Ethereum – Coinbase feedback on adverse NYT story forward of publishing
The New York Instances is (most likely) about to publish a narrative about cryptocurrency exchange Coinbase. However we’re not studying about it on the information outlet’s web site, as a result of Coinbase has taken the extremely uncommon step of publishing among the particulars concerning the forthcoming story itself, in an effort to mitigate the injury.
In response to Coinbase’s weblog submit, the NYT will publish the story someplace between now and Sunday. The article, Coinbase says, will “allege that a number of Black workers had adverse experiences at Coinbase over the previous few years.”
Coinbase’s expounding of what it thinks the NYT will publish boils all the way down to this: Three former Coinbase workers and a contractor will doubtless be quoted within the story. The article will allege that the corporate discriminated in opposition to Black workers within the wake of the corporate’s inside organizational adjustments that happened in 2018. This yr’s Black Lives Matter protests and Coinbase’s discussions round them will even be talked about. The NYT will allege that complaints have been filed from a variety of Black workers.
Coinbase claims the NYT story will “paint an inaccurate image that lacks full info and context.” In response to the corporate’s submit, the complaints from these former workers have been “totally investigated,” and no proof of wrongdoing was discovered. Additionally, the corporate stated it is “dedicated to sustaining an surroundings that’s secure, supportive and welcoming to workers of all backgrounds.”
There is a good motive why corporations usually don’t attempt to front-run adverse media tales like this: it nearly by no means works. Whereas it is onerous to remark earlier than we see what the NYT will publish, it is fairly attainable that that story will include a variety of different particulars not talked about by Coinbase. Worse, it is also attainable that the story incorporates different, partially associated or non-related parts that Coinbase does not need the readers to give attention to. However now that the corporate has gone forward and revealed their response earlier than the NYT has revealed its story, make no mistake — each little element within the NYT‘s story will probably be totally analyzed by different media retailers, analysts, and commentators.
Coinbase CEO Brian Armstrong ruffled some feathers in September, when he revealed a submit saying that Coinbase is a “mission centered firm,” which roughly meant that the corporate desires to remain impartial on politics and broader social points. Some 5 p.c of the Coinbase employees left the corporate following Armstrong’s announcement.
On Wednesday, Armstrong tweeted concerning the rumors of the U.S. secretary of the treasury Steven Terner Mnuchin “planning to hurry out some new regulation relating to self-hosted crypto wallets earlier than the top of his time period.” In response to Armstrong, the proposed regulation would require cryptocurrency exchanges to confirm the house owners of self-hosted crypto wallets earlier than they will withdraw funds to such wallets. Armstrong then defined why this could be a nasty and impractical thought, and stated that the corporate despatched a letter to the Treasury final week, co-signed by a variety of different crypto corporations, articulating their considerations.
Final week we heard rumors that the U.S. Treasury and Secretary Mnuchin have been planning to hurry out some new regulation relating to self-hosted crypto wallets earlier than the top of his time period. I am involved that this could have unintended unwanted side effects, and wished to share these considerations.
— Brian Armstrong (@brian_armstrong) November 25, 2020
Whereas seemingly unrelated to the NYT‘s upcoming story, the timing of Armstrong’s tweets is notable as they got here just some hours forward of Coinbase’s weblog submit.
We have requested Coinbase for extra info and can replace this story once we hear again.
Roughly coinciding with Coinbase’s newest submit and Armstrong’s tweets on new regulation, the costs of main cryptocurrencies, together with Bitcoin and Ethereum, fell sharply after reaching yearly highs of $19,500 and $620 earlier this week. Bitcoin is at present buying and selling at about $17,050, whereas Ethereum is at $515.
Disclosure: The creator of this textual content owns, or has not too long ago owned, a variety of cryptocurrencies, together with BTC and ETH.