So it's going to be a lot of noise, and it's going to be tougher, but that doesn't mean that we can't make some strides, especially with new members of Congress.

And everything that Norma and Peter said is why we've been at Avalanche Policy Coalition.

We've been advocating for the SEC and the CFTC to engage in rulemakings.

Obviously, it's great to see the SEC stepping forward.

The CFTC also has some things.

that are hopefully ready to come out.

So I do think that the regulators are the place to get the work done right now while in parallel to Norma and Peter's point.

And then going back to the rulemaking point, which is what we see that the SEC and CFTC are leading more on, do you consider that this active rulemaking process would somehow reduce the pressure on Congress because agencies are filling the gaps, or can it increase the pressure because lawmakers suddenly have much more tangible regulatory frameworks to react to? And with that in mind, just like looking ahead, could the next few months end up being less about Congress versus the agencies and more about the agencies building this sort of regulatory floor that Congress would eventually codify, change, or expand?

When you look across jurisdictions at the moment, where do you see the clearest policy momentum and where does it still feel like the conversation is ahead of the system or maybe where a bit more work could be done? And I know that there's a lot of jurisdictions to try to just pack into this specific question, but just at a glance, what would your picks be?

It's a tough question to answer because different jurisdictions are sort of grappling with different, even if they're related, issues.

The UK comes to mind.

They've been on a tear over the last, certainly over the last six months, but really over the last twelve to eighteen months of really trying to figure out what the regulation of blockchain and crypto looks like and that includes tokenization of assets you know we just filed that comment letter in response to the call for input from the FCA and the Bank of England And a month before that, we filed another comment letter with just the FCA in response to their consultation on the regulatory perimeter.

And so a lot of these issues are coming to the head there.

Here in the U.S., obviously, we're trying to hope that Congress will pass the Clarity Act, but it looks like the SEC and the CFTC are poised to act through rulemaking and maybe exemptive relief if Clarity Act doesn't pass right away.

And as you know, that's something we've been arguing for for over a year now in our comment letters to both the SEC and the CFTC.

And again, we've seen that even with a different administration and what's happening in Congress, but from your perspective, what is the real significance of this stage in the process? Why is this phase really important? Even though sometimes it might seem a bit delayed and uncertain, why should people care before the final text is done?