- Gurbir Grewal was the enforcement chief on the US Securities and Trade Fee (SEC)
- He joins worldwide legislation agency Milbank as a companion in its litigation and arbitration observe
Brian Armstrong has mentioned that Coinbase received’t work with legislation companies in the event that they rent individuals who labored in opposition to the crypto trade throughout their time in authorities.
In a submit on X, Armstrong, the CEO of Coinbase, mentioned:
“It’s an ethics violation in my ebook to attempt to unlawfully kill an trade whereas refusing to publish clear guidelines. Should you have been senior there, you can not say you have been simply following orders. They’d the choice to depart the SEC and lots of good individuals did. It was not a traditional SEC tenure.”
Armstrong’s remarks come as Milbank, a global legislation agency, not too long ago employed Gurbir S. Grewal as a companion in its New York workplace’s litigation and arbitration observe. Earlier than, Grewal was the US Securities and Trade Fee’s (SEC) enforcement head.
In keeping with Armstrong, senior legislation companions seem like unaware of how the crypto trade feels about points similar to this, including that it now not works with Milbank as a result of it employed Grewal.
“I don’t imagine in completely cancelling individuals, however we as an trade shouldn’t be placing cash of their pocket after the abuse,” Armstrong wrote.
We have let all of the legislation companies we work with know, that in the event that they rent anybody who dedicated these dangerous deeds within the (quickly to be) prior administration, we are going to now not be a shopper of theirs.
Senior companions at these legislation companies appear unaware of the crypto trade’s place on this.… https://t.co/k8R6NtfTV1 pic.twitter.com/RT0k408i9f
— Brian Armstrong (@brian_armstrong) December 3, 2024
“Report of success”
Following his onboarding at Milbank, Scott A. Edelman, chair of Milbank, mentioned that Grewal had a “document of success” and that his expertise could be “extraordinarily helpful” to Milbank’s shoppers.
As director of the SEC’s enforcement division, Grewal was answerable for overseeing investigations, enforcement motion, and litigation carried out by the SEC. Throughout his time on the SEC, the company introduced over 100 enforcement actions focusing on non-compliance within the crypto house.
In 2022, Grewal mentioned that the SEC wouldn’t “give crypto a go” and that it could be implementing guidelines it believes applies to crypto.
Outgoing SEC chair Gary Gensler mentioned that Grewal has led the division in considering “about the best way to finest shield traders and assist guarantee market contributors adjust to our time-tested securities legal guidelines.”
Gensler is to depart the SEC on January 20.
