Crypto right now. Look this! This is a highly speculative asset class uh weve known this for uh a long time. The ups and downs of this speculative uh asset class, bitcoin and hundreds of other tokens and many of these tokens offer the investing public uh or the investing public is hoping. I should say hoping for a return just like when they invest in in other uh financial assets. We cost securities and many of these financial assets. Crypto financial assets uh have the key attributes of the security, so some of them theyre under the securities and exchange commission. Some like bitcoin and thats, the only one jim im going to say because im not going to talk about any one of these tokens but sure my predecessors and others have said: theyre theyre a commodity working together, theres two great market regulators in this country. I have the honor to chair the cftc terrific agency. I have the honor now to chair the securities and exchange commission a little bit different remits, a little bit different approaches, but working together with the banking regulators as well, theres theres work to be done there around whats called stable coins theres a lot of work to Be done to really protect the investing public and many of these tokens right now, um are trying to operate uh theyre, potentially non compliant and ill leave it at that jim, okay! Well, one of the things that i i love about.

What youve uh always believed in is transparency. You mentioned stablecoin. I did not bring that up, but there is one uh that is regarded as being perhaps uh, not as transparent as wed like, which is called tether and its very big about 60 billion. If they told us what they were really in what they had their money and wouldnt wouldnt that be better for everybody look. Transparency is a key part of the investing uh formula. Its kind of part of the basic bargain that you you get to on a quarterly basis know something about the companies and if material events happen, uh like they do all the time and companies make additional filings called 8k filings and the public gets to decide what Risk they want to take thats the basic bargain, similar to stable points. We have something called money: market funds and in money market funds you get to see whats underneath the hood whats whats really below that one to one relationship where in a money market fund, the public has come to understand that, except for in very unusual times uh. They get a dollar for a dollar or it banks, banks as well. Uh stable coins have similarities to bank deposits that that you have something standing behind that uh relationship. Okay, well one of the things that happened and i sure hope that you that that clarity and transparency occur. But what are things that happen? At least in many of our lives? I ive had all my life had my money with fidelity and they came out and they said, look you put your bitcoin in 401k.

It was a seminal moment because if 401k is made for securities, you put bitcoin in and suddenly that kind of endorsement makes us feel very comfortable. Mr chairman, with the asset that is bitcoin, are we too comfortable? Look theres theres a lot of risk in in in crypto theres also risk in the classic securities markets. What we have in the us is we have this concept that you have market regulators like the cftc and sec, to help protect the public against fraud and manipulation in the markets and when theres, a group of entrepreneurs that are selling something to the public. Who are saying to the public come here. Come hither. Weve got this great idea that that, when you do that, youve got to have basic disclosures, full and fair disclosures thats. What the sec does thats thats, what we do really well its less. So you know in the oil markets or the wheat markets the cftc has and and so thats what we have and right now you have hundreds, if not thousands, of these crypto tokens that have the basic attributes of raising money from the public and having a group Of entrepreneurs that you might have on your show saying, come hither. Weve weve got a good idea for you and and thats okay in america. If you comply with the laws and weve got unfortunately a lot of projects that are non compliant smith.