So in fairness I haven't followed this in the news very closely, but after initially feeling negative about this decision I've started to come around to it.
US politics has become extremely draining, divisive, and aggressive - particularly in high partisan-lean areas. It's flat out exhausting talking with people about politics, even those who I agree with, and it just gets worse every year. Polling has shown people sort themselves by political ideology first and everything else in life second. I see fewer and fewer options available, but to just run from it. I don't see it getting better any time soon.
The company I previously worked for spent an enormous amount of time (and money) facilitating discussions appeasing these divides and focusing on social justice, etc. Not only is there no hope for any given company to realistically solve for societal-wide problems or find an approach that satisfies everyone in this manner, but it's painfully obvious they don't truly care about these topics either. Having people come "talk" about racism or putting on inclusion workshops doesn't result in real action. Things like "diversity" are mangled and manufactured into company metrics where data is awkwardly bucketed by "ethnicity". Are we expected to believe HR departments who group half of the world together as "Asian" as taking diversity seriously? I've come away from every company I've worked for with the cynical impression that that their "social justice" efforts are simply to minimize inner anger, strife, and liability. And for leaders, if you commit to being a "politically engaged" workplace it means everything you do is twice as vulnerable. You are walking on eggshells even if you aren't instigating any sort of animosity - what if you weren't paying attention to the news and didn't speak up about a particular political event? What if you didn't say enough? What if you were misinterpreted? I can understand why Coinbase doesn't want to go there anymore - they can achieve the same goal if nobody says anything at all.
I'm not arguing nefarious forces don't exist or aren't important. I care deeply about many of the commonly-discussed social issues that we're dealing with today. I've personally witnessed blatant racism, sexism, and other forms of discrimination first-hand at work. But those things can be solved for at a company level - trying to treat our general political environment is well beyond anything any corporation can manage nor should we expect it to be their responsibility. Companies should focus on refining things that are in their control, like practicing transparent & fair hiring, enforcing anti-discrimination policies, and ensuring equal-opportunity internally. But I think you can fairly draw the line there.