tokens and tokenization and yeah capital markets moving on chain i'd love to get your like macro thesis for this to kick this off that's a big question but

uh there's there's a lot of uh a lot of really really interesting stuff happening i mean i guess we we started on on tokenization you're talking about tokenization a long time ago right tokenization where it was the words that uh um kind of first came in everybody's conscious broadly when Apple Pay launched.

And you fast forward, whatever it's been, 10 years, 11 years since then.

And we just started to see this thing outside of crypto, which was you'd listen to the earnings call for Google or you listen to earnings call for Visa or you listen to earnings call for Coinbase.

And all the CEOs were talking about how many tokens they were producing or how many tokens they had and how much they were processing.

And we're like, it's same word, different concepts, but what's the thread that tied them together? And I think that's been, you know, that question has been kind of like a guiding one for us as we think about what matters the next 10 years.

I guess the high level, you know, just to break down our thinking simply would say, What tokenization is really about is making the world legible for machines and machine interpretable so that we can build intelligent software that's able to interact with the world's assets.

And also we're seeing kind of things like the innovation exemption, that the SEC is talking about and kind of the implications on that for the, you know, the digital native companies? What does that mean more broadly for, you know, traditional financial players? So, you know, there's a lot to consider that's exciting as we think forward.