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- Coinbase will cut ties with law firms employing individuals who opposed the crypto industry under the previous administration.
- Brian Armstrong supports Dogecoin and suggests a U.S. sovereign wealth fund to align fiscal incentives between citizens and the government.
The CEO of Coinbase, Brian Armstrong, has made it abundantly evident that the crypto exchange is firmly opposed to law firms hiring anybody thought to have behaved against the interests of the crypto sector under the previous government. Armstrong declared that Coinbase will cut relationships with any legal partners that decide to keep such people.
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
Mounting Tensions Between Coinbase and the SEC
The conflict between Coinbase and the SEC has been brewing for months. The SEC sued Coinbase in June 2023, alleging it ran as an unlicensed exchange, broker, and clearing agent.
Armstrong has been vocal in his criticism of the agency’s regulatory approach, describing it as excessively harsh and unsuitable for the rapidly evolving crypto market.
He has called for a leadership review at the SEC and advised the future chair to apologize to the American people and abandon what he regards as pointless lawsuits. Armstrong’s comments are not unique; rather, they capture a general discontent among the crypto community about the SEC’s posture under Gary Gensler’s leadership.
Respected in U.S. financial regulation, Gensler announced his leaving effective January 20, 2025. This choice coincides with growing criticism from supporters of crypto and possible changes in the political scene. Many in the sector anticipate his leaving will open the path for a more favorable legislative environment.
Armstrong’s remarks and actions imply he is setting Coinbase to grow in an environment where legislative cooperation and regulatory clarity are progressively more important than ever.
Armstrong’s efforts also seem to line up with a larger picture of the U.S. economic destiny. Armstrong favors the Department of Government Efficiency (D.O.G.E.) as a tool to lower government size and improve economic freedom, according to CNF.
He has even proposed the establishment of a U.S. sovereign wealth fund to align government budgetary goals with individual ones.
