in Coinbase severing ties with the firm.

An Ethical Issue

The comments made by Armstrong extend beyond business strategy to an ethical standpoint. He labeled actions that harm the crypto industry through vague regulations and lack of clarity as an ethics violation. He believes that SEC officials who remained in their roles during this period must be held accountable for their actions.

This decision is not motivated by personal grievances but by a principle-driven approach, Brian emphasized, urging law firms to consider the impact of hiring former SEC officials who supported damaging policies. He made it clear that such decisions could cost firms valuable clients in the crypto space, where there is strong opposition to regulatory overreach.

While Armstrong acknowledged that people should be allowed to work elsewhere, he firmly stated that the crypto industry will not welcome those who previously worked against its interests, emphasizing that actions have consequences. The industry, he said, needs clear standards of conduct, shaped by past experiences with unclear regulations and aggressive enforcement.