00:00I want to talk more about security here, because as a massive custodian in the space, you did see a large rival, Mike, very much face an issue here where client data was compromised.
00:13How do you answer to that type of concern in the industry? If it happened to Coinbase, could it happen to anybody? Could it happen to you?
00:22So it's unfortunate. And, you know, Coinbase is a competitor. But, you know, I think they are a stand up company.
00:29They're working hard to do everything the right way. They they abide by all of the regulatory rules and regulations.
00:35But this is, again, not something that's new to crypto. I mean, the largest security breaches, data breaches have happened in traditional finance.
00:42It's really something that goes hand in hand with collection of information.
00:46You all remember Equifax, which dribbled more than half of all Americans information all over the table onto the dark Web.
00:52That happened years ago. Equifax is still around. Now, what's the problem?
00:56The problem is when it comes to financial transactions, the government has rules about knowing who's participating in those transactions.
01:03And industry businesses are required to keep all of that data. And it's unfortunate.
01:08But yes, across all financial services, and this is not unique to crypto, there have been some some fumbles.
01:14So unfortunately, it's probably going to happen again, which is the the tragic part on the good news side.
01:21Look, no money is lost. It's mostly around information.
01:24I think, frankly, Americans are mostly accustomed to the idea that your name, your address, your Social Security number is already on the dark Web due to traditional finance having dropped those out.
01:35But yeah, we need to continue working on it. We need better.
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