But when you look at, uh, global dynamics from, uh, US regulatory shifts, which you just mentioned, to international adoption trends, uh, what are the most significant forces shaping how this space evolves over really the next decade?

I mean, the single biggest shift, um, has occurred over the last year with respect to US policy.

So if you wind back to the Biden administration, they took a very hawkish stance whereby, um, you know, essentially no major piece of legislation was passed.

Every major agency was effectively, um, you know, stonewalling the industry, not passing rules, suing companies.

Um, and basically since the last administration, whatever you think about that administration, let's say in general, with respect to this narrow industry, has been much more on the front foot.

Um, and so that has resulted in, you know, the SEC, for instance, Paul Atkins, the new chair, coming out with guidance for rules.

Um, uh, with the CFTC and SEC working very well together, where before they were having a turf war in the previous administration.

Mm-hmm.

was actually

London School of Economics.

I was in the International Relations Department and the actual master's was called International Political Economy.

It's one of the oldest, one of the four original departments of London School of Economics, extremely neoliberal.

Adam Smith was there all the way back.

Right.

So it really kind old school department with really kind of robust traditional economic training.

two months.