How has the heat impacted your orchards?

In the last couple of weeks, we actually found out we've just lost several thousand pounds of our lamb hoss avocados, which is really devastating.

But the heat with a high dry matter content of the avocados causes the lamb hoss to just not ripen correctly.

And so that's a lot of care and love.

and resources that have gone into these trees, into these avocados, that unfortunately we're just not able to then see them all the way through to the end customer.

But the trees, they struggle when they go through this heat.

And so it's not something that just this year we're going to be dealing with, but this is going to be something where this heat is going to have a lasting effect for years to come, potentially even having us to replace some trees, depending on how much damage is created within the orchards.

Tell us about how you take care of the animals.

Is the Clarity Act a significant obstacle that has not been overcome and therefore will hinder the bank's entrance into this space? Or was it relatively inconsequential and banks are coming in anyway despite Clarity Act?

I agree with whoever it was earlier on today from the other team that the Genius Act was an incredible milestone for digital assets.

I mean, there's a lot of things that come in there.

So first of all, you look at it and say it itself legally blesses a path for stablecoins.

And so there's a first order answer there on there's such a thing as a stablecoin.

It's a legal entity.

It's a legal concept that now can be regulated.

Can you just kind of unpack the way in which you help customers? Who are your primary customers and what is the product stack with Anchorage that ultimately helps these customers?

So one, I guess, like, what was that kind of evolution like on the back end? Was it did it pan out the way you wanted it to? And then to like, where do we go from here? Like, what do you ultimately want it to be seen as?

Yeah.

Yeah.

I mean, it's a it's a wonderful question.

And it's like it's feels good to kind of step back and see that we have, you know, kind of stuck the landing on this reimagining of what we can be in the in the ecosystem.

The plan was always to gain trust by doing the hard thing.

And the hardest thing in crypto was to run a custodian and be regulated at the federal level.

But maybe on that front, what have you seen on agentic commerce year to date in a meaningful way, like the growth trajectory for it that has really resulted in both you and the firm at Anchorage kind of doubling down on this sector?

Do you feel that Anchorage is in any danger of losing its respective license from the OCC, given the push from Elizabeth Warren and others?

It's a fun question, actually.

So a little bit of a history lesson here.

The OCC was created by Abraham Lincoln.

And since Abraham Lincoln created the OCC, a charter has never been revoked.

So, uh, if it was to happen, it would be a, a historic event.

Uh, and so I'm not, I'm not concerned, um, about something like that happening.

But Nathan, I want to ask you about AI and how Anchorage is leveraging AI on its platform and how are you preparing for the agentic economy? And are you seeing any demand so