Coinbase (COIN) is making a huge statement about its stance on crypto regulation. CEO Brian Armstrong announced that the company will no longer work with law firms that hire individuals who have taken actions against the crypto industry. In a Dec. 3 post on X, Armstrong revealed that Coinbase ended its relationship with the law firm Milbank after it hired Gurbir Grewal, the former enforcement director at the U.S. Securities and Exchange Commission (SEC).
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Why Coinbase Took Action
The decision came after Armstrong criticized Grewal’s efforts at the SEC to “unlawfully kill” the crypto industry without offering clear regulations. Armstrong emphasized that Coinbase would not tolerate law firms hiring individuals with a track record of working against crypto’s growth. He also urged the crypto community to make law firms aware that such hires could result in losing business.
Armstrong Calls Out the Industry
Armstrong’s move is part of a broader call to the crypto industry to stand up against figures who have hindered its development. CoinTelegraph reports that Armstrong is pushing for the industry’s future to remain in the hands of those who support, not suppress, crypto’s potential.
Is COIN Stock a Buy, Sell, or Hold?
Analysts remain cautiously optimistic about COIN stock, with a Moderate Buy consensus rating based on nine Buys, eight Holds, and one Sell. Over the past year, COIN has soared by more than 100%, and the average COIN price target of $272.50 implies a downside potential of 9.9% from current levels.
