As Former FTX CEO Sam Bankman-Fried’s Criminal Fraud Trial Begins, the Media Should Stop Repeating the Crypto Industry’s False Claims

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WASHINGTON, D.C.—Scott Farnin, Authorized Counsel, issued the next assertion refuting crypto’s false declare that 52 million Individuals personal cryptocurrency, as detailed on this Better Markets fact sheet. The crypto business has positioned adverts in numerous information publications together with the Washington Publish and introduced advertising gadgets to Capitol Hill and Congressional hearings that includes the false claims.

“The crypto business continues to make the false declare that 52 million Individuals personal crypto. That declare, primarily based on a rigged crypto-purchased ballot, shouldn’t be true, however is being repeated and quoted by the media as if legitimate. It’s simply extra crypto propaganda getting used to mislead policymakers into pondering that the usage of cryptocurrencies is much extra widespread and mainstream amongst American traders than they are surely.

“A fast overview of the rigorously crafted ballot reveals that the claimed outcomes had been pre-ordained to inflate the precise variety of cryptocurrency traders. Certainly, the ballot seems to have been deliberately rigged to make sure the survey respondents included a big and unrepresentative share of present cryptocurrency traders. By oversampling 500 present cryptocurrency traders in a ballot of two,202 U.S. adults, the pollsters assured an inflated response. Worse, the cryptocurrency business then shamelessly exaggerated the findings of the rigged ballot to use to your complete U.S. grownup inhabitants to advance the ludicrous narrative that greater than 50 million Individuals personal cryptocurrencies.

“The truth that the business would openly tout the outcomes of their misleading, flawed polling knowledge to Members of Congress at Congressional hearings is simply the latest audacious a part of the crypto industry’s years-long influence campaign. The business has no disgrace about its lobbying, misleading advertising, or the fraud and big investor losses it has brought about.

“It’s as much as reporters and editors masking the business to rigorously and skeptically study the information and never merely quote and print baseless and deceptive if not false factual claims, as occurred too often with FTX’s former CEO Sam Bankman-Fried. He someway dazzled members of the media, now shockingly together with Michael Lewis who feels like one among his protection attorneys, and acquired favorable if not fawning media protection. In mild of FTX’s and SBF’s current profitable propaganda marketing campaign, it’s time for media, policymakers, and traders to cease ingesting the crypto business’s ‘Kool Assist’ and asking the exhausting questions earlier than repeating false claims.”

The very fact sheet on the rigged, misleading ballot might be discovered here.

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Higher Markets is a non-profit, non-partisan, and unbiased group based to advertise the general public curiosity within the monetary markets, help the monetary reform of Wall Avenue and make our monetary system work for all Individuals once more. Higher Markets works with allies—together with many in finance—to advertise pro-market, pro-business and pro-growth insurance policies that assist construct a stronger, safer monetary system that protects and promotes Individuals’ jobs, financial savings, retirements and extra. To be taught extra, go to www.bettermarkets.org.

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