Twitter's Dorsey Calls Out Coinbase CEO for Ignoring Users' 'Societal Issues'
Twitter CEO Jack Dorsey tweeted his disapproval of Coinbase CEO Brian Armstrong steering his company away from corporate activism.
- Armstrong wrote in an open letter published Sunday that Coinbase had "an apolitical culture," and that the exchange would not engage in "broader societal issues" or entertain employee discussions about it.
- After the letter, Armstrong circulated a company-wide memo informing Coinbase employees that if they did not like the policy they could take a "generous" severance package instead.
- Twitter CEO Dorsey responded that by the very act of being a crypto exchange, Coinbase was already activist by definition and there's no point in pretending otherwise.
- "Bitcoin (aka 'crypto') is direct activism against an unverifiable and exclusionary financial system which negatively affects so much of our society. Important to at least acknowledge and connect the related societal issues your customers face daily. This leaves people behind," Dorsey tweeted.
- The back and forth comes at a time when tensions in the U.S. are boiling over with COVID-19, civil unrest and now a heated presidential race between incumbent President Donald Trump and former Vice President Joe Biden.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
