What, what accounts for that? Like the, what, what, what was the motivation for Democrats to cross part- party lines other than the fact that like Chuck Schumer's from New York, and that's where most of the banking sector is too? [laughs]

On, on stablecoins there were a few motivations at work.

One is that the Democrats who voted for it didn't want to appear to be, uh, behind the times on financial in- innovation, and I think they did truly believe and buy into this idea that the stablecoins, uh, bill would create this framework that would help the, uh, stablecoin sector grow in the United States, and in fact would achieve United States centrality in, i- in stablecoins.

And this, this would be the place where stablecoins, coin business is done thanks to this bill.

It was partly that.

I think it was partly, uh, um, electoral, uh, factors.

Uh, the crypto industry, industry spent, I believe it was $145 million, uh, y- on, uh, campaigns in the 2024 cycle.

Just last year.

Here's that conversation edited for time, recorded live at the National Press Club.

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