The New York Instances is (in all probability) about to publish a narrative about cryptocurrency change 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 a number of the particulars concerning the forthcoming story itself, as a way 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 damaging 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 probably 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 inner organizational adjustments that befell in 2018. This yr’s Black Lives Matter protests and Coinbase’s discussions round them may 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 data and context.” In response to the corporate’s submit, the complaints from these former workers have been “completely investigated,” and no proof of wrongdoing was discovered. Additionally, the corporate stated it is “dedicated to sustaining an setting that’s protected, supportive and welcoming to workers of all backgrounds.”
There is a good purpose why corporations usually don’t attempt to front-run damaging media tales like this: it virtually by no means works. Whereas it is arduous to remark earlier than we see what the NYT will publish, it is fairly doable that that story will comprise a variety of different particulars not talked about by Coinbase. Worse, it is also doable that the story comprises different, partially associated or non-related parts that Coinbase does not need the readers to concentrate on. 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 can be completely analyzed by different media shops, analysts, and commentators.
Coinbase CEO Brian Armstrong ruffled some feathers in September, when he revealed a post saying that Coinbase is a “mission targeted firm,” which kind of meant that the corporate needs to remain impartial on politics and broader social points. Some 5 % of the Coinbase workers left the company 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 tip of his time period.” In response to Armstrong, the proposed regulation would require cryptocurrency exchanges to confirm the homeowners of self-hosted crypto wallets earlier than they will withdraw funds to such wallets. Armstrong then defined why this might be a nasty and impractical concept, 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 tip of his time period. I am involved that this might have unintended unwanted 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 only a few hours forward of Coinbase’s weblog submit.
We have requested Coinbase for extra data and can replace this story after 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 lately owned, a variety of cryptocurrencies, together with BTC and ETH.