Can you speak a little bit more to those key factors that the 70% of those tokens are going to need to do to step up their game? What kinds of things should they be doing?

I think it comes from a variety of directions.

But essentially, what you need is verification.

You need to be able to have verification of the underlying holdings of a tokenized asset.

What is actually backing this? What is the asset composition? What is the value? There are always asset specific pieces of information.

Like if we talk about a tokenized stock, are there any dividends? Is there a stock split? Are there any kind of corporate governance actions? These are things that are very unique to tokenized assets that you never had with crypto native assets like Ethereum or Bitcoin.

And so this presents new challenges in how DeFi as a whole is going to be able to integrate and touch and properly risk manage these types of assets.

Do you see some of that SEC rules impacting folks' decisions to ultimately offer more transparency and verifiability? Do you think that the SEC sort of rules and different releases that have been put out, do you see that impacting institutions' decisions at all on the transparency side?