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Coinbase Workers Rattled by Politics Ban and Fear Being Muzzled – BNN

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(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.’”

©2020 Bloomberg L.P.

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Youri Chassin quits CAQ to sit as Independent, second member to leave this month

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Quebec legislature member Youri Chassin has announced he’s leaving the Coalition Avenir Québec government to sit as an Independent.

He announced the decision shortly after writing an open letter criticizing Premier François Legault’s government for abandoning its principles of smaller government.

In the letter published in Le Journal de Montréal and Le Journal de Québec, Chassin accused the party of falling back on what he called the old formula of throwing money at problems instead of looking to do things differently.

Chassin says public services are more fragile than ever, despite rising spending that pushed the province to a record $11-billion deficit projected in the last budget.

He is the second CAQ member to leave the party in a little more than one week, after economy and energy minister Pierre Fitzgibbon announced Sept. 4 he would leave because he lost motivation to do his job.

Chassin says he has no intention of joining another party and will instead sit as an Independent until the end of his term.

He has represented the Saint-Jérôme riding since the CAQ rose to power in 2018, but has not served in cabinet.

This report by The Canadian Press was first published Sept. 12, 2024.

The Canadian Press. All rights reserved.

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‘I’m not going to listen to you’: Singh responds to Poilievre’s vote challenge

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MONTREAL – NDP Leader Jagmeet Singh says he will not be taking advice from Pierre Poilievre after the Conservative leader challenged him to bring down government.

“I say directly to Pierre Poilievre: I’m not going to listen to you,” said Singh on Wednesday, accusing Poilievre of wanting to take away dental-care coverage from Canadians, among other things.

“I’m not going to listen to your advice. You want to destroy people’s lives, I want to build up a brighter future.”

Earlier in the day, Poilievre challenged Singh to commit to voting non-confidence in the government, saying his party will force a vote in the House of Commons “at the earliest possibly opportunity.”

“I’m asking Jagmeet Singh and the NDP to commit unequivocally before Monday’s byelections: will they vote non-confidence to bring down the costly coalition and trigger a carbon tax election, or will Jagmeet Singh sell out Canadians again?” Poilievre said.

“It’s put up or shut up time for the NDP.”

While Singh rejected the idea he would ever listen to Poilievre, he did not say how the NDP would vote on a non-confidence motion.

“I’ve said on any vote, we’re going to look at the vote and we’ll make our decision. I’m not going to say our decision ahead of time,” he said.

Singh’s top adviser said on Tuesday the NDP leader is not particularly eager to trigger an election, even as the Conservatives challenge him to do just that.

Anne McGrath, Singh’s principal secretary, says there will be more volatility in Parliament and the odds of an early election have risen.

“I don’t think he is anxious to launch one, or chomping at the bit to have one, but it can happen,” she said in an interview.

New Democrat MPs are in a second day of meetings in Montreal as they nail down a plan for how to navigate the minority Parliament this fall.

The caucus retreat comes one week after Singh announced the party has left the supply-and-confidence agreement with the governing Liberals.

It’s also taking place in the very city where New Democrats are hoping to pick up a seat on Monday, when voters go to the polls in Montreal’s LaSalle—Émard—Verdun. A second byelection is being held that day in the Winnipeg riding of Elmwood—Transcona, where the NDP is hoping to hold onto a seat the Conservatives are also vying for.

While New Democrats are seeking to distance themselves from the Liberals, they don’t appear ready to trigger a general election.

Singh signalled on Tuesday that he will have more to say Wednesday about the party’s strategy for the upcoming sitting.

He is hoping to convince Canadians that his party can defeat the federal Conservatives, who have been riding high in the polls over the last year.

Singh has attacked Poilievre as someone who would bring back Harper-style cuts to programs that Canadians rely on, including the national dental-care program that was part of the supply-and-confidence agreement.

The Canadian Press has asked Poilievre’s office whether the Conservative leader intends to keep the program in place, if he forms government after the next election.

With the return of Parliament just days away, the NDP is also keeping in mind how other parties will look to capitalize on the new makeup of the House of Commons.

The Bloc Québécois has already indicated that it’s written up a list of demands for the Liberals in exchange for support on votes.

The next federal election must take place by October 2025 at the latest.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

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Social media comments blocked: Montreal mayor says she won’t accept vulgar slurs

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Montreal Mayor Valérie Plante is defending her decision to turn off comments on her social media accounts — with an announcement on social media.

She posted screenshots to X this morning of vulgar names she’s been called on the platform, and says comments on her posts for months have been dominated by insults, to the point that she decided to block them.

Montreal’s Opposition leader and the Canadian Civil Liberties Association have criticized Plante for limiting freedom of expression by restricting comments on her X and Instagram accounts.

They say elected officials who use social media should be willing to hear from constituents on those platforms.

However, Plante says some people may believe there is a fundamental right to call someone offensive names and to normalize violence online, but she disagrees.

Her statement on X is closed to comments.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

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