Wednesday, November 30, 2022
HomeCrypto NewsMarketBrian Armstrong Speaks Against Crypto Tribalism, But Ripple CEO And Community Not...

Brian Armstrong Speaks Against Crypto Tribalism, But Ripple CEO And Community Not Impressed

- Advertisement -

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.”

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.

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.

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.

- Advertisement -
Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.