00:00I've got to ask you about legislation as well. The long awaited crypto market structure bill
00:04has been delayed maybe by several weeks after Coinbase's CEO, Brian Armstrong,
00:08helped stall the legislation. Do you agree with Armstrong that no bill is better than a bad one?
00:15Well, that statement is a statement in terms of Clarity Act. We're supporters of Clarity Act.
00:20We think it would be very good for the entire industry. Look, I just completed this roadshow.
00:25We're talking with a lot of investors that, frankly, aren't that familiar with crypto because
00:30crypto has been kind of locked out for the last several years. There haven't been a lot of
00:34digital asset related public offerings. So they're learning a lot. And as they look to what's
00:39happening in the regulatory world, they may not understand what's the good and the bad of that
00:44particular market structure bill. But what they do understand is that we need a pathway where the
00:50regulators, the legislators and the industry are all moving forward in a positive way. So they're
00:54looking for that stamp from the legislative side to say that, yes, we're creating a path for digital
01:00assets. And when you read the Clarity Bill, the bulk of it is kind of a to be defined, you know,
01:05mostly under the oversight of the CFTC. And that's a good thing. It's going to take some time to sort
01:10out the final details. We absolutely need clarity. And so on that part, I guess I disagree with the
01:16Coinbase team. But we're in support of getting good regulation here. Got it. And White House crypto
01:21advisor Patrick Witt posted on social media that to Coinbase that you might not love every part of
01:26the Clarity Act, but I can guarantee you'll hate a future democratic version even more. So it sounds
01:31like the White House sees the crypto industry as perhaps maybe overplaying its hand or at least
01:36Coinbase overplaying its hand. Do you worry, Mike, that the midterm elections will result in a
01:41Congress that could be less friendly to your crypto industry? I guess I think about a slightly
01:46different way. You know, we had the previous administration, which was very negative on
01:50crypto. We had a lot of kind of just lockout for arbitrary reasons. We now have an administration
01:55that has been very favorable. I attended the White House crypto dinner that was back last February.
02:01And we're very fortunate. We have an administration that wants to make just a fair path
02:05and immediately came out with a number of executive orders, which made that possible.
02:11Now, the feedback that we had, you know, I think in bulk from many of us, I gave this feedback,
02:17you know, to the president is we would love to see this codified in law. And it's really hard to
02:22operate a business when you go from administration to administration. And the previous administration
02:27says 95 percent of these things are securities. The new administration says most of them are not
02:32securities. Right. Like this should not be arbitrary. How do you run a business if no law has changed?
02:38And yet the interpretation is completely black and white opposite from each other. So we're
02:42looking to see that fixed. Definitely getting this codified in law is critical. I hope it happens
02:48sooner than later. We're on the right side of history, though. This is going to come. You know,
02:53traditional finance is here. The big players, everybody from, you know, Larry Fink to Abby Johnson,
02:58all of the all the players are here trying to make this work. I think it's an inevitability.
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