Coinbase CEO Speaks Against Crypto Tribalism, Ripple Boss Not Impressed

Crypto Regulation
Coinbase CEO Speaks Against Crypto Tribalism, Ripple Boss Not Impressed

The back and forth with the SEC and XRP seems to have finally gotten the attention of Coinbase CEO Brian Armstrong. He expressed his desire to see a more collaborative crypto industry devoid of tribalism in whatever shades.

He made this statement during the “Around The Block” podcast on Twitter. This comment comes roughly one month after he made a comment on social media stating:

“One of the strongest policy arguments for cryptocurrency is that it’s a national security issue. The US missed on semiconductors and 5g which is now largely manufactured offshore. It can’t afford to have cryptocurrency go offshore as well. (same for every country btw).”

Then in his words, on 26 October, in an interview with Anthony Pompliano, the CEO said:. 

“I want the whole industry to kind of collaborate more. Like the divisiveness. The tribalism in crypto is one thing that kind of bugs me, I think probably bugs you too.”

He further reiterated his undying support for the “pro lightening network” and for every crypto community member contributing in different ways to the growth and adoption of cryptocurrencies. 

“Coinbase is a global company, but we’re based right here in the USA and will fight to make sure crypto succeeds here for everyone. It’s too important to America and the free world,” asserted Armstrong, according to whom, “within a decade, the number of cryptocurrency users worldwide will reach one billion.”

Is Coinbase Chief Really Outspoken Because Currently Been Investigated By SEC?

The Coinbase chief has become more outspoken amid the increasing calls for SEC regulation and censorship of cryptocurrencies using the US treasury through the Office of Foreign Assets Control (OFAC).

Recall that SEC recently started looking into Coinbase for listing assets perceived as securities. Also, he suddenly becomes vociferous against censorship immediately after the sanction of an Ethereum mixing service, Tornado cash, by the OFAC.

Ripple’s Boss Seems Unhappy With the Coinbase Chief’s Statement

Brad Garlinghouse believes that the latest statement of the Coinbase CEO as it regards Ripple’s altercations with SEC is relatively late; he further quoted the retweet with the graphical text “ANTI TRIBALISM TRIBALISM CLUB” and concluded that Armstrong was just hypocritical. 

Although, about 65% of responses on the thread reiterated that XRP has been at the forefront of building a collaborative community but had little support, especially during the onset of the SEC attack against Ripple in 2020.

On Twitter, one user said:

“Finally, the penny has dropped. Armstrong and Pompliano, it’s what $XRP holders have been saying for the longest while, but you all scoffed at us. Tribalism is what will kill the industry; togetherness is what gives us strength and makes the crypto ecosystem grow.”

Notable crypto community members have also opined that it will be difficult not to see through the hypocrisy of Armstrong because he has been an ardent lover of Bitcoin and Ethereum since he has a significant holding in the duo. He is a bonafide member of the Ethereum foundation and is one of the prominent persons footing legal bills covering the defendant, Tornado, in a suit brought forth by the U.S. Treasury against the mixer.

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