Galaxy Research has criticized reports by The New York Times and ICIJ regarding $28 billion in illegal crypto transactions, calling them misleading and lacking context. According to Galaxy, this figure represents only 0.52% of the total inflows to BTC, ETH, USDC, and USDT exchanges in 2024, which amounts to $5.3 trillion. The volume of illegal crypto transactions in 2024 is estimated to be just 0.14% to 0.4% of on-chain transactions, significantly lower than the $800 billion to $2 trillion in annual money laundering through traditional financial systems as estimated by the UN. Galaxy emphasized that blockchain transparency facilitates the tracking of illegal activities, which is why ICIJ could conduct its investigation. Additionally, stablecoins are now among the most regulated digital currencies under the GENIUS Act and MiCA regulations.