• Gubir Grewal was the top of enforcement on the Securities and Change Fee (SEC).
• Joined worldwide regulation agency Milbank as a associate in litigation and arbitration companies.

Brian Armstrong mentioned Coinbase wouldn’t work with a regulation agency if it employed somebody who labored in opposition to the crypto trade whereas in authorities.

Coinbase CEO Armstrong mentioned in a submit about X:

“Making an attempt to illegally crush an trade whereas refusing to publish clear guidelines is an moral violation in my guide. In the event you have been a senior there, you couldn't simply comply with orders. That they had the choice to go away the SEC, and numerous good folks did. It wasn't a traditional SEC tenure.”

Mr. Armstrong's remarks got here as worldwide regulation agency Milbank just lately employed Gubir S. Grewal as a associate in its New York workplace's litigation and arbitration observe. Mr. Grewal beforehand served as Chief Enforcement Officer on the U.S. Securities and Change Fee (SEC).

Armstrong mentioned the senior regulation associate doesn't appear to grasp how the crypto trade feels on points like this, including that he now not works with Milbank since Milbank employed Grewal. .

“I don't consider in completely firing folks, however as an trade, we shouldn't be placing cash of their pockets after abuse,” Armstrong wrote.

We’ve got knowledgeable all regulation companies that we work with that if we rent somebody who dedicated these wrongdoings within the earlier administration (which we quickly will), we’ll now not be their shopper.

Senior companions at these regulation companies don’t seem to concentrate on the crypto trade's place on this matter. … https://t.co/k8R6NtfTV1 pic.twitter.com/RT0k408i9f

— Brian Armstrong (@brian_armstrong) December 3, 2024

“Document of success”

After becoming a member of Milbank, Milbank Chairman Scott A. Edelman mentioned Grewal has a “monitor file of success” and that his expertise will probably be “extraordinarily beneficial” to Milbank's purchasers.

As head of the SEC's Enforcement Division, Mr. Grewal was answerable for overseeing investigations, enforcement actions, and litigation carried out by the SEC. Throughout his tenure on the SEC, the SEC has introduced over 100 enforcement actions concentrating on compliance violations within the cryptocurrency area.

In 2022, Grewal mentioned the SEC won’t “give a cross to cryptocurrencies” and can implement the principles it deems relevant to cryptocurrencies.

Outgoing SEC Chairman Gary Gensler mentioned Grewal would lead the division in pondering “learn how to finest shield buyers and guarantee market contributors adjust to confirmed securities legal guidelines.” He mentioned he performed a number one position.

Mr. Gensler is scheduled to retire from the SEC on January twentieth.