Ripple CEO Brad Garlinghouse against Coinbases apolitical stance

Tuesday 27 October 2020, 4:00 AM AEST - 1 month ago

CEO of crypto payments firm Ripple, Brad Garlinghouse today said that his firm did not plan on following major crypto exchange Coinbases new change of policies that does not allow political distractions at work. Coinbases new policy, which received much attention, required its employees to avoid getting distracted by political and social issues, and instead focus on working towards an open financial system for the world. The CEO of Coinbase Brian Armstrong had even made a generous exit package available to employees who didnt support the new policies.

Ripple CEO Garlinghouse said in an interview that tech firms had an obligation to contribute to working on societal issues. Calling it a sad reality, the Ripple CEO added that tech companies had also made problems in society worse and said in a statement:

I think tech companies have an opportunity — but actually an obligation — to lean into being part of the solution.

To make his point, Garlinghouse further noted why Ripple had sued Alphabet Incs YouTube alleging that YouTube failed to protect consumers from crypto giveaway scams. To which the Ripple CEO reasoned that his firm neednt have taken the aforementioned matter to court as it wouldnt help the company, but Garlinghouse believed that tech companies must take ownership of the problems to which they are contributing to.

Soon after Coinbases new policy change several crypto execs such as Squares Jack Dorsey had commented on the exchanges apolitical stance and stated that it ran counter to the cryptocurrency industrys values. Meanwhile, ever since Armstrong introduced the policy, 60 people or about 5% of employees had opted to leave the company, which included cer ...

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