Gemini Joins Coinbase in Rejecting SEC Veterans in the Crypto Industry
Tyler Winklevoss, co-founder of the Gemini crypto exchange, has declared that his company will adopt the same policy as Coinbase, cutting ties with any law firms or entities that hire former U.S. Security and Exchange Commission (SEC) officials associated with alleged overreach against the digital asset industry.
His decision comes in the wake of Coinbase CEO Brian Armstrongs recent remarks, where he criticized law firms and industry stakeholders for welcoming ex-SEC employees implicated in anti-crypto policies.
Tyler Winklevoss Amplifies Armstrongs Message
In a November 5 post on X, Winklevoss asked for a running list of SEC officials involved in what he described as an unlawful war on crypto, vowing to do the same at Gemini as Armstrong had done at Coinbase.
The Coinbase executives strong position led to his company cutting ties with global law firm Milbank after it hired former SEC Director of Enforcement, Gurbir Grewal.
The lawyer, who played a central role in more than one hundred enforcement actions, resigned just before the SECs appeal in its high-profile case against Ripple. At the time, legal experts questioned why he had picked that particular moment to jump ship, with some speculating it signaled discord within the agency.
The broader crypto community also scrutinized the SECs tactics, with critics like attorney Jeremy Hogan arguing that its appeal in the Ripple case risked backfiring, potentially weakening its regulatory influence over the industry.
Armstrong had accused the financial watchdogs leadership of attempting to stifle the crypto sector through unclear regulations and enforcement actions. He argued that senior officials who did not resign during this tenure bear responsibility for the SECs controversial tactics.
Further, he emphasized that while he did not support canceling people permanently, he was of the opinion that those who contributed to the regulatory agencys overreach should not be allowed to benefit financially from the crypto industry.
Justin Sun Offered to Hire Gary Gensler
Previously, Tron founder Justin Sun proposed a job offering to outgoing SEC Chair Gary Gensler following Donald Trumps November poll victory.
During his campaigns, Trump made several promises to the crypto community, including getting rid of Gensler on his first day in office. With speculation rife about the future of the highly unpopular regulator, Sun shared his willingness to hire Gensler in an unspecified capacity, provided the former MIT professor treated the crypto industry with sincerity.
However, Winklevoss and Armstrongs actions may be an indicator that not all players in the sector are willing to let things go; instead, they are attempting to create accountability within the legal and regulatory spaces.
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