Strive CEO Matt Cole Accuses Intuit of anti-Bitcoin Censorship, Raising Shareholder Concerns
October 26, 2024
Matt Cole, CEO of Strive Asset Management, has publicly accused Intuit, teh financial software giant behind products like TurboTax and Mailchimp, of censorship and “deplatforming” against individuals and organizations associated wiht Bitcoin.In an open letter, Cole alleges that Intuit’s marketing platform, Mailchimp, has terminated accounts simply for mentioning Bitcoin, raising concerns about viewpoint discrimination and potential financial repercussions for Intuit shareholders.
University Bitcoin Club Censored
Cole’s letter highlights a specific incident involving the Trojan Bitcoin Club at the University of Southern California (USC). According to Cole, the student organization’s Mailchimp account was suspended due to content that purportedly violated Mailchimp’s policy against banned content. The issue? the mere mention of cryptocurrencies.
More specifically, the Trojan Bitcoin Club at the University of Southern California was informed that the content of its account “against the section on banned content in the guideline on the permissible use of [Mailchimp] violates “because he mentions cryptocurrencies.Mailchimp closed its account, although the group does not buy, sells or acts; it is only” a student group that helps students learn something about Bitcoin “that MailChimp used to send their student memories, lecture events and educational resources”.
Matt Cole in his open letter
The Trojan Bitcoin Club, like similar organizations at universities across the U.S. – from MIT to the University of Texas – aims to educate students about blockchain technology and digital currencies. They typically host lectures, workshops, and networking events. The club’s suspension sparked outrage among its members and raised questions about the scope of Mailchimp’s content restrictions.
Cole notes that Mailchimp reinstated the account only after the club publicly disclosed the issue. This reversal, however, came with the condition that the group refrain from discussing Bitcoin trading. This incident raises concerns about the potential chilling effect on free speech and academic exploration within the burgeoning cryptocurrency field.
“It’s like telling a chess club they can’t discuss specific opening moves,” says Sarah Jones, a cryptocurrency law professor at Georgetown University. “It stifles legitimate educational activities.”
Beyond the University: Other Bitcoin-Related Entities Targeted
Cole’s accusations extend beyond the USC incident. He claims that other individuals and companies with ties to Bitcoin have also been denied Intuit’s services. Thes allegedly include Natalie Brunell, a prominent Bitcoin podcaster, and Botanix Labs, a Bitcoin growth firm.
Brunell, who hosts the “Coin Stories” podcast, has become a leading voice in the Bitcoin community, offering insights and analysis on the cryptocurrency’s economic and social implications. Botanix Labs is focused on developing innovative solutions for the Bitcoin network.
If confirmed, these instances suggest a pattern of discrimination against bitcoin-related entities, prompting concerns about Intuit’s commitment to neutrality and open access to its platforms.
| Alleged Target | Affiliation | Service Denied |
|---|---|---|
| Trojan Bitcoin Club | University of Southern California | Mailchimp |
| Natalie Brunell | “Coin Stories” Podcast Host | Intuit Services (unspecified) |
| Botanix Labs | Bitcoin Development Firm | Intuit Services (unspecified) |
financial Implications for Intuit Shareholders?
Cole argues that Intuit’s alleged censorship of Bitcoin-related content could have critically important financial ramifications for its shareholders. He points to a growing body of research indicating that consumers are increasingly wary of companies taking politically charged stances.
Strive is concerned that the decision of intuit to take Bitcoin-related content manufacturers, trainers and companies from the platform could have significant financial effects for the shareholders.
Matt Cole in his open letter
Recent surveys have shown that a significant percentage of American consumers prefer companies to remain neutral on controversial social and political issues. Companies that alienate segments of their customer base risk facing boycotts, negative publicity, and ultimately, declining sales. The “go woke, go broke” sentiment, while often debated, reflects a growing concern among investors about the potential for corporate activism to backfire.
Moreover, Intuit’s actions could potentially expose the company to legal challenges. Free speech advocacy groups might argue that Intuit’s content restrictions constitute viewpoint discrimination, notably if the company is perceived as exercising significant control over online discourse.
Strive’s Demands and Intuit’s Response
In his open letter, Cole calls on Intuit to instantly reinstate all accounts that were closed due to Bitcoin-related content. He further urges the company to eliminate the guideline that prohibits serving crypto-related entities.
As of press time,Intuit has not issued a formal response to Cole’s accusations. However, the company’s existing content policies generally prohibit the promotion of illegal or harmful activities. It remains to be seen whether Intuit will revise its policies in light of the concerns raised by Cole and others in the Bitcoin community.
The situation remains a developing story, and Archyde News will continue to provide updates as they become available.
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Archyde News Interview: Strive CEO Matt Cole on Intuit’s Alleged Anti-Bitcoin Censorship
October 26, 2024
Archyde News: mr. Cole, thank you for joining us. Your open letter has certainly stirred the pot. Could you briefly summarize your core accusations against Intuit regarding their handling of Bitcoin-related content?
Matt Cole, CEO of Strive asset Management: Thank you for having me. Essentially, we’re alleging that Intuit, specifically through Mailchimp, is engaging in censorship and deplatforming of individuals and organizations simply for mentioning Bitcoin. This includes suspending accounts like the Trojan Bitcoin Club at USC, and potentially targeting others like Natalie Brunell and Botanix Labs.
Archyde News: The Trojan Bitcoin Club incident seems to be a focal point. Can you elaborate on why this specific case is so concerning?
Matt Cole: Absolutely. The club is an educational organization.They’re not trading, selling, or doing anything that would typically violate terms of service.They’re simply trying to educate students about Bitcoin. Mailchimp’s actions, which initially prevented them from sending out information, stifle education and suggest viewpoint discrimination against the Bitcoin community.
Archyde News: You mention that Intuit’s actions could have financial implications for shareholders.What’s the reasoning behind that?
Matt Cole: We’re concerned that by shutting down Bitcoin-related content, Intuit risks alienating a significant portion of its customer base. Consumers are increasingly aware of companies’ stances on controversial issues. There’s a real risk of boycotts and declining sales if they are perceived as taking a stance against Bitcoin. This is further fueled by a growing distrust of companies taking a ‘woke’ stance, which can create financial risks.
Archyde News: Beyond financial ramifications, are there legal considerations at play?
Matt Cole: Yes, potentially. If intuit’s restrictions are seen as viewpoint discrimination, they could face legal challenges, especially from free speech advocacy groups who could claim that the company is exerting undue control on the online conversation.
archyde news: In your open letter, you call for specific actions from Intuit. What are they?
Matt Cole: We’re calling for the immediate reinstatement of all accounts that were shut down due to Bitcoin-related content. More broadly, we want Intuit to eliminate the guidelines prohibiting crypto-related entities. They also need to publicly clarify their content policies, to ensure fairness and transparency.
Archyde News: Intuit has yet to publicly respond to your accusations. What’s your message to them, based on potential financial and legal outcomes?
Matt Cole: They should understand that neutrality is vital in the evolving digital economy. They should reassess their risk appetite and act in the best interest of their stakeholders. The future requires embracing innovation; they must consider and understand that the Bitcoin movement is bigger than any one individual.
Archyde News: a question for our readers: Do you believe Intuit’s actions represent a form of censorship, or are they simply enforcing their terms of service? Share your opinion in the comments below.
