Stuart Alderoty, Ripple’s chief legal officer, has lambasted a newly released documentary directed by Hollywood actor Ben McKenzie.
The influential executive has dismissed the film’s heavily skeptical portrayal of the digital asset industry as a “tired narrative.”
From “The O.C.” to crypto skepticism
The McKenzie-directed documentary, which has been dubbed “Everyone Is Lying to You for Money,” recently hit theaters, attracting significant media coverage.
Of course, he is best known for his starring role as Ryan Atwood in the extremely successful 2000s teen drama The O.C.
The fact that a Hollywood star is seemingly hell-bent on hating crypto might appear a bit strange.
McKenzie first became interested in the mercurial industry back in 2020, the New York Times reports.
He was initially curious about the sudden influx of wealth, but he quickly became a persistent naysayer. This was due to a bevy of high-profile celebrities (from Matt Damon to Floyd Mayweather) aggressively promoting the industry during a wild bull market in 2021.
The film includes interviews with crypto skeptics, ordinary investors who lost their life savings, and even Sam Bankman-Fried (shortly before the catastrophic collapse of the FTX exchange).
The key message conveyed by the documentary is that crypto is a construct reliant on blind trust.
The industry pushback
Alderoty quickly took to X (formerly Twitter) to push back against the highly negative framing. He has argued that McKenzie is painting the industry with an unfairly broad brush.
“Tens of millions of everyday Americans are already using this tool in practical ways, to diversify their income, run their businesses, and access new financial opportunities,” he added.
The National Cryptocurrency Association (NCA) has added that every blockchain transaction leaves a permanent and traceable record, which ensures accountability.