The crypto research industry has long been criticized for a persistent issue—many institutional research reports are paid products, yet information disclosure is quite lacking. In comparison, the stock research sector is more regulated and transparent due to frameworks like MiFID II. Crypto user Matt Batsinelas pointed out this phenomenon, believing that mainstream crypto research institutions in the US generally face this problem. However, Galaxy Research analyst Alex Thorn has a different view. He believes that Galaxy Research is doing things differently—they are leading in disclosure standards and research transparency, trying to change the industry's bad practices. This actually reflects a shift happening in the Web3 research field, where institutions are increasingly realizing that transparency itself is a competitive advantage.