CEO Says It Exposes Flaws in Finance

Coinbase CEO Brian Armstrong has responded to the backlash surrounding the company’s latest advertisement for the UK market.

He clarified that the video was not intended as a political statement, but rather as a reflection of the deeper issues within the traditional financial system.

The Controversial Campaign

The U.S.-based exchange recently posted an advertisement on July 31 via X, criticizing the UK’s financial system. Titled ‘Everything Is Fine’, the video features a cheerful song and lyrics that brag about the UK’s strong finances, while showing harsh scenes of inflation, poverty, debt, and people struggling to get by.

Meant as a satirical depiction of the state of things, it starts with the line, “We ain’t got no troubles. No reason to complain,” while broken homes and poor people appear on the screen. The song continues, “The streets can’t get no cleaner. Nor the rat meat any leaner. No. Life is just as great,” as dirty streets flash across the screen. The video also makes fun of how expensive things have become in the UK.

However, on August 4, Armstrong took to X, claiming the ad had been “banned in the UK by the TV networks,” suggesting it had been censored because it carried an element of truth.

“If you can’t say it, then there must be a kernel of truth in it.”

Some individuals and politicians have criticized the campaign, arguing that it is a political statement intended to discredit the current government and make Britain a laughingstock.

However, the executive explained that calling for updates to the system and societal improvements wasn’t meant to be a political statement about any party in the UK. He also clarified that the clip wasn’t specific to the country, mentioning that the firm had also run ads with similar themes in the U.S..

Crypto As a Fix For Broken Systems

According to Armstrong, the point of the clip was to highlight how the traditional financial system is failing many people and how crypto offers a way to address the issue. He added that some people in the UK still view the asset class as “some kind of gambling product,” which he described as a very outdated perspective that ignores its real potential to improve conditions for everyone.

The executive concluded by welcoming criticism and censorship efforts, saying they only help the message spread further.

The controversial campaign comes at a time when 20.3 million people in the UK, which is 44% of all adults, are living in financially unstable conditions. According to a recent report by Fair4All Finance, this represents a 16% increase since 2022, driven by factors such as unstable incomes, limited savings, poor health, and job loss.

Meanwhile, experts say the UK is falling behind in creating clear rules for crypto. A July report from independent think tank OMFIF says that the country continues to make vague promises about future rules in what it described as “policy procrastination,” warning that the EU and U.S. are now leading the way.