If a bank gives me a note that says this piece of paper represents the amount of money you have in the bank, this is not producing currency out of thin air.
If a company issues stock and says this piece of paper represents a percentage of the company, this is also not producing currency out of thin air.
If I print out american dollars that don't represent anything and start trading those dollars in the capital market then I will go to jail for counterfeiting. This is 100% producing currency out of thin air.
But wait, change that american dollar to crypto, then everything is legal. This is because crypto represents high technology and buzz wordy concepts. Everybody knows that buzzwords makes everything legal and right.
If a company issues stock and says this piece of paper represents a percentage of the company, this is also not producing currency out of thin air.
If I print out american dollars that don't represent anything and start trading those dollars in the capital market then I will go to jail for counterfeiting. This is 100% producing currency out of thin air.
But wait, change that american dollar to crypto, then everything is legal. This is because crypto represents high technology and buzz wordy concepts. Everybody knows that buzzwords makes everything legal and right.