Whats your take on this yeah. I mean its tough because, obviously we you know, we dont see what happens behind the scenes. In that conversation, and you know we weve weve, obviously only seen one side of it. You know i can say that uh, you know everyone in the industry. Uh would love more regulatory clarity on some points and – and i do think thats a note that that you heard expressed there and that youre gon na hear expressed from a lot of players. On the other hand, you know, i think, that theres a lot of frustration from regulators on what they see as um. You know an industry that has had some non cooperative players, although i dont think you would generally include coinbase amongst the ranks um. You know i. I certainly can see the frustration from from brians perspective, given his he served tweets but but but also you know, i say that without having actually been a part of of any of those conversations – and you know, stories can always look different from the other side. I want to take a walk through some of armstrongs tweets here. He says some really sketchy behavior coming out of the sec, but in this case theyre refusing to offer any opinion in writing to the industry on what should be allowed and why, and instead are engaging in intimidation tactics behind closed doors. Our door remains open, hopefully, the sec steps up to create the clarity this industry deserves without harming consumers and companies in the process you know, earning interest on savings is pretty textbook, but are crypto platforms trying to recreate traditional banking without the regulation of traditional banking, its A good question i mean it depends on the structure of the products and i think what youve seen in crypto has been a real scale of different things.

Um – and i think that, especially when you start to look at you know, things like defy yield um and ask like: where does that fit into the regulatory regime um? You know you can look at a lot of other products which have some relationships uh to uh. You know to existing uh, serve regulatory structures, but arent perfect analogs for them um, and i think that can make it tricky for industry and regulators alike to decide what the right interpretation of some of these are, and i think that often it gets down to the Details of exactly how these things are structured, um and uh, and you know i – i think that uh – that theres sort of uh a lot of different phrasings here right. You can phrase this as a bond like product. You could phrase it as staking as yields you could. You know phrase it as alone you could. You could phrase it as something totally different. I dont know whats going on under the hood there, and i dont know what those conversations included um, but you know i think that the secs approach, at least as it was, are quoted here. Um you know matches, i think, some of what weve seen, which is that, rather than sort of saying look, heres sort of like were going to lay out all of our thoughts on this topic. Here is sort of an essay about what you do see from some regulars.

I think, like in singapore, youve seen mas sort of writing pretty uh, pretty sort of explicit guidelines and thoughts about what they know what they dont know. What theyre thinking about? I think the approach from the sec has been more about look heres. The laws were just interpreting the laws. You know its not up to us to explain to you how to interpret the laws, but you know were interpreting them and heres our interpretation of them. You know heres how how it pans out um and as opposed to wanting to get into details of what their thought process was that got them there. Meantime you have celebrities jumping into the crypto game and asking twitter for help, including steph curry, who asked for advice from his twitter community about getting into the crypto game. Steph curry is a now. A brand ambassador has a share in your exchange. Ftx tom brady responded to curry there. Whatever you do dont laser eyes. What does this kind of celebrity promotion get? Ftx brady is also a brand ambassador for you yeah. If you look at our history um, you know we have any. I think you comparing to coinbase, which youre just talking about um. You know we have about four times the daily trading volume that coinbase has, but they have about 30 times the user base size that we do um its a pretty stark difference, and you know its a reflection of the differences in the approaches and products that we Have where coinbase has very much been sort of the leader in western retail uh products for crypto its been sort of the leader by a very wide margin, um and ftx has historically had a lot more sort of professional users on it, uh more institutional users or At least more institutional volume um and a lot less of a footprint in terms of you know, the broad base of consumers, um were trying to branch out were trying to really increase our footprint, um and um and sort of reach.

Some of the people who i who are maybe learning about crypto for the first time now and i think a lot of what were thinking is like what can we do that is sort of highly engaging and powerful and can reach tens of millions of users without Diluting our brand um, i dont think there are a lot of people in the world who kind of clearly fit that, but i think you know uh tom and steph are are two of them and – and i think you know, weve been really excited working with them, Because theyve been excited about this dude theyre, theyre, great guys, um and theyre engaged and – and that makes us a lot uh – you know a lot more jazzed for it. Meantime, reese witherspoon tweeting that she bought ethereum for the first time kim kardashian, though getting slammed for promoting ethereum max, i mean you know clearly, youve got you know, just everybody trying to understand whats going on here. I wonder if there are downsides to celebrities jumping on on the bandwagons when there still isnt a lot of clarity. You know, i think one thing that weve seen, which frankly i think weve appreciated, has been that, especially when weve talked to people, like you know, like steph curry, like tom brady theyve done a lot of diligence on us, its not like we called them up were Like hey, we got some money. You want to send us sketchy too its like all over, like thats, absolutely not whats happening, you know um, but i do think that especially you know.

2017. You saw some things that looked distressingly like that, and i think those didnt end so well um, but i think that weve, what weve really seen with some of the partners that we value the most is theyve done. A lot of diligence on us weve had many calls. Theyve talked to a lot of our partners, a lot of their partners. Theyve done a deep dive into our business into how we operate and – and i think that i think that youll hear again and again from them is the most important thing to them – is that they feel good about the companies that theyre working with and um. I think that thats its important to us as well that they feel that way and that they can they can represent that. So you know, i i think whats important is that you know when you do start to see um.

https://www.youtube.com/watch?v=wNpjC04NkXU