Armstrong says the crypto industry needs to collaborate more but sparks the ire of the XRP community.
Coinbase CEO Brian Armstrong has asserted that he wants the crypto industry to collaborate more, per a clip from Coinbase’s “Around The Block” podcast on Twitter yesterday.
“I want the whole industry to kind of collaborate more,” said Armstrong to famous crypto investor Anthony Pompliano. “Like the divisiveness. The tribalism in crypto is one thing that kind of bugs me, I think probably bugs you too.”
“I want the whole industry to collaborate more” 🤝@brian_armstrong & @apompliano discuss crypto tribalism and collaboration in this episode of Around the Block.
🎧 https://t.co/AuEAdUrGAU pic.twitter.com/Tqu3buQD9n
— Coinbase (@coinbase) October 26, 2022
Notably, the Coinbase chief also asserts that while he is “pro Lightning Network,” he is also supportive of everyone in the emerging market trying to increase global economic freedom through decentralized cryptocurrencies.
Ripple’s Brad Garlinghouse And The XRP Community Respond
It is worth noting that the latest statements did not attract positive responses, primarily from the XRP community, who feel that the Coinbase chief is late to the party and trying to do lip service to an ideal he does not believe in or practice.
Notably, Ripple chief Brad Garlinghouse quoted the tweet with a graphic text that read “ANTI TRIBALISM TRIBALISM CLUB,” alluding to his perception that Armstrong was hypocritical.
🤝 https://t.co/lEQpySMqTf pic.twitter.com/upA1pbDfWw
— Brad Garlinghouse (@bgarlinghouse) October 27, 2022
Several other responses emphasized that this is the ideal the XRP community has been pushing for but received little support. It bears mentioning that when the US Securities and Exchange Commission went after Ripple and XRP in 2020, the Ripple chief described it as an attack on crypto in general. At the time, there was little to no show of support from the likes of Armstrong.
Finally the penny has dropped. @brian_armstrong and @APompliano it’s what $XRP holders have been saying in 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 eco-system grow. https://t.co/PqMvuRuC5P
— Wilber54-XRP (@Wilber54X) October 26, 2022
Notably, the Coinbase chief has become more outspoken about the SEC’s regulation-by-enforcement approach and the attempts at crypto censorship by the US Treasury via the Office of Foreign Assets Control. However, it is not surprising that his concerns are getting little sympathy from the XRP faithful, as these concerns have only come because the issues now more directly affect his interest and that of his exchange.
Firstly, the recent outcry against SEC regulation by enforcement only comes after it was revealed that the SEC was looking into Coinbase for listing assets perceived as securities. Additionally, his campaign against censorship comes after OFAC opted to sanction Tornado Cash, an Ethereum mixing service.
Notably, crypto community members believe Armstrong favors Ethereum and Bitcoin, at a time holding a majority of his wealth in Ethereum. Coinbase, for one, is a member of the Ethereum foundation and is also footing the legal bills for a lawsuit against the US Treasury following the Tornado Cash sanction.
It is worth noting that a part of the XRP community still believes that the SEC case gave Ethereum an undue edge over XRP. As such, there is no love lost between both communities.
Unsurprisingly, the latest statements from Armstrong have reignited calls for Coinbase to relist XRP.
So #relistXRP wen? https://t.co/tVO4NyUGiB
— XRPikachu.r3iKo ⨂ (🌐🌊🐒|🥩👑|🗿🐳) (@_r3iKo) October 26, 2022