Everyone is lying to you about crypto

Another crypto hit piece has arrived. In Everyone Is Lying to You for Money, actor Benjamin Mc Kenzie—known for starring in the 2000s teen soap The O.C.—walks through a familiar narrative: Crypto is all hype, scams, and speculation. Sure, it’s a compelling story. It’s also an inaccurate one. We’ve seen this show before. Spotlight the worst behavior, generalize it across the entire technology, and leave out the experiences of real people using the tool in far more ordinary ways. Tens of millions of Americans are using crypto today to build financial independence, save for the future, and power their businesses and passions. They’re sending it to loved ones, spending it at shops, and donating it to causes they care about. BAD ACTORS IN EVERY INDUSTRY None of this is to dismiss the very real harms that some may have suffered. But scammers and fraudsters lurk in every industry. It’s a systemic issue that long predates crypto and spans every form of money we use today. Remember Bernie Madoff? We recognize that bad actors exploit whatever tools are available to them. Crypto is no exception, but it also isn’t the cause. Bank fraud sustained by financial institutions in the U.S. alone reached an estimated $127 billion in 2023, according to Nasdaq’s Global Financial Crime Report. But we don’t stop using banks. Crypto operates differently from the systems it’s compared against, a detail that often gets lost in the noise. Cryptocurrencies run on blockchain, which records transactions on a permanent, public, traceable ledger. That transparency has become essential and makes it harder for criminals to hide. Law enforcement agencies rely on blockchain analysis to follow money flows tied to illicit activity. Companies like Coinbase have worked with authorities to help track and disrupt criminal networks, and even return stolen funds to victims. While no system is perfect, crypto is easier to follow than other methods because it leaves a clear trail. CRYPTO IS EVOLVING B