00:00And I do want to zoom out and talk a little bit about, you know, the broader crypto regulatory picture
00:05outside of what you're doing with OKEx and ICE, because, you know, you think about yourself as a former Democratic
00:10leader and then you think about what's going on in the Senate.
00:13The Democrats in the Senate are pretty much at this point the main obstacle to finally passing the Clarity Act
00:20here.
00:21I mean, what would you tell them about some of the lingering concerns that they have when it comes to
00:26this crypto legislation?
00:27Yeah, the I think the first point is you don't want to make this partisan.
00:33You don't want to blame Democrats. You want to don't want to blame Republicans because that is the problem.
00:41Pointing fingers doesn't work, especially in this federal government right now with the the balkanization that we have.
00:52Democrats have concerns. They want consumer protections.
00:56They should have them. They want to make sure that AML KYC is all in place.
01:02That should be in place. So I wouldn't say that the Democrats are the obstacle.
01:10I think they are going to have to work through issues, but I think they have to do it quickly.
01:17Look, government has often lagged behind changes in the market.
01:24Always credit default swaps, electronic trading.
01:28Government was nine, 10 years in making rules that governed what the market had already done.
01:36But this is an extraordinarily long period of time.
01:422009 crypto takes off. We still don't have the rule in place.
01:47The so-called Clarity Act, which is aptly named, which would provide clarity,
01:54because what the companies are saying is, tell me the rules.
01:58Tell me the regulations.
02:00I need a referee.
02:01Just tell me where the lines are on the field and what I can do and what I can't do.
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