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Coinbase CEO Brian Armstrong Sends Strong Message to Anti-Crypto Law Firms
Coinbase CEO Brian Armstrong shared a strong message to anti-crypto law firms, adding that the crypto exchange would stop working with them. He has also taken a firm stand on law firms that hire individuals from the outgoing administration of the U.S. Securities and Exchange Commission (SEC), who were responsible for maintaining an unclear stand on crypto regulations.
Coinbase CEO Lashes Out At Law Firms Hiring Ex-SEC Officials
Coinbase CEO Brian Armstrong has released a public statement on the X platform while taking a firm stand against law firms hiring anti-crypto individuals. Brian Armstrong stated that the crypto exchange has informed that they would immediately terminate any professional relations with legal partners hiring such individuals.
In the latest development, Milbank LLP has recently hired the SEC Division of Enforcement Director Gurbir S. Grewal who had previously undertaken huge enforcement actions against the crypto industry.
Armstrong criticized the firm for hiring former SEC official Gurbir Grewal, leading Coinbase to cease its association with the firm. “It’s an ethics violation in my book to try and unlawfully kill an industry while refusing to publish clear rules,” he said.
He further stressed that senior officials who were involved in shaping unclear regulatory policies should not claim they were merely “following orders”. Instead, Armstrong pointed out that several SEC members chose to leave during this period, reflecting their disagreement with the agency’s direction.
However, he added that he doesn’t believe in permanently canceling people from employment. At the same time, he urged the crypto industry to avoid financially supporting firms that hire them. “Let your law firms know that hiring these folks means losing you as a client,” he wrote.
Brian Armstrong Looking Ahead to Pro-Crypto Legislation
On the other hand, Armstrong and his team have been looking forward to pro-crypto legislation in the US under President-elect Donald Trump. He and his team are confident that the regulatory landscape will improve ahead building a conducive environment for driving crypto innovation.
Two key crypto bills are set to reach US Congress soon. The Republican-backed FIT 21 Crypto Bill, passed by the House earlier this year, aims to establish a legal framework for digital assets. The second, the Clarity for Payment Stablecoins Act, seeks to regulate and license stablecoin issuers, and is awaiting approval in a House vote.
Moreover, crypto exchange Coinbase has continued to support new digital assets, the latest being the Solana-based MOODENG, leading to a massive 94% surge in its price. This rally has pushed the meme coin’s market cap above $600 million while the daily trading volume has surged by 700% to more than $1.1 billion.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Pakistan is taking concrete steps towards regulating cryptocurrencies, with the Crypto Council drafting a new framework for digital assets. While cryptocurrency still remains illegal in the country, the Crypto Council aims to build a secure and transparent crypto ecosystem. Significantly, this crypto regulation move follows the country’s recent decision to establish a Strategic Bitcoin Reserve.
Pakistan Crypto Regulation: New Policies Take Shape
The Pakistan Crypto Council (PCC) convened a high-level meeting in Islamabad, taking significant steps towards creating a solid crypto regulatory framework for the country. The council aims to build a robust crypto framework that balances innovation with security, transparency, investor protection, and financial inclusion.
Notably, the Pakistan crypto regulation aims to promote blockchain growth, protect investors, and drive financial inclusion. As part of its crypto regulation plans, the country has established the Pakistan Digital Assets Authority (PDAA).
The meeting was led by Finance and Revenue Minister Senator Muhammad Aurangzeb. Other members included the SBP Governor, the SECP Chairperson, and law and IT ministry officials. A technical committee comprising representatives from the State Bank of Pakistan, Securities and Exchange Commission of Pakistan, and other relevant government agencies will be formed to further develop these initiatives.
“Participants also discussed various options around the establishment of an autonomous regulatory authority to oversee and regulate the digital finance and crypto ecosystem in the country,” added the ministry. The finance division posited,
It was agreed to constitute a technical committee comprising representatives from SBP (State Bank of Pakistan), SECP (Securities and Exchange Commission of Pakistan), Law Division, and IT & Telecom Division. The committee will review the draft laws and propose a robust framework and governance structure to be reviewed by the Pakistan Crypto Council in its next meeting.
Regulatory Clarity Paves the Way for Pakistan’s Bitcoin Reserve
At the Bitcoin Conference, Crypto Council Head Bilal Bin Saqib announced Pakistan’s potential plans to embrace a Bitcoin reserve. However, the plan is expected to face scrutiny from the International Monetary Fund (IMF), which could complicate its implementation. This development was covered by CoinGape and later confirmed by local news outlet Samaa.
Significantly, the establishment of clear crypto regulations could play a crucial role in aiding the country’s Bitcoin reserve plans. A well-defined framework would protect investors and ensure the initiative’s long-term sustainability. It could also help address IMF concerns and reduce potential complications.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ark 21Shares Bitcoin ETF (ARKB) will undergo a 3-for-1 share split, effective from June 16, in order to make funds more accessible to investors, announced 21Shares, one of the world’s largest issuers of crypto exchange traded funds (ETFs).
In a statement released on Monday, 21Shares, a fin-tech giant, claimed that their recent step to split their stocks 3-for-1 will invite a “broader base of investors thereby enhancing trading efficiency. 21Shares clarified that their decision to spit their share 3-for-1, effective June 16, will not change their total net asset value (NAV) and the shares will continue trading under the ticker symbol ARKB.
According to a report in Reuters, ARKB has gained almost 12% so far this year and nearly 27% quarter-to-date. It closed trading at $104.25 on Monday. 21Shares holds the largest suite of crypto ETPs and is one the leading provider of ETFs.
ARKB is a physically backed Bitcoin ETF offering direct exposure to Bitcoin to customers without actually holding the token.
The recent decision by 21Shares to split their ARKB stocks 3-for-1 might lure retail investors with a psychological attraction of purchasing the stocks at a lower price, however, the decision is not going to impact the net asset value held by individual share holders. According to 21Shares, lower price of their stocks would also increase trading volume on a day-to-day basis and thereby increase liquidity through retail inflows.
Another possible implication of 21Shares announcing 3-for-1 stock split is to increase the retail inflow in the Bitcoin ETF, especially after $358 million outflow was recorded in U.S. Spot Bitcoin ETFs on May 30, according to a report by JP Morgan.
How does the 3-for-1 ARKB stock split work?
21Shares has clarified that their decision to split stocks 3-for-1 will not impact their net asset value and post June 16, the price per share will be a third of its pre-split value. As ARKB closed at $104.25 on Monday, the same stock price would now drop to roughly $34.50 per share and the stockholder would now get 3 shares despite any change in total asset value and underlying Bitcoin exposure.
Vaibhav Jha
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Robinhood has bought Bitstamp, a top crypto exchange which launched in 2011. By taking this action, the company demonstrates its desire to be a major player in the global crypto market.
Robinhood’s Bitstamp Acquisition Will Expand Its Global Reach
With offices in Luxembourg, the UK, Slovenia, Singapore and the U.S., Bitstamp is active in many countries. Due to these licenses, Robinhood can enter the EU, UK and Asian crypto markets more smoothly.
Bitstamp has a reputation for being very reliable. Traders like the platform for its stable trade orders, extensive order books and well-built systems. As a result of acquiring Bitstamp, Robinhood will be working with more institutional clients.
Until now, Robinhood focused mostly on U.S. retail customers. This acquisition allows the firm to grow globally and serve more serious crypto players.
Bitstamp’s Trusted Infrastructure and Values Will Enhance Robinhood’s Crypto Offerings
Robinhood’s General Manager of Crypto, Johann Kerbrat, said Bitstamp’s long-standing reputation and safety-first approach were key reasons behind the deal.
Kerbrat emphasized that the acquisition wasn’t just about reach. It also brings trusted infrastructure, experience, and a solid brand into Robinhood’s ecosystem. Bitstamp’s services like crypto-as-a-service, lending, and staking will now be part of Robinhood’s offerings.
JB Graftieaux, CEO of Bitstamp, believes the deal will enhance user experience without losing sight of transparency or security. He said Bitstamp’s values of compliance and customer care will remain a priority within Robinhood.
A Strategic Leap Towards Global Crypto Dominance
Both companies have assured users that service quality and reliability will stay intact. Bitstamp’s team will now collaborate with the new owners, sharing knowledge and tools.
This acquisition comes as crypto adoption rises again in multiple regions and as Bitcoin rises amid FED Chair Jerome Powell‘s comments on the economic outlook. By acquiring a proven name like Bitstamp, Robinhood is not starting from scratch, it’s stepping into the arena with a tested and respected partner.
In the end, this isn’t just another crypto merger. It signals Robinhood’s serious intent to become a global crypto force, not just a U.S. trading app.
This is especially true as specially as Satoshi’s Bitcoin wealth is projected to surpass tech and finance giants. With their new partners on board, that goal now feels more real.
Paul
Paul Adedoyin is an experienced crypto journalist who provides timely news, in-depth research, and insightful content to inform and empower his audience. He can be reached via [email protected]
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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