You know how defensive proponents get when critics of cryptocurrencies say the space is risky and full of scams? This kind of scrutiny is normal in the business world, especially when trying to raise money on the stock market where there are rules and regulations about accurately disclosing information to potential investors.
You appear to be invested in the space so ask yourself whether reflexively blowing off routine financial reporting helps or hurts that “full of grifters” reputation.
One small thing to note is that as it says in the article, Coinbase isn't actually trying to raise any money (it's a direct listing). IMO this actually makes it worse as much of the rationale for the company going public in the first place is these same insides wanting to cash out.
A company cannot identify an independent board member randomly. There are laws for that as well:
e.g. * When determining whether the members of a committee of the board of directors are independent, the registrant's definition of independence that it uses for determining if the members of that specific committee are independent in compliance with the independence standards applicable for the members of the specific committee in the listing standards of the national securities exchange or inter-dealer quotation system that the registrant uses for determining if a majority of the board of directors are independent. If the registrant does not have independence standards for a committee, the independence standards for that specific committee in the listing standards of the national securities exchange or inter-dealer quotation system that the registrant uses for determining if a majority of the board of directors are independent.*
You appear to be invested in the space so ask yourself whether reflexively blowing off routine financial reporting helps or hurts that “full of grifters” reputation.