Ex-SEC Official Joins Milbank: Winklevoss & Deaton Slam Controversial Hire

BrokerReviewRegulatorsMin DepositWebsite
🥇Read ReviewFCA, CySEC, ASIC, MAS, FSA, EFSA, DFSA, CFTCUSD 100Visit Broker
🥈Read ReviewFSCA, FSC, ASIC, CySEC, DFSAUSD 5Visit Broker
🥉Read ReviewCySEC, MISA, FSCAUSD 25Visit Broker
4Read ReviewASIC, BaFin, CMA, CySEC, DFSA, FCA, SCBUSD 200Visit Broker
5Read ReviewASIC, FCA, CySEC, SCBUSD 100Visit Broker
6Read ReviewFCA, FSCA, FSC, CMAUSD 200Visit Broker
7Read ReviewBVI FSCUSD 1Visit Broker
8Read ReviewCBCS, CySEC, FCA, FSA, FSC, FSCA, CMAUSD 10Visit Broker
9Read ReviewASIC, CySEC, FSCA, CMAUSD 100Visit Broker
10Read ReviewIFSC, FSCA, ASIC, CySECUSD 1Visit Broker

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.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments