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Deconstructed

Is Crypto a Big Scam?

Deconstructed

The Intercept

News

4.84.7K Ratings

🗓️ 23 September 2022

⏱️ 51 minutes

🧾️ Download transcript

Summary

Last week, the White House released a proposed framework for the regulation of cryptocurrency. The document gives the green light to regulators to continue crafting rules around the industry, and even explores the creation of a “CBDC”: a central bank digital currency. Actor, writer, and crypto skeptic Ben McKenzie joins Ryan Grim to discuss the framework and the future (or lack thereof) of the crypto industry.

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Transcript

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0:00.0

The E-Ving Standards Leader Podcast is currently brought to you by Uber. We're all very familiar with

0:05.5

the benefits of riding with Uber and getting where you need to go with the tap of a button.

0:10.0

But there's a lot of benefits Uber drivers get to. Beyond the flexibility to choose where and when

0:15.7

you work, when you drive with Uber you are recognised as a worker and have access to all the

0:20.8

protections that come with that, including holiday pay and access to a pension, all the benefits of

0:26.5

a worker, all the flexibility of the gig economy. Go to uber.com forward slash flexibility with benefits

0:33.9

to learn more. The White House this week unveiled an expansive series of reports on the crypto

0:45.1

industry, which is made up of digital assets and servers and crypto mines that seemed kind of

0:49.9

silly about a decade ago, but have since mushroomed into a full-blown thing we all apparently have

0:54.9

to start thinking about. The reports were asked for by an executive order back in March of this year,

1:00.6

and hinted at some form of future regulatory structure for crypto and also inched forward

1:06.2

toward the creation of a dollar-backed digital currency. Now for me, I've always placed crypto

1:11.6

somewhere between pointless and a scam, and that's setting aside the energy and carbon side of it.

1:16.9

But it really doesn't seem like it's going away and ignoring it doesn't seem to be the best

1:21.6

approach. Ben McKenzie is a writer and actor and a director and has been one of the leading voices

1:27.0

among crypto skeptics out there. This summer for the intercept along with Jacob Silverman, he filed

1:32.2

a deeply disturbing dispatch on the world of crypto and El Salvador headlined, Naya Bukheli's broken

1:37.5

Bitcoin promise. El Salvador's embrace of Bitcoin didn't bring prosperity. It rode in with waves

1:42.9

of repression. He's also writing a book about crypto and fraud with Jacob called Easy Money, which

1:48.0

we published by Abrams Press in 2023. Ben is cursed or perhaps blessed depending on how you see it

1:54.2

to be known most places he goes as Ryan from the OC, but hopefully by now he's at least equally

1:59.8

appreciated for his crypto work. Ben, thanks so much for joining me and welcome to Deconstructed.

...

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