First, and most critically, only a small fraction of crypto is used for illicit activity, far less than we see in traditional finance, which according to the United Nations could be up to 5% of global GDP. Per analytics firm Chainalysis, money laundering accounts for less than 0.5% of all crypto transaction flows. This is also decreasing steadily over time. Even as crypto usage rose in 2023, the amount of money laundering in crypto fell from $31.5 billion in 2022 to $22.2 billion in 2023. No significant amount of illicit activity is acceptable, but to single out crypto as the villain is both inaccurate and tired.
What the NYT and Washington Post Op-Eds Get Wrong About Crypto
