In the face of recent ethical misconduct in the crypto sector, it is crucial to foster a culture of increased transparency and accountability. 2022 saw a range of debacles, from Ponzi schemes to rug pulls and shady centralized exchange activities, cast a spotlight on the need for clear safety nets to protect investors. Media plays a fundamental role in this process, as well as providing un-biased, factual news reporting that can help build trust and rid the industry of its negative reputation.
On a recent episode of The Agenda, Cointelegraph’s podcast, hosts Ray Salmond and Jonathan DeYoung conducted an in-depth interview with long-time crypto media veteran, Molly Jane Zuckerman. Zuckerman put the emphasis on transparency, noting that the first step to remedying the industry’s ethical predicament is creating a standards and guidelines handbook with the Association of Cryptocurrency Journalists and Researchers (ACJR). This would help ensure that both journalists and media outlets report on the news in an honest, trustworthy manner.
When prompted on whose responsibility it is to bring ethics and morality to the crypto world — those in the industry, or journalists — Zuckerman maintained a balanced approach. While she acknowledged that the influence of profit-driven companies should not be ignored, she asserted that journalists must also abide by a code of integrity, and that what should be avoided is “the temptation to take shortcuts and hype up news and stories for clicks.”
The heart of the matter, according to Zuckerman, should be to focus not on pushing crypto into the mainstream, but rather on educating the public on crypto and its uses. She believes that this knowledge can enable the blockchain community to develop into a more informed and judicious investor base.
As the crypto landscape develops, ethical and moral considerations are a key factor in achieving long-term success. It is only through greater transparency that the industry can re-earn public trust, while giving industry players the chance to do their due-diligence and make informed decisions.
It is encouraging to see that the ACJR has taken the matter of ethical guidelines into its own hands. If more organizations within the industry, be it exchanges, DApps, projects and so on, come on board to actively promote transparent practices and uphold a certain standard, we can begin to create a truly ethical, vibrant and safe cryptocurrency ecosystem.
Navigating a Dark Room: Exploring the Ethical Challenges Facing the Crypto Sector in 2022 and Beyond
The collapse of crypto markets in 2022 was attributed not to a technological failure, but to unethical actions, making it painfully clear that stronger standards need to be put in place to protect the industry. With the media responsible for investigating and uncovering any potential wrongdoing, crypto must prioritize transparency in order to earn the trust of the populous and rid itself of its negative public perception.
On a recent episode of The Agenda, Cointelegraph’s podcast, hosts Ray Salmond and Jonathan DeYoung sat down with crypto media vet Molly Jane Zuckerman to discuss ethics in the industry. Zuckerman proposed a standards handbook with the Association of Cryptocurrency Journalists and Researchers (ACJR) to ensure that both journalists and media outlets report on the news in an honest way. She noted that the onus of ethics does fall on industry players and journalists alike, but that what must be avoided is “the temptation to take shortcuts and hype up news and stories for clicks.”
The purpose of crypto media should be to educate readers, rather than push for mass adoption. To this end, the ACJR has created a system to help journalists adhere to a code of conduct, while other organizations in the industry can join together to help ensure transparency across the board. All of these ethical considerations must be kept in mind if the industry is to continue to build trust and inspire confidence in the wider public.
Ultimately, cryptocurrencies offer tremendous potential if managed safely and responsibly. The industry needs clear safety nets and greater transparency if it is to realize this potential and create a truly ethical and vibrant ecosystem. Doing so will no doubt take great effort, but it is a necessary step towards moving forward in 2022 and beyond.
