"If you doubt it, go ask financial giants like BlackRock and Fidelity, which this year accelerated their embrace of digital assets. Or poll the likes of Stripe, Shopify, or Meta about whether they agree blockchain is just another database."
"As for the claims of commonsense regulation, the authors fail to mention how federal judges repeatedly decried Biden-era crypto investigations as 'arbitrary and capricious.' They also conveniently ignore Bankman-Fried had deep ties to the Democratic party and committed his crimes on Biden's watch."
"This sort of mendacity informs the rest of the piece, and reflects the sort of motivated reasoning found in so much of the Times' crypto coverage, and in other corners of the media as well."
A New York Times op-ed by Biden administration economists argues cryptocurrency is pointless and blockchain is merely a database technology. The piece cites Bitcoin's price decline and the Sam Bankman-Fried scandal as evidence the crypto industry is failing. However, major financial firms including BlackRock, Fidelity, Stripe, Shopify, and Meta continue expanding their digital asset involvement. Federal judges have criticized Biden-era crypto investigations as arbitrary and capricious. The op-ed omits Bankman-Fried's Democratic party connections and that his crimes occurred during Biden's administration. The article reflects broader media skepticism toward emerging technologies and motivated reasoning in crypto coverage.
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