(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.
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.
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.”
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 the early adopter was idealist and anarchist (which makes it the most vibrant one ever). In order to deliver on the vision of a crypto world, though, we need everyone to be working in it — it needs to transcend idealism and anarchy.”
Since its start in late 2008, Bitcoin has enabled use of money without the help of — or censure from — central authorities like banks or governments. Many of the early advocates still exercise an outsize influence through their large coin holdings and crypto startup investments.
Then there’s the Silicon Valley tech culture: working long hours — essentially, putting everything else second to focus on the job. This extreme drive to succeed has produced world-changing companies such as Google and Facebook Inc., though Armstrong cited them as examples of enterprises now being hampered by politics and activism.
Coinbase has tried to navigate the two cultures since Armstrong, 37, co-founded the company in 2012. The firm grew to become the biggest U.S. cryptocurrency spot exchange, spurring speculation that it will pursue an initial public offering.
In the post, Armstrong said employees shouldn’t debate political candidates internally, expect the company to represent their core beliefs or engage in activism at work.
“I want Coinbase to be laser focused on achieving its mission, because I believe that this is the way that we can have the biggest impact on the world,” he said, adding, “I recognize that our approach is not for everyone, and may be controversial. I know that many people may not agree, and some employees may resign.”
Armstrong sent out a subsequent internal email, offering exit packages to employees who disagree.
“It is very difficult to lead a large company and keep employees focused when everyone is working from home in the middle of a pandemic,” said Micha Benoliel, a Silicon Valley entrepreneur who runs the startup Nodle. Yet, he noted, “Coinbase is attracting diverse talent with people who want to have an impact. The first sentence you hear when you come to SV is, ‘This is the place where you can change the world from.’”
FREDERICTON – A look at David Coon, leader of the Green Party of New Brunswick:
Born: Oct. 28, 1956.
Early years: Born in Toronto and raised in Montreal, he spent about three decades as an environmental advocate.
Education: A trained biologist, he graduated with a bachelor of science from McGill University in Montreal in 1978.
Family: He and his wife Janice Harvey have two daughters, Caroline and Laura.
Before politics: Worked as an environmental educator, organizer, activist and manager for 33 years, mainly with the Conservation Council of New Brunswick.
Politics: Joined the Green Party of Canada in May 2006 and was elected leader of the New Brunswick Green Party in September 2012. Won a seat in the legislature in 2014 — a first for the province’s Greens.
Quote: “It was despicable. He’s clearly decided to take the low road in this campaign, to adopt some Trump-lite fearmongering.” — David Coon on Sept. 12, 2024, reacting to Blaine Higgs’s claim that the federal government had decided to send 4,600 asylum seekers to New Brunswick.
This report by The Canadian Press was first published Sept. 19, 2024.
FREDERICTON – A look at Blaine Higgs, leader of the Progressive Conservative Party of New Brunswick.
Born: March 1, 1954.
Early years: The son of a customs officer, he grew up in Forest City, N.B., near the Canada-U.S. border.
Education: Graduated from the University of New Brunswick with a degree in mechanical engineering in 1977.
Family: Married his high-school sweetheart, Marcia, and settled in Saint John, N.B., where they had four daughters: Lindsey, Laura, Sarah and Rachel.
Before politics: Hired by Irving Oil a week after he graduated from university and was eventually promoted to director of distribution. Worked for 33 years at the company.
Politics: Elected to the legislature in 2010 and later served as finance minister under former Progressive Conservative Premier David Alward. Elected Tory leader in 2016 and has been premier since 2018.
Quote: “I’ve always felt parents should play the main role in raising children. No one is denying gender diversity is real. But we need to figure out how to manage it.” — Blaine Higgs in a year-end interview in 2023, explaining changes to school policies about gender identity.
This report by The Canadian Press was first published Sept. 19, 2024.
OTTAWA – The pressing issues of climate change and food security join more familiar ones like violent extremism and espionage on a new list of Canada’s intelligence priorities.
The federal government says publishing the list of priorities for the first time is an important step toward greater transparency.
The government revises the priorities every two years, based on recommendations from the national security adviser and the intelligence community.
Once the priorities are reviewed and approved by the federal cabinet, key ministers issue directives to federal agencies that produce intelligence.
Among the priorities are the security of global health, food, water and biodiversity, as well as the issues of climate change and global sustainability.
The new list also includes foreign interference and malign influence, cyberthreats, infrastructure security, Arctic sovereignty, border integrity and transnational organized crime.
This report by The Canadian Press was first published Sept. 19, 2024.
