Gronager and his colleagues contend they’re engaged in the good fight, saying that cracking down on criminal use of crypto would bring credibility and growth to the industry. Not everyone involved in crypto agrees. Some people “think Chainalysis is the devil,” says Josh Olszewicz, head of research at Valkyrie Investments, a crypto fund manager headquartered in Nashville. Other people “think they’re a necessary service.” He says he sees the company as a “net good” for crypto.

Ver clearly falls in the first camp. “George Orwell would be proud,” he says. “I guess the NSA”—National Security Agency—“could claim they’re increasing trust in the internet because they’re spying on everybody.”