Even if you accept that all cryptocurrency is valueless, it is possible to operate a crypto-related firm that does what it says it does or one that doesn’t.
For example, if two crypto exchanges accept Bitcoin deposits and say they will keep the Bitcoin in a safe vault for their customers, and then one of them keeps the Bitcoin in the vault while the other takes it to cover its founder’s personal expenses/an affiliated firm’s losses, I think it is fair to say that the second of these has committed fraud and the first has not, regardless of whether Bitcoin has anything ‘real’ about it or whether it disappears into a puff of smoke tomorrow.
Even if you accept that all cryptocurrency is valueless, it is possible to operate a crypto-related firm that does what it says it does or one that doesn’t.
For example, if two crypto exchanges accept Bitcoin deposits and say they will keep the Bitcoin in a safe vault for their customers, and then one of them keeps the Bitcoin in the vault while the other takes it to cover its founder’s personal expenses/an affiliated firm’s losses, I think it is fair to say that the second of these has committed fraud and the first has not, regardless of whether Bitcoin has anything ‘real’ about it or whether it disappears into a puff of smoke tomorrow.