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An actor from The OC speaks out against cryptocurrency while testifying at a Senate Banking Committee hearing focused on the collapse of FTX.
Ben McKenzie told lawmakers on Wednesday that the roughly 40 million Americans who have invested in cryptocurrency have been sold a bill of goods.
They have been lied to, in ways both big and small, by a once seemingly powerful crypto industry whose entire existence actually depends on misinformation, hype and, yes, fraud, McKenzie said.
The 44-year-old artist played Ryan Atwood in Fox’s debut hit Teen The OC
The self-proclaimed former teen idol has since become an outspoken critic of cryptocurrencies, raising questions about high profile celebrity endorsements for digital currencies.
The first lie is the most obvious: Cryptocurrencies are not currencies by any reasonable economic definition, McKenzie said.
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Anyone, even with an undergraduate degree in economics like me, can tell you that money performs three functions: medium of exchange, unit of account, and store of value. Cryptocurrencies cannot do any of the three well, and they have no hope of ever doing so, McKenzie continued.
Studying the cryptocurrency mania over the summer of last year, I came to a terrifying conclusion, McKenzie said. The supposed multi-trillion dollar industry was nothing more than a huge speculative bubble doomed to burst. Worse than that, I had myriad reasons to believe the crypto bubble was built on a foundation of fraud, McKenzie said.
The testimony from the former actors comes after the Securities and Exchange Commission alleged that the CEO of crypto firm FTX, Sam Bankman-Fried, misappropriated client funds from his cryptocurrency exchange to support his crypto trading company. crypto, Alameda Research, and had used client funds for real estate purchases and political donations. . Bankman-Fried was arrested earlier this week.
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