Michael Lewis' FTX book confuses crypto differences, downplays alleged fraud

Michael Lewis' new book presents a sympathetic view of Sam Bankman-Fried that confuses readers about the differences between centralized and decentralized crypto.

The book fails to convey the core values of transparency, ownership, and permissionless access that drive most crypto developers.

Lewis portrays SBF as a well-meaning eccentric who just needs "adult supervision," ignoring the alleged fraud.

The book conflates centralized exchanges like FTX with true decentralized finance, misleading readers.

Lewis' book will likely reinforce lawmakers' misunderstandings about crypto as untrustworthy and in need of paternalistic regulation.