We know the cryptocurrency industry is well-known for its volatility and outside-the-box thinking. Recently, it found itself at the center of an igniting controversy that has fueled both protests and profound contemplation. A series of bizarre incidents involving the throwing of sex toys onto the courts of Women's National Basketball Association (WNBA) games has been linked to a cryptocurrency memecoin group, raising serious questions about the industry's maturity, ethical boundaries, and the potential for reputational damage. As some have dubbed this crypto’s “dildo” moment, it further demonstrates a clear and present need for accountability in this wild west marketplace. It fundamentally underscores the importance of accountability across the space.
Incidents exploded one after the other across the country, from New York to Atlanta. When fans threw dildos onto the court during WNBA games, they crossed a line. These acts of vandalism were not random. The overall effort was led and organized by a cryptocurrency memecoin community, which organized accountability for what they did. Ever the shock artists, the collective quickly rebranded these provocations as one of the most guerrilla marketing stunts. Their mission? To bring attention to their memecoin, “Green Dildo Coin.” This exploitative and insulting attempt to cash in on the continued sexualization and objectification of women in sports has been rightfully criticized across the board.
The group's spokesperson attempted to justify their actions by stating that they targeted WNBA games not because they disliked women's sports, but because they felt it was "being forced down our throats." As I have noted before, this statement is indicative of a very unfortunate pattern of using culture war resentments to excuse or even reward intolerant and toxic behavior. The incidents have sparked heated conversations over the sexualization and objectification of female athletes. Even more, it points to a serious lack of sensitivity and respect within the crypto community.
In the wake of such acts of violence, their blowback has often been swift and severe. Eighteen-year-old Kaden Lopez and 23-year-old Delbert Carver have both been arrested in relation to the dildo-throwing incidents. While the cryptocurrency group's spokesperson clarified that neither Delbert Carter nor Kaden Lopez have any affiliation with their organization, the damage to the industry's reputation has already been done. None of this is new, despite what mainstream media would have you believe. Consequently, the crypto space as a whole looks bad, perpetuating unjustified stereotypes.
The Anatomy of a PR Disaster
The “Green Dildo Coin” debacle is a masterclass in how not to launch a crypto project. The collective made a conscious choice to associate their memecoin with female-genital-mutilation and women’s sexualization. This decision has completely blown up in their faces, earning them a torrent of criticism and reputational damage. This incident serves as a reminder of the need to think critically through ethical marketing strategies and to further market responsibly to avoid harmful backlash.
From there, the stunt group successfully executed six major stunts across five major cities—including Los Angeles, Chicago and New York. Their degree of planning and organizational accomplishment is deeply disturbing but indicative of the lengths some people go to to advance their malas. These events have unfortunately become the norm at WNBA games these last two weeks. This pattern is part of an ongoing project to undermine and delegitimize women’s sports. The events underscore the bizarre, lo-fi aesthetic of Skibidi Toilet and other algorithmically induced meme spirals. This illustrates how these influencers’ responses were influenced by social media trends and an overwhelming urge to capitalize on viral content.
The group’s tactics constitute such an act of performance, in which shame is no longer the enemy. This bizarre occurrence, referred to as the “Skibidi brainrot,” perfectly represents a generation wide-versed in irony but deprived of substance. The "Green Dildo Coin" controversy is a symptom of a larger problem: the erosion of ethical boundaries and the normalization of offensive behavior in the pursuit of attention and profit.
The tragedy illustrates the peril of perverse incentivized action that runs rampant in crypto. Those perceptions combined with the promise of financial profit can lead people to take shortcuts or even commit fraud and other illegal activity. We saw this most recently in the backlash of “Green Dildo Coin.” This makes the case all too clear for more regulation and oversight to ensure incidents like this never happen again.
Ethical Implications and the Need for Maturity
The “Green Dildo Coin” controversy exemplifies deep ethical issues regarding cryptocurrency’s place in modern society. The incident has sparked impassioned and critical conversations about the sexualization and objectification of women in sports. Further, it is refreshing because it highlights the ways in which cryptocurrency can and has been used to enable harmful and offensive behavior. The crypto community needs to have some real, honest conversations about these things. It’s high time to move from words to actions to make up for a long history of inattention.
Regrettably, this incident may be the cosmic wakeup call the crypto industry needed to understand that all revolutions must be wrought with some maturity and responsibility. The industry’s Wild West mentality is no longer sufficient—the industry needs to adopt stronger ethical principles and best practices. You will come up with some concrete rules for your marketing and promotional efforts. You’ll foster productive civic engagement and ensure better accountability for people and projects.
It is imperative that crypto space prioritizes developing sustainable and ethical communities. These communities must be rooted in mutual respect, inclusivity, and a deep conviction to the highest tenets of social responsibility. This requires you to shift your paradigm. Stop prioritizing short-term shareholder value and start setting a long-term purpose to build long-lasting social value. As the "Green Dildo Coin" controversy shows, the crypto industry’s thin skin is easily ruffled. To make it a better place, we need to protect it by holding ourselves to the highest ethical standards.
The ethics of the removal go far beyond just this particular incident. The “Green Dildo Coin” imbroglio raises some crucial issues. It spotlights the far-reaching effects of memecoins and the wild west, speculative culture currently prevalent in the crypto space. Furthermore, memecoins provide an exciting and entertaining gateway through which inquisitive first-time users can discover cryptocurrency. Their good intentions are undermined when they inadvertently encourage dangerous driving habits and economic devastation. To avoid the next crisis of confidence, the crypto community needs to prove users understand the risks memecoins pose. Advancing principled investing practices remains essential to safeguarding the investing public.
Building a Responsible Crypto Ecosystem
The “Green Dildo Coin” episode highlights just how badly we need a more sober and adult crypto ecosystem. To do so needs a collaborative approach, created together by private sector innovators, the public sector regulators, and society at large. By standing united, we can help build a crypto world that is as serious about innovation as it is with integrity.
Here are some actionable steps that projects can take to avoid similar PR disasters and build sustainable, ethical communities:
- Develop a clear code of ethics: Every project should have a clearly defined code of ethics that outlines acceptable behavior and sets expectations for community members. This code of ethics should be publicly available and enforced consistently.
- Promote responsible marketing practices: Projects should avoid using sensationalist or offensive marketing tactics. Instead, they should focus on promoting the project's value proposition and educating potential users about the risks and benefits of cryptocurrency.
- Foster a culture of respect and inclusivity: Projects should create a welcoming and inclusive environment for all community members, regardless of their background or beliefs. This includes actively combating harassment and discrimination.
- Establish clear community guidelines: Projects should have clear community guidelines that outline acceptable behavior and consequences for violating those guidelines. These guidelines should be enforced consistently and fairly.
- Engage with the community: Projects should actively engage with their community, soliciting feedback and addressing concerns. This helps to build trust and transparency.
- Partner with ethical organizations: Projects should consider partnering with ethical organizations and initiatives to promote responsible behavior and contribute to the greater good.
More than these individual actions, it’s important for the crypto industry to develop a culture of accountability. We actually need to start holding projects and people accountable to what they say they will do. Unethical or harmful behavior shouldn’t just be a slap on the wrist. We establish clear mechanisms for reporting and addressing harassment and other forms of misconduct. Alongside competition, we’ve backed smart regulatory efforts to protect consumers and deter fraud.
A painful inditement of the state the crypto industry finds itself in, but at the same time, it provides an opportunity to truly grow up and mature. This is what the crypto community needs to learn from this incident. By doing so, they’ll not only be taking responsible, concrete steps to building a more responsible ecosystem—they’ll be shaping a better future for themselves and the world.
The Role of Regulation and Oversight
The controversial Green Dildo Coin debacle has opened a new, contentious line of discussion. In the aftermath, many are demanding stricter regulation and oversight of the industry. Many claim that regulation kills innovation. Some still argue that some regulation is necessary to protect consumers or prevent bad behavior. It will take a more balanced approach than that. It should promote innovation and make sure all activity in the crypto space is above board and ethical.
Regulators are often seen as the key actors in an industry. They establish strong standards, vigorous enforcement, and accountability for wrongdoers. This means creating rules against your garden variety marketing and promotion, banning wash trading and more fraud and manipulation, and protecting consumers from massive financial losses. It means giving them direction on approaches for meeting the standards under current laws and regulations.
Regulation alone is not enough. Finally, the crypto industry itself needs to take some responsibility by making moves toward self-regulation. We’re creating a new civic-minded, industry-wide ethical standard of conduct. We’re doing that by advocating for responsible marketing practices and creating independent channels to report and investigate bad behavior. By working together, regulators and industry stakeholders can create a framework that promotes innovation while protecting consumers and preventing harmful behavior.
The real challenge today is determining how best to balance regulation and innovation. Excessively prescriptive rules can put a damper on creativity and force good companies to move their operations overseas. Conversely, regulatory vacuum opens the door to fraud and abuse. A well-designed regulatory framework will need to be dynamic enough to stay ahead of this quickly evolving crypto space. At the other, it needs to provide much more definitive direction and robust consumer protection.
The “Green Dildo Coin” affair should be a call to action for comprehensive regulation and oversight. Cryptocurrency might be the new oil, but it should not be used to promote behavior that is dangerous and obscene. This is especially concerning given the critical need to protect consumers from foreseeable financial harm. By working together, regulators and industry stakeholders can create a more responsible and mature crypto ecosystem that benefits society as a whole.
The Future of Crypto: A Crossroads
The cryptocurrency industry stands at a crossroads. The “Green Dildo Coin” fiasco is illustrative of the major problem facing this space. It’s something we see time and time again today. At both ends of the spectrum, it emphasizes the demand for increased maturity, accountability, and ethical conduct. The industry must choose whether to continue down a path of recklessness and disregard for ethical boundaries, or to embrace a more sustainable and responsible future.
Where crypto goes next is up to us, but those decisions need to be made now. Concepts from ICO boom & bust that the crypto community should not repeat. By committing to real, meaningful action to foster a more ethical and responsible ecosystem, it can lead positive change – both for itself and the world at large. This includes promoting responsible marketing practices, fostering a culture of respect and inclusivity, and holding individuals and projects accountable for their actions.
Continuing a thoughtful, rigorous, and honest conversation on the ethical dimensions of cryptocurrency is critical. Doing so allows us to better appreciate its integral role in our society. This conversation needs to include technology developers, infrastructure owners, regulators, and the community at large. Together, we can ensure that the next chapter in this innovative and exciting space is grounded in integrity and purpose. Together, we can build a system that really serves all of society.
The “Green Dildo Coin” flap should serve as a warning to the entire crypto industry. Based on Priorities 3. Keep in mind, the industry’s public image is quite tenuous. To earn the public’s trust we need to hold it by demonstrating the highest ethical standards. This is where the crypto community can choose to lead responsibly and maturely. Together, let’s keep making sure that crypto is a positive force on the globe.
