- Coinbase will cut ties with law firms employing people who opposed the cryptocurrency industry under the previous administration.
- Brian Armstrong supports Dogecoin and proposes a US sovereign wealth fund to align tax incentives between citizens and the government.
Coinbase CEO Brian Armstrong has made clear the exchange’s stance on employing people believed to have behaved against the interests of the cryptocurrency industry under the previous administration. Indeed, the cryptocurrency exchange strongly opposes law firms hiring these people. Armstrong said Coinbase would cut ties with any legal partners who decided to keep such people.
Growing tensions between Coinbase and the SEC
The conflict between Coinbase and the SEC has been brewing for months. The SEC continued Coinbase in June 2023, alleging that it operated as an unlicensed exchange, broker and clearing agent.
Armstrong sharply criticized the agency’s regulatory approach, describing it as excessively harsh and unsuitable for the rapidly evolving cryptocurrency market.
He called for a review of the SEC’s leadership and advised the future president to apologize to the American people and drop what he considers unnecessary prosecutions. Mr. Armstrong’s comments are not unique; Rather, they reflect a general dissatisfaction within the crypto community regarding the position of the SEC under the leadership of Gary Gensler.
Respected in the field of financial regulation in the United States, Gary Gensler announced that he would be leaving his post January 20, 2025. This choice coincides with growing criticism from crypto supporters and possible changes in the political scene. Many in the industry believe his departure will pave the way for a more favorable legislative environment.
Armstrong’s remarks and actions imply that he is preparing Coinbase to grow in an environment where legislative cooperation and regulatory clarity are progressively more important than ever.
Armstrong’s efforts also appear to be part of a broader vision of America’s economic destiny. Armstrong favors the Department of Government Efficiency (DOGE) as a tool to reduce the size of government and improve economic freedom, according to CNF.
He even proposed the creation of a US sovereign wealth fund to align government budgetary goals with individual goals.
Swiss
