What the NYT and Washington Post Op-Eds Get Wrong About Crypto

First, and most critically, solely a small fraction of crypto is used for illicit exercise, far lower than we see in conventional finance, which in line with the United Nations could possibly be as much as 5% of world GDP. Per analytics agency Chainalysis, cash laundering accounts for lower than 0.5% of all crypto transaction flows. That is additionally lowering steadily over time. Whilst crypto utilization rose in 2023, the amount of cash laundering in crypto fell from $31.5 billion in 2022 to $22.2 billion in 2023. No vital quantity of illicit exercise is appropriate, however to single out crypto because the villain is each inaccurate and drained.