Lawfare Daily: Crypto, Corruption, and Cons, with Ben McKenzie

In this episode of Lawfare Daily, host Michael Feinberg interviews actor, director, and journalist Ben McKenzie about his new film and book, 'Everyone is Lying to You for Money' (originally titled 'Easy Money'). McKenzie recounts his journey from crypto newcomer to vocal critic, detailing how his initial curiosity in Bitcoin during the pandemic evolved into a deep investigation into the industry's systemic corruption, criminal use, and ideological flaws. He dismantles the core arguments in favor of cryptocurrency—such as financial inclusion and decentralization—by exposing its reliance on speculative gambling, lack of real-world utility, and facilitation of illicit activity, including money laundering, sanctions evasion, and child exploitation. McKenzie highlights the role of celebrities, financial journalists like Michael Lewis, and political figures in legitimizing crypto through paid endorsements and legislative influence, revealing a powerful, well-funded lobbying machine that has infiltrated both major parties. He argues that crypto is not a neutral technology but a fundamentally flawed social construct that undermines trust in institutions and enriches corporations at the public's expense. Despite the film's serious themes, McKenzie emphasizes its lighthearted tone and calls for public awareness and accountability. Key takeaways include: 1) Cryptocurrency functions primarily as a speculative investment or tool for crime, not a real currency; 2) The 'greater fool theory' and behavioral economics explain the irrationality of crypto investing; 3) Regulatory capture by the crypto industry—especially through massive political contributions—has corrupted both Republican and Democratic lawmakers; 4) The idea of 'trustless' money is a myth, as all systems depend on human actors and trust; 5) The CIA's interest in crypto for covert operations underscores its real-world utility for illicit finance. McKenzie urges audiences to reject the hype and recognize that crypto is not a revolutionary financial tool but a modern-day Ponzi scheme built on deception and greed.