When looking at media in the cryptocurrency industry, there's something that concerns me about conflicts of interest among journalists. Even major outlets like CoinDesk actually have complex exposures.

CoinDesk is known as a media outlet covering the crypto industry, but behind the scenes, there's a company called Bullish. Bullish is a digital asset platform that provides market infrastructure and information services. This is an important point.

CoinDesk journalists may receive stock-based compensation from Bullish. In other words, they are writing articles while having direct exposure to the company they report on. How should we think about this from a transparency perspective?

Of course, CoinDesk adopts strict editorial policies, emphasizing integrity and editorial independence. The journalists are also supposed to follow ethical guidelines. But the fact that such exposure exists is information that readers should be aware of.

Looking at the industry as a whole, the relationship between media and companies tends to become quite complex. Especially in the growing crypto world, being aware of these conflict of interest risks is important. Transparency is what builds trust, I believe.