Ex-SEC Official Joins Milbank: Winklevoss & Deaton Slam Controversial Hire
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The crypto industry is buzzing over the recent hiring of former SEC enforcement director, Gurbir Grewal, by Milbank, a prestigious law firm.
Notable figures like XRP lawyer John Deaton and Gemini co-founder Tyler Winklevoss have condemned the decision, sparking a wave of backlash. Deaton, a staunch advocate for the crypto sector, accused Grewal of intentionally harming the industry during his tenure at the SEC, particularly with the high-profile Ripple lawsuit.
Grewal’s Controversial SEC Legacy
Grewal’s tenure at the SEC saw him lead enforcement actions against major crypto players, including Ripple, Coinbase, and Binance. Deaton criticized his role in targeting the industry, even accusing him of lacking integrity after his testimony before Congress. This criticism has resonated widely within the crypto community, with Deaton calling for a collective effort to sever ties with Milbank.
Winklevoss, echoing these sentiments, suggested that such hires show a pattern of exploiting government power for personal gain. He questioned the ethical implications of former SEC officials using their past positions to “protect” clients from the very issues they previously imposed on them.
Calls for Action in the Crypto Community
The appointment of Grewal has raised serious concerns among crypto investors and companies alike. Industry figures argue that this is part of a troubling trend of government officials transitioning to lucrative positions in private law firms, potentially influencing policy in ways that may not align with the best interests of the crypto market.
Key Takeaways:
Grewal’s Impact: Oversaw over 100 enforcement actions, including against major firms like Ripple and Binance.
Industry Reactions: Deaton and Winklevoss urge the crypto community to cut ties with Milbank.
Ongoing Criticism: This is part of a larger discussion on the revolving door between government agencies and private firms.
As this controversy unfolds, the crypto community remains divided on how best to handle regulatory influence and its growing impact on the market.
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