driven the reduction in listings in both the US and UK?

If I knew that, I would be king of the world.

That said, it's become increasingly difficult to run a public company.

And I think there's a lot of little things that push folks to stay private.

First of all, I think the markets have become much more sophisticated on the private side.

You know, 20 years ago, 30 years ago, there were some venture capital companies, but who knew anybody in private equity? Now you can't throw a stone without hitting a private equity company.

So I think...

Can you explain some of the potential measures that could come out to revive IPO markets? Sure.

Yeah,

Lehman Brothers, yeah, best turns.

Well, Lehman was a little different, but, you know, with human trading, things are done over the phone and you write tickets and those tickets have to be processed and the deals are done by phone.

So, John or Katya, I'm talking with you.

I buy a bunch of stock or I buy a bunch of bonds from you guys.

We negotiate a price.

You say we're done.

That was some huge number.

To start off, why don't you give us sort of your sense of what Project Crypto is, what the SEC is trying to accomplish, and sort of where you see it going from here.

Yeah, in a nutshell, what they're trying to do is enable competition between traditional financial products and crypto-enabled financial products and try to put each of which on a level playing field.

And that means, you know, enabling crypto brokers to, in effect, facilitate traditional assets and have traditional firms facilitate crypto assets and trading.

And a lot of that, you know, kind of makes sense at a high level.

It's like, you know, if I've got a Robinhood or a Schwab or, you know, Morgan Stanley financial advisor account, why can't it have my Bitcoins or my Ethereum or my stable coins in it.

And from the other standpoint, if I have a Coinbase account, why can't it have traditional equities in it? And why isn't that all put together on one statement, one screen, and kind of a consolidated set of rules? So it makes a lot of sense.

On the other hand, it opens up a whole host of practical challenges in areas where we need further definition and areas where we really need to think about stuff.

I mean, how much of a challenge is that going to