Galaxy Digital has dismissed claims about the decline of general-purpose Layer 1 blockchains, emphasizing their crucial role in financial technology innovation. The firm highlights that open, permissionless networks are essential for developing new assets and markets. While centralized entities may replicate blockchain innovations, Galaxy argues this underscores the value of open systems as engines of discovery. The report also suggests that regulatory clarity could enhance decentralization by providing a more defined legal framework. Additionally, it discusses the importance of liquidity and crypto markets in shaping the future of decentralized finance, alongside considerations for Countering the Financing of Terrorism.