Why Coinbase derailed the crypto industry’s political future

Technology

Under Musk, the Grok disaster was inevitable

Published On : 2026-01-18

This is The Stepback, a weekly newsletter breaking down one essential story from the tech world. For more on dystopian developments in AI, follow Hayden Field. The Stepback arrives in our subscribers’ inboxes at 8AM ET. Opt in for The Stepback here.How it started You could say it all started with Elon Musk’s AI FOMO – and his crusade against “wokeness.” When his AI company, xAI, announced Grok in November 2023, it was described as a chatbot with “a rebellious streak” and the ability to “answer spicy questions that are rejected by most other AI systems.” The chatbot debuted after a few months of…

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Technology

Why Coinbase derailed the crypto industry’s political future

Published On : 2026-01-18

Brian Armstrong, chief executive officer of Coinbase Global Inc., speaks to members of the media on Capitol Hill in Washington, DC, US, on Thursday, Jan. 15, 2026. | Aaron Schwartz/Bloomberg via Getty Images. January was going to be a landmark month for the crypto industry. The Senate would start negotiating the finer details of the CLARITY Act, a major law that would finally enshrine the fundamental structure of how the crypto market could legally operate in the United States: what digital assets counted as a security versus a commodity, what regulatory responsibilities companies had to abide…

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