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Filtering Out The Advertisements

By

Jeffrey

Berns

WriterETHNews.com

The blockchain ecosystem has very few free and uncompromised media sites through which information flows. Due to a sharp increase in ICOs and the desire of many ICO issuers to generate publicity for their offerings, many blockchain “news” organizations have been increasingly willing to abandon their journalistic integrity by publishing paid promotional content, without disclosing the source of the content. ETHNews has never taken a cent for any content that it publishes, and we are hopeful that all other media sites in the blockchain community will do the same going forward.

One of the difficulties encountered by any news site, and particularly a news site that focuses on a technology that is in its relative infancy, is that much potential news comes directly from companies seeking to profit from that technology. Thus, ETHNews spends a substantial amount of time reviewing the content that it publishes to ensure that it is actually newsworthy, as opposed to mere self-promotion.

The competition for investor funds that is occurring due to the massive increase in the number of ICO offerings has caused many start-up companies to drop any pretense that they are releasing legitimate news. Instead, these companies are brazenly pushing media sites to publish their promotional articles by paying the sites to do so. Indeed, this morning we have already received three requests from companies pursuing ICOs to pay ETHNews to publish their content.

Because we founded ETHNews to ensure that the Ethereum ecosystem had a legitimate, objective news source, ETHNews does not accept compensation in exchange for publishing articles or press releases. Nor do we endorse specific products or services. Further, as consumer protection attorneys, we would never sponsor a venture that would mislead the public by passing off paid promotional content as legitimate news. 

The substantial proliferation of unregulated ICOs has the potential to cause significant adverse consequences for the blockchain ecosystem, including through negative publicity and overly harsh regulatory action if investors are victimized by unscrupulous ICO promoters. We are cautiously optimistic that this community, which is generally comprised of well-meaning individuals, will sufficiently police itself even in the absence of regulation. However, we are troubled by the notion that media sites would accept funds for covertly promoting particular ICOs. Unfortunately, we are well aware that this practice is occurring on other sites, as most of the ICO promoters who approach us freely admit that other news organizations have already agreed to publish their articles in exchange for the same compensation they are offering to us. 

ETHNews will provide balanced coverage of an ICO when warranted, but we will never endorse a specific ICO or allow a company pursuing an ICO to influence our editorial policies. As a legitimate news provider in this ecosystem, and under bedrock principles of journalistic integrity, we take seriously our obligation to deliver responsible coverage of cryptocurrency and blockchain technology developments. If a story is published on the ETHNews platform, it is because the editors and writers working for ETHNews identified it as newsworthy. We are hopeful that other media sites in this ecosystem will follow our lead to ensure that the blockchain community’s reputation and ability to innovate are not compromised by greed.

Jeffrey Berns

Jeffrey K. Berns is the Managing Partner and head of the Los Angeles office for Berns Weiss Inc. Over the course of his 25-year legal career, he has tenaciously fought for the rights of consumers, concentrating his practice on consumer lending and consumer fraud class actions. Among his other accomplishments, he led a group of 20 law firms that prosecuted cutting-edge class action cases against financial institutions, such as Countrywide, Wells Fargo, and JPMorgan Chase, concerning destructive negative amortization loans that unknowingly caused borrowers to assume tens of thousands of dollars of additional debt. These efforts led to settlements comprising hundreds of millions of dollars in cash payments and substantial loan modification relief. Visit www.law111.com for more info.

ETHNews is commited to its Editorial Policy

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