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Ripple CEO Brad Garlinghouse is unconvinced of cryptocurrency exchange Coinbase’s decision to take an apolitical position within the workspace, he said in a recent interview with CNBC.
Tech companies have an “obligation”
Coinbase CEO Brian Amstrong caused ripples (pun unintended) earlier this year after claiming the company was a non-political organization and did not engage in any political discussions in the workspace. It even handed out exit packages to employees against the idea, a move that saw heated debate and saw more than 5% of employees choose the offer.
https://t.co/FudJSuaumB
– Brian Armstrong (@brian_armstrong) September 27, 2020
“[The firm] he will not internally discuss political causes or candidates or deal with issues unrelated to our core mission. “Armstrong wrote in a now infamous blog post, adding that the company remains” laser focused “on advancing cryptography and making profits.
But Garlinghouse is different. She said CNBC that technology companies have an “obligation” to work to solve problems and discuss sensitive societal issues.
“We think of our mission as enabling a valuable Internet, but we seek positive outcomes for society. I think tech companies have the opportunity, but actually the obligation, to become part of the solution, “said the 49-year-old.
A spokesperson added that Ripple promotes corporate activism and gives employees paid free time to vote and volunteer in the upcoming presidential election.
“The sad reality is – and I say this as a longtime Silicon Valley veteran – some of these (social) problems are, at the very least, exacerbated by the technology platforms themselves.”
Ripple’s political problems … and a possible transfer
Political riots via technology platforms have been a recurring problem in recent times. These include social media giants like Facebook and YouTube, which have allegedly been held in the past for manipulating high-risk elections and various other political speeches.
Ripple has also been hit by such issues, with Garlinghouse saying the company was taking YouTube to court over allegations that Google’s video-sharing service failed to protect consumers from “giveaway” scams by using fake profiles to get viewers to send thousands of dollars in XRP.
“We didn’t need to do that, it doesn’t help Ripple,” Garlinghouse said. “But what it highlights is that platforms need to take responsibility for the problems they are contributing to.”
Garlinghouse’s comments come as Ripple is considering a move from the US and to markets like Singapore and Japan, driven by a lack of regulatory clarity in its home market surrounding XRP.
The US is not in sync with the other G20 markets – it is crucial @Ripple have a level playing field to compete on a global stage. The UK, Singapore, Japan, Switzerland, and the UAE top our list because they provide clarity and consistency. https://t.co/lPizOi6UIg
– Brad Garlinghouse (@bgarlinghouse) 22 October 2020
The move, if executed, would be ironic for Ripple. The firm has historically been on the side of regulators and sought to conduct business as any other fintech business would.
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