In a recent interview, Ben McKenzie, best known for his role in the mid-2000s teen drama The O.C., spoke about his new documentary, Everyone Is Lying to You for Money, which critiques the cryptocurrency industry. Wearing an FTX T-shirt, a reminder of the now-defunct exchange helmed by fraudster Sam Bankman-Fried, McKenzie shared insights into the complex and often controversial landscape of crypto.
His documentary focuses on the tumultuous events of 2022, particularly the crash of Bitcoin, and encapsulates his belief that cryptocurrency primarily serves as a speculative asset, often intertwined with financial misconduct. The film features interviews with key figures like Bankman-Fried and former Celsius CEO Alex Mashinsky, both of whom are currently incarcerated for fraud.
In the interview, McKenzie expressed skepticism regarding the industry’s sustainability and its connections to traditional finance, which he argues has allowed it to thrive despite a backdrop of scandals. He reflected on how the political landscape shifted dramatically following the election of President Trump in 2024, who not only embraced cryptocurrency policies but also disbanded measures aimed at regulating the sector. Following his election, Trump’s favorable stance toward crypto coincided with the introduction of legislation that has redefined how corporations can interact with the market, further embedding crypto within the larger financial system.
McKenzie acknowledged that his critical perspective may cast him as a “downer” in a climate where many celebrate rising numbers. He elaborated on his documentary process, indicating that he played the role of a “dumb actor” to extract honest responses from crypto executives like Mashinsky, often revealing the contradictions inherent in the industry.
On the topic of stablecoins, McKenzie pointed out their significant transactional volume, highlighting their role in facilitating both legal and illegal activities. He cited a study estimating that over $154 billion in illicit transactions were conducted using cryptocurrencies, predominantly stablecoins like Tether, which raises ethical concerns about their influence.
When asked about celebrities endorsing crypto, McKenzie noted he hadn’t discussed the backlash with figures like Matt Damon, who faced criticism for their involvement in crypto promotions during the Super Bowl. Despite not personally engaging with these celebrities, McKenzie pointed to the broader trend of celebrity endorsements creating a façade of legitimacy around cryptocurrency while often prioritizing profit over consumer protection.
As interest in alternative speculation platforms, such as Polymarket and Kalshi, intensifies, McKenzie expressed concerns about the shift towards betting markets, drawing parallels to the speculative nature of crypto. He underscored that such activities often reflect a “casino capitalism” mindset rather than productive investment.
Addressing the political climate, McKenzie observed that while Republicans have largely embraced crypto, some Democrats have recently shown an inclination toward it, potentially due to financial contributions from the industry. He criticized the complacency and complicity of some Democrats regarding the influence of crypto on legislation, calling for stricter regulations akin to those applied to harmful products like tobacco and alcohol.
The documentary also captures McKenzie’s interactions with financial influencers such as Kevin O’Leary, juxtaposing their contrasting views during congressional hearings after the FTX fallout. He recounted a memorable moment in the greenroom before a hearing where O’Leary’s loud behavior added tension to the already charged atmosphere.
Reflecting on the overarching theme of his film, McKenzie concluded with a stark warning about the potential dangers posed by the unregulated expansion of cryptocurrencies and stablecoins. He classified much of the speculative trading as akin to Ponzi schemes, emphasizing that as stablecoins infiltrate the banking system, they risk creating a precarious amalgam of real and counterfeit financial systems.
As his documentary hits theaters, McKenzie aims to ignite conversations about the ethical considerations surrounding cryptocurrency and its growing presence in contemporary finance, advocating for accountability and informed regulation.
