600+ government agencies now running TRM Labs for on-chain forensics

TRM's tracking:
• Criminal network identification
• Illicit fund flows
• Transaction investigation across chains

Their ARR 4x'd in 3 years

Regulatory infrastructure is getting sharper. If you're moving dirty money on-chain, the walls are closing in. Clean protocols win long-term.

$BTC $ETH and compliant L1s benefit as institutional trust grows