What's your view on ARK and things of that nature kind of evolving?

Yeah, sure, Simon.

So look, we're good, longstanding partners of Circle.

So for us, seeing the mainnet go live was really exciting.

We've been working with them through the testnet phase from a compliance monitoring and coverage perspective.

One of the things Nikhil obviously covered that's really interesting to us is the privacy features.

And that being an unlock to a lot of institutional interest and folks just generally getting much more comfortable with their activity being on chain.

Simone, how do you think about the future role of regulators? I'm really interested in how do regulators adopt new technology to do their jobs better and in a more efficient way? And it feels like on-chain compliance has been one of the first areas where regulators have adopted tools like Elliptic to be able to monitor illicit activity Do you see regulators adopting tools monitoring smart contracts and smart contract risk and getting more knowledgeable there? What does a regulator look like in 2030 for this world where more and more assets move on chain?