Another crypto hit piece has arrived. In Everyone Is Lying to You for Money, actor Benjamin McKenzie—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
But that rarely makes the news. What does? The scams. The collapses. The worst-case scenarios. These are versions of the story that are more exciting to read in our clickbait-driven world, but they are hindering instead of helping those they claim they’re trying to protect: the millions of real people who are looking for trustworthy information so they can make informed financial choices.
Behind the hyped-up headlines, a different reality is playing out. Crypto is showing up in powerful ways like empowering single mothers to gain financial sovereignty, reducing fraud in cattle ranching, and in more mundane ways like as a payment option at checkout.
At the same time, crypto is still evolving. McKenzie’s movie was filmed over a three-year period leading up to its release. During that time, there was no meaningful crypto regulation in the U.S. But that’s no longer the case. Last year we saw the Genius Act signed into law, creating clear rules for stablecoins that will help protect consumers, businesses, and America’s leadership in tech innovation. And now the Clarity Act, which passed the House and aims to create a definitive regulatory framework for cryptocurrencies. It is with the Senate for approval.
THE MISINFORMATION RISK
The real risk isn’t fraud. It’s misinformation. When the loudest voices reduce crypto to a caricature, it becomes harder for people to separate fact from fiction. Some may jump in too quickly without understanding it. Others may dismiss the tool entirely without realizing the benefits.
A more productive approach is also a simpler one: Treat crypto like any other tool. Understand what it is, how it works, and how you can use it. Then learn how to use it safely.
There’s a reason debates around crypto feel so polarized. It sits at the intersection of finance, technology, and personal choice—areas where people already have strong opinions. But no single documentary, news story, or viral social post should define it.
The story is bigger than that. If there’s one thing worth pushing back on, it’s the false idea that the full story of crypto has already been told.
Stu Alderoty is president of the National Cryptocurrency Association.