Bitcoin Companies Scrap ESG & DEI Departments To Focus On Compliance

Bitcoin companies are scrambling to wind down their Environmental, Social, Governance (ESG) and Diversity, Equity, and Inclusion (DEI) departments to focus their resources and energy on compliance. The trending shift comes as companies have learned that the former strategies are little more than inefficient proxies for the latter.

"I can't speak for other companies but Marathon realized we were spending too much money essentially guessing what the government wanted us to do regarding compliance via ESG & DEI. We figured if we hired enough women and purchased enough carbon credits on Liquid, we would be safe." Marathon CEO Fred Thiel said. "Instead, we've essentially consolidated these departments into what we've titled the Collaborative Unified Company Compliance (CUCC)." He added.

Companies say they are consistently seeing the best results with the strategy of being proactive with compliance. They report that maintaining a direct line of communication with regulators and lawmakers, seeking their input on how to implement new products and features, and then over complying with the guidance they receive, is producing superior outcomes. "Our compliance department is getting suggestions for new ways to comply on a daily basis. Its almost hard to keep up with the requests. It's extremely rewarding and encouraging." HUT8 CEO Asher Genoot said.

While publicly traded Bitcoin companies have been leading the way regarding structural compliance adjustments, private start ups are demonstrating their ability to be flexible and adapt to the changing business landscape. Voltage, a lightning network infrastructure start up, announced they've hired Charlie Shrem to be their new Chief Compliance Officer. Charlie is the founder of now defunct BitInstant. Graham Krizek said of the hire, "Charlie knows first hand the consequences of non-compliance. I can't think of a better person to help lead our company in the right direction."