Coinbase chief executive Brian Armstrong is lashing out against a U.S. Securities and Exchange (SEC) commissioner who is up for re-nomination.

Armstrong argues on the social media platform X that Caroline A. Crenshaw has been “a failure” as commissioner and should be voted out.

“She tried to block the Bitcoin ETFs (exchange-traded funds) and was worse than Gensler on some issues (which I didn’t think was possible).

The Senate Banking Committee should take note – the crypto community is watching this vote. I’m told it will be factored into Stand With Crypto scorecards for politicians.”

Stand With Crypto is a digital asset advocacy group backed by Coinbase.

Crenshaw is a Democrat who was nominated to her role by former President Donald Trump and unanimously confirmed by the Senate in 2020. Her term expires this year.

In January, she dissented against the SEC’s decision to greenlight spot Bitcoin exchange-traded funds (ETFs), calling the approvals “unsound and ahistorical.”

Fox Business journalist Eleanor Terrett reports that the Senate Banking Committee will meet this Wednesday to vote on Crenshaw’s renomination.

No more than three members of the SEC’s five-person board of commissioners can belong to the same political party. The SEC currently has three Democratic and two Republican commissioners, though Chair Gary Gensler and Commissioner Jaime Lizárraga, both Democrats, have announced their plans to step down in early 2025.

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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.

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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.