Winklevoss and Armstrong Push Back Against SEC Influence
Tyler Winklevoss, co-founder of Gemini crypto exchange, has announced that his company will adopt a policy similar to Coinbase’s, severing ties with law firms or organizations employing former U.S. Securities and Exchange Commission (SEC) officials accused of regulatory overreach against the digital asset industry.
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Winklevoss’s stance follows Coinbase CEO Brian Armstrong’s recent criticism of law firms and industry players for hiring ex-SEC officials linked to anti-crypto policies. In a November 5 post on X, Winklevoss called for a “running list” of SEC officials involved in what he termed an “unlawful war on crypto,” pledging that Gemini would follow Coinbase’s example.
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Coinbase had recently severed ties with global law firm Milbank after it hired former SEC Director of Enforcement Gurbir Grewal. Grewal, who oversaw over 100 enforcement actions, resigned shortly before the SEC’s appeal in the Ripple case, raising questions about his timing and potential discord within the agency. Critics, including attorney Jeremy Hogan, argued that the SEC’s appeal in the Ripple case could backfire, weakening its regulatory authority over the crypto sector.
Armstrong accused SEC leadership of attempting to stifle the crypto industry through unclear regulations and aggressive enforcement. While he clarified that he did not support “canceling people permanently,” Armstrong stressed that those responsible for regulatory overreach should not be allowed to profit from the crypto industry.
Accountability and the SEC’s Future
In a related incident, Tron founder Justin Sun had humorously proposed a job for SEC Chair Gary Gensler following speculation about Gensler’s future after Donald Trump’s campaign promises to remove him. Sun offered to hire Gensler in an unspecified capacity if he approached the crypto sector with sincerity.
Despite such lighter moments, the actions of Winklevoss and Armstrong suggest a more serious effort to create accountability within the regulatory and legal spheres. Their stance highlights a growing determination within the crypto industry to address what they view as unjust treatment and ensure former regulators face consequences for their perceived overreach.
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