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Coinbase ignited controversy this week by labeling Pepe the Frog<\/a>, the mascot of the $PEPE memecoin<\/a>, as a hate symbol associated with the alt-right. In a newsletter<\/a> sent out to Coinbase customers on May 10, the company acknowledged the recent surge in popularity of $PEPE but pointed to Pepe\u2019s controversial history in a now-deleted section. <\/p>\n The email\u2019s characterization of the frog meme referenced the 2016 designation of Pepe as a hate symbol<\/a> by the Anti-Defamation League (ADL) due to its adoption by alt-right groups. Yet, members of the $PEPE community feel this to be a somewhat tone-deaf<\/a> misrepresentation of Pepe, considering the character\u2019s long history within the crypto and NFT space.<\/p>\n Although in the past, Pepe may have been associated with and co-opted by right-wing hate groups, the frog\u2019s creator, Matt Furie<\/a>, has sought to distance the character from any sinister connotations. To do so, Furie even formed the #SavePepe campaign in collaboration with the ADL in an effort to reclaim the symbol. Furthermore, $PEPE community members noted that Coinbase\u2019s characterization of Pepe seems to ignore<\/a> the fact that Furie has been leveraging his Pepe IP<\/a> on the blockchain as a prominent part of the NFT space for years. <\/p>\n Now, calls for a boycott of Coinbase have emerged, with the hashtag \u201c#DeleteCoinbase\u201d trending on Twitter.<\/p>\n As illustrated by Kenobi\u2019s above tweet, the controversy surrounding Coinbase\u2019s labeling of Pepe the Frog as a hate symbol has led many avid $PEPE traders to distance themselves from the popular exchange in favor of its competitor, Gemini. Although $PEPE was only listed on Gemini a day before<\/a> the Coinbase email was sent out, by some reports<\/a>, the exchange has already seen an influx of over two trillion $PEPE.<\/p>\n Seemingly though, the ongoing controversy isn\u2019t only about whether Coinbase is in the wrong, but rather, about the responsibilities of exchanges and other prominent platforms in ethically navigating discourse surrounding cultural symbols. Because amid the conversation inspired by the initial email, Coinbase\u2019s Chief Legal Officer, Paul Grewal, who previously emphasized<\/a> the importance of public discourse to foster collaboration, issued an apology on behalf of his company\u2019s decision.<\/p>\nWhat\u2019s next<\/h2>\n