Tag: Fear

02
Oct
2020
Posted in technology

Coinbase Workers Rattled by Politics Ban and Fear Being Muzzled

(Bloomberg) — Coinbase Inc.’s clampdown on discussing politics and activism at work — and the offer of severance packages to employees who don’t want to comply — continues to ripple through the cryptocurrency exchange and Silicon Valley.



a group of people standing in a living room: Inside the Coinbase Inc. office in San Francisco, California, U.S., in 2017.


© Bloomberg
Inside the Coinbase Inc. office in San Francisco, California, U.S., in 2017.

Many employees were shocked by Chief Executive Officer Brian Armstrong’s blog post imposing the rules Sunday, and some are concerned that he is trying to stymie discourse that should be happening, according to two people familiar with the situation who asked not to be identified. Neither knew of anyone taking an exit package from the San Francisco-based company, but employees have until Oct. 7 to apply.

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Jack Dorsey, Twitter Inc.’s CEO and a noted Bitcoin advocate, criticized Armstrong’s ban on politics, saying late Wednesday the change runs counter to the core principles of cryptocurrencies. Other veterans of the digital-asset industry suggested Armstrong’s stance represents a broader shift taking place in a sector that was founded by computer hackers and libertarian-leaning programmers.

Twitter’s former CEO, Dick Costolo, also weighed in, tweeting that “me-first capitalists who think you can separate society from business are going to be the first people lined up against the wall and shot in the revolution.”

Read more: Coinbase’s no-politics stance rankles Silicon Valley

The polarizing 2020 campaign, epitomized by the chaotic debate this week between President Donald Trump and Democratic challenger Joe Biden, has left many companies struggling with how to stay above the fray. But the cryptocurrency industry, built on iconoclastic ideas, faces its own challenges.

“This is highlighting an evolution in crypto culture,” said Adam Draper, a venture capitalist who was an early investor in Coinbase. “Crypto is about the innovation in finance and connecting the world’s financial infrastructure. The culture of