Just how how low are we gon na go here? Wheres the bottom well its hard to know its impossible to know, but we are seeing real world consequences were seeing real job loss affecting real people were seeing real people losing real money and thats in the context, of course, of record high inflation erosion of purchasing power. For families, so all in all its its, not a great picture. That being said, as you noted, its hardly immune, its hardly just the crypto market being affected here, its really a much broader global economy meltdown. So when you see coinbase, first, a hiring freeze now slashing 18 of its workforce. This, on the back of the stock plummeting whats your reaction. My reaction is that were in a contraction phase. There are other firms who are hiring theres a lot going on in the market, thats adjacent to crypto as well, and i think what were seeing is a pivot towards core principles and ideologies. Building a brand new financial and technology ecosystem is not easy. It takes stamina, and i think, if i were new to this industry, i would be nervous, but over the six and seven years ive been here, ive seen a bunch of these cycles come and go, and so i think that what were just seeing is again a Refocusing on strategic priorities – and my hope is that were going to come out of this. The way we have before you know, youd mention real people losing real money, and i want to steal your former lawyer hat for a second, i mean how does the sec look at something like this and want to protect investors after so much money has already been Lost well frankly, sorts of frustration.

I think, for the industry is that we really have been looking to agencies. The industrys been calling this for this. For quite some time to say, we do need the ability to distinguish some of the scams that do exist in this space, from the very legitimate projects that also exist, and instead, what were seeing is intense litigation enforcement actions against legitimate actors for relatively minor kinds of Infractions, rather than some sort of clarity, which is what the industry really needs, so i have to say, wearing a lawyer hat im, not super thrilled about what the engagement that were getting from the agencies that are here to really support and help. All of us i mean even that lack of clarity, how much of a hangover does that give the ecosystem. When you dont know what you can build, how do you then invest in projects when you dont know whats possible? Well, i think thats exactly right and what were kind of seeing a response to right now is where there is this high degree of uncertainty on what is going to eventually be kosher. You know to have built and to have engagement with people arent sure what to do and weve been again weve been asking for many years for guard rails for guidelines on how to engage. We want to work collaboratively with regulation and with policy makers, and you know in some cases thats happening. We are seeing a lot of support from the legislative side of the house.

We are seeing an approach, senator gillibrand and lummus had their recent bill. That kind of is trying to clarify cftc sec jurisdiction, a lot of engagement abroad from the europeans from apac countries. Seeing this, but here you know the sec, maybe not taking quite the same approach. Im sure theres lawmakers who are looking at whats happened with tara and looking at whats happened with celsius and are like i dont know about any of this anymore. I mean you know these are companies, and – and you know you know, structures that seem to be very legitimate but are having major issues. What do you say to reassure them? Well, i think its actually not that hard to differentiate some of these things from other things. Right, theres, a reason: a celsius has a particular lending platform. They were engaged with unclear to me and maybe to others. Maybe others know whether they are what kind of insolvency were seeing here. Is this cash flow insolvency? Is it balance sheet insolvency, but i think theres a reason that coinbase, for example, scrapped its lending right kind of said its not the right time. We dont have regulatory clarity that we need to see around some of that engagement as far as terra, its a pretty highly differentiated algorithmic, stable coin. It does not reflect the broader crypto ecosystem in any kind of meaningful way. So i do think the thing to note is that educations really important here crypto is not a monolith.

Every crypto, l1 layer, one platform has a very different approach to what its thinking about doing. Every stable coin is different, the reserves are held differently and all of that nuance is critically important for us to understand as we move towards more regulation and policy environment. So what crypto projects are you most excited about? You know: where do you see legitimate high potential? So im really excited about the ones that are focusing on real problems, solving real problems for real people. I think its not a surprise weve seen crowdfunding of a wartime defense of ukraine right in this environment, weve seen massive amounts of outlays to india during covet relief. Weve seen examples where this institutions were really focusing on real problems. We also know that weve got 1.7 billion people in the world without access to basic financial services. Its a massive gap that legacy institutions have not solved so projects that are focusing in those places and understand that theres, a gigantic market there that needs to be at these basic baseline checking account kinds of services.