So, Lee, why is it that the trust company charts are particularly well-suited for crypto businesses? Is it because they prefer, if they could, to have a full-blown bank charter, but there's too many restrictions on what

they could do? Yeah, I mean, I think, well, it comes back to a lot of the reasons that we've already talked about, right? You know, so you don't want to be, you know, subject to the Bank Holding Company Act and restrictions on, you know, activities and things like that.

You know, but really it all comes back to the Genius Act.

And so for those who aren't familiar, under Genius, there's essentially three pathways to become a permitted payment stablecoin issuer in the U.S.

The first is you're a subsidiary of an insured depository institution.

That's not particularly attractive for these crypto firms because then that comes with Federal Reserve consolidated supervision.

We've already noted that another way is you could be a state qualified payment stable coin issuer.

What are the biggest regulatory hurdles, Lee? Well, I