What, what do you see in terms of the regulatory environment here?

Yeah.

I, you know, I mean, it's obviously different in different jurisdictions ar- around the globe, and certainly here in the US specifically, there's been a great degree of tailwind that's been created.

Um, more I would say on the on-chain cash solutions.

Now, having said that, just in the last several weeks or months, the SEC has given really great clarity, no pun intended, but great clarity to the efficacy and how to treat on-chain securities.

And the...

I think what's really rooted in, in a number of the policy recommendations and changes that have come out ties actually quite tightly to the no action letter that DTCC received, which is an on-chain version of an asset is the asset.

[laughs]