TRM Labs' latest annual report on crypto crime indicates a significant reduction in criminal activity within the cryptocurrency sphere. The report, relating to 2024, indicates a 24% decrease in criminal actions compared to the previous year.
Key Findings from TRM Labs Report
TRM Labs reports that losses from illegal activities in the cryptocurrency space totaled $45 billion, representing 0.4% of the overall transaction volume. The reduction in illicit activities is attributed to enhanced law enforcement efforts and increased collaboration in the industry.
State of Stablecoins in 2024
According to TRM Labs, 99% of stablecoin activity in 2024 was legal. Over 60% of total crypto transaction volume was conducted using stablecoins. However, 60% of crypto-related illicit activity was concentrated in areas like terrorist financing, fraud, and ransomware payments.
Stablecoin Legislation in the U.S.
The U.S. Senate is considering the GENIUS Act, which establishes a regulatory framework for stablecoins. It introduces licensing for issuers and reserve requirements to ensure stablecoins are fully backed. TRM Labs sees this bill as a clear turning point in U.S. digital asset policy.
The TRM Labs report highlights that the cryptocurrency industry is moving towards greater legality and transparency. With new legislative initiatives, an increase in the use of stablecoins within traditional financial systems is anticipated.
