The Wolf Of All Streets - Tokenizing Everything With Stephen Gregory, Currency.com

Episode Date: January 3, 2023

I sat down with Stephen Gregory, US CEO of Currency.com, to discuss the challenges that crypto exchanges face in the US: the costs of the licenses, onboarding new clients, fixing the talent shortages with AI, and much more. You don’t wanna miss it.  Stephen Gregory: https://mobile.twitter.com/stevie_satoshi  ►► JOIN THE FREE WOLF DEN NEWSLETTER https://www.getrevue.co/profile/TheWolfDen  GET UP TO A $8,000 BONUS IN USDT AND TRADE ALL SPOT PAIRS ON BITGET FOR ZERO FEES! ►► https://thewolfofallstreets.info/bitget   Follow Scott Melker: Twitter: https://twitter.com/scottmelker  Facebook: https://www.facebook.com/wolfofallstreets   Web: https://www.thewolfofallstreets.io  Spotify: https://spoti.fi/30N5FDe  Apple podcast: https://apple.co/3FASB2c  #Bitcoin #Crypto #trading  Timestamps: 0:55 Tokenization and regulation 2:10 Securing currency.com domain 4:48 Bitget ad 5:45 Cost to get the license in the US 8:20 Navigating regulation 9:40 Tokenizing everything 12:00 How to attract new people 14:00 Currency.com and the crypto crash 15:45 Use of AI 17:00 Biggest challenges in crypto 21:20 Competition in crypto 23:20 Active trading 24:00 Crypto and sportsbetting The views and opinions expressed here are solely my own and should in no way be interpreted as financial advice. This video was created for entertainment. Every investment and trading move involves risk. You should conduct your own research when making a decision. I am not a financial advisor. Nothing contained in this video constitutes or shall be construed as an offering of financial instruments or as investment advice or recommendations of an investment strategy or whether or not to "Buy," "Sell," or "Hold" an investment.

Currency.com offers literally thousands of tokenized assets from stocks, indexes, and cryptocurrencies that you can trade, but not in the United States. I spoke with their CEO, Steven Gregory, and he told us about the path to getting regulation to be able to offer all those assets all over the world. You don't want to miss this one. But Currency.com, you guys clearly have the tokenize everything ethos. That's got to be challenging in the United States. Yeah. So we actually don't do that stuff in the US.

That's abroad. So the company's sort of like, in Europe, they're CFD brokers. And we sort of came out of that initially and then sort of added the cryptos and everything after that. And now we're becoming much more of a crypto company. So we sort of had an idea of trade everything, trade anything at any time. And we just listed a lot of pairs and had a lot of leverage and a lot of, you know, just cool products we thought we'd engage with. I think as we've gotten bigger and the rules change or sort of break it up based on jurisdiction, where you can do what you can, and then sort of assess the risk.

What are the benefits of tokenizing assets? I think it's just so much easier to manage order books. You know what I mean? If you don't have to deal with share delivery or anything like that, you don't have to do custodian stuff. Everybody sort of knows what they're doing. They're just trading the volatility. You're a trader. You don't really want to vote at shareholder meetings right you want to just see if it goes up or down right of course yeah yeah and obviously i mean we saw what happened with gamestop on robin hood when you have 48 hour clearing i know yeah one of our best things was during that time we didn't go down and then on reddit everybody was like they're still going there whatever so

we were just ripping because of that how did you guys manage you have the name currency.com uh i guess the greatest domain yeah we have currency.com? It's like the greatest domain in the industry. We have currency.com, capital.com, and then we just bought another one. I don't know if I can share it, but we bought another really good first one-word domain that we're going to launch soon. So the plan is to have a broker dealer here in the US under capital.com, and that would be very traditional assets. And then currency.com will be the crypto. So a broker dealer would be a E-Trade Robinhood, a Schwab competitor.

Yeah, yeah, yeah. Not tokenized. Not tokenized, yeah. My background is I was an attorney before. So like I sort of understand some of that stuff and I still do some of that stuff. So I always had a path in mind to sort of be able to offer some of those products using existing licenses

versus how they want to do it. I think like their proposal is definitely better, but there's a license called the designated contract market, able to offer some of those products using existing licenses versus how they want to do it. I think their proposal is definitely better, but there's a license called the designated contract market, which is like the full exchange, and then there's a futures commission merchant, which is sort of like a broker. And I thought that would be the easier license to be able to offer those products. And if their proposal succeeds, it sort of eliminates the FCMs. So it sort of complicates the light dealer. Well, it sounds like oneates, you know, like the light dealer.

Well, it sounds like one would be better for your business and one would be better for longer term adoption. Yeah, yeah, yeah, yeah, yeah. So like, yeah, yeah, pretty simply. Because if you run like a full commodities exchange, you know, there's a lot of compliance that has to do with that. You know what I mean? You have to like, you have to get to scale pretty quickly to make that all work. What kind of law were you practicing? Just like, I was very junior lawyer law like securities litigation. But it was

securities? Yeah, yeah, yeah. I was going to ask how you make the pivot to an exchange and the crypto industry. I'm always curious how people end up in this crypto space. I know, it was kind of a gamble. The time, so it was like 2016, the end of 2016. Some of my friends really

talked about it and I had bought Bitcoin like Ether had just sort of came out you know everything was like sort of heating up but like very under the radar and then I pitched it to the partners of the law firm I was working on. I was like hey we can go after some of these companies like they're all going to get these money transmitter licenses which like allow you to do business in the states. I think they probably don't know what they're doing. We'd solve a lot of legal problems pretty quickly and the partners of the firm were like hey no. Like keep yeah keep doing what we told you to do.

Sit back, go back to your desk. And I was like, I don't know. I feel like I kind of want to make a change. And then Gemini was hiring. There was like 10 people at the time. I went to Gemini, got hired, did all the compliance for two, two and a half years there and then left to go to CXIO,

which is a big older European exchange, which sort of flies under the radar, but it's like a really big scale if you're in the crypto space. I did that and I ran bringing their European exchange to the US. So I launched it, got all the licenses in the year, did all that and set them on a great path. And then when I was there, currency.com reached out to me and were like, do you want to come sort of do the same thing? If you've been following me for the last few months, then you definitely know that I've been trading and investing on BitGet. Now listen, it took me six months to decide that they were going to be the sponsor for the newsletter.

But once I saw their partnership with Juventus, that they were the world's leading copy trading platform in crypto, and also that they're a top five exchange by volume, well, I was sold and I was convinced. I've been using it ever since to dollar cost average and to invest in Bitcoin. You can also trade there with leverage, but of course, be careful if you're going to do that. And I don't know if you saw the recent news, but they've also done a deal with Lionel Messi. Now you can get up to an $8,000 bonus using my link below, and you can trade spot with absolutely no fees. You also get

a 15% discount on trading leverage. Go ahead and sign up right now using the wolfofallstreets.info slash BitGet. Claim that huge reward and use the world's best trading platform. So it's kind of like a slow transition. You were like a lawyer, and then you were kind of doing that at Gemini, and then you were kind of doing that at Gemini and then you transitioned to just basically running. Yeah. So it was like compliance and executive. I feel like, you know, with a space like this where the rules are so unsettled, everybody

was asking compliance and lawyers everything anyway. And good luck getting a straight answer. How can you even, you're saying people come to you to understand compliance, but we don't have clear regulations. So how can you ever give a- I know, I know. Every year it changes. I was talking to somebody yesterday and I was like, think about in 2018 with the IRS, how we filed crypto taxes.

We didn't do anything because none of the exchanges had any guidance. There was guidance from 2015. And now think of what we do. It's 10 times harder than any other industry. We basically do what broker dealers do now. And it's like, that's such a short time. And you've seen companies that didn't, crypto tax software companies didn't exist four years ago.

Now they're raising a billion dollar valuation. So it's coming fast. And I think if you have going through the process, I've gone through licensing process a couple times now, if you have that acumen to be like, oh, we need to do this, we don't need to do this, even don't need to do this, even though the state law says this, it actually really means this. You can really sort of streamline some things.

So like, for some of these startup exchanges, they'll go pay like, you know, like Paul Hastings, the law firm, like two million bucks to like go get all the licenses. But like, you could probably do it yourself for like a tenth that, if you know what you're doing. You know what I mean? So like, but you have to go state by state.

Yeah, yeah, yeah, yeah, yeah. And even that's like changing and difficult i mean so do most just say forget the united states yeah i think i don't know i feel like unfortunately i think a lot of the exciting products are offshore now you know and you know that's difficult like you can't like perpetual futures and stuff like everybody loves that stuff but like you can't do it here you know so it's like you know all the fun like sort of like ribbon finance all that kind and stuff like everybody loves that stuff but like you can't do it here, you know, so it's like You know all the fun like sort of like ribbon finance all that kind of stuff Like it's sort of a gray area like that stuff super cool. You should be able to do that in the u.s I think like well, I mean as a individual free human you should be able to basically do whatever you want with your money

I guess I can understand why regulators would want the companies to be compliant when they're doing it But it's kind of absurd that as an American citizen you're locked. Yeah. I could go to a casino right now. Literally, you and I can go spend everything we have on lottery tickets at the bodega downstairs. Yeah. One question.

I can make a red backpack for a million bucks right now if I want to do it, but if I want to buy a professor of future, it's not possible. Or if you want to, even to further that, if you want to invest in your friend's company and you aren't accredited. Yeah, yeah, yeah. I know, I know, I know. I know. Crazy rules.

Crazy rules. Yeah, it seems like they really want to protect us from opportunity, unfortunately. But that has to be a massive challenge for you guys as you build. So do you just continue testing things offshore while you wait for regulation to... So I think what my genesis going forward is now we're in the bear market, so everybody's sort of building stuff. I think the way to do it now is just find products that are still attractive to retail within the narrow confines of law.

So you can do some stuff, and we just really haven't really pushed that boundary. I think now when we're more hungry for users, like when the volumes aren't just crazy, you can actually focus on rolling those products out. And I think like, you know, you're seeing like Coinbase and stuff rolling out a lot of passive investment products and stuff like that. I think that stuff gets bigger. And I also think like, you know,

people want to be into crypto, but like they don't want to go on UnionSwap and like figure that out. Like people aren't crypto native, they're not going to do that. But like if you could package up those cool products and simplify them to retail, I think that they'd really start to see the utility of crypto and get more invested. How do you do that? I got some ideas. I think we're going to roll out

Can you share any of them? I said I wasn't going to because I want to roll out these products. But I think there's passive investment products. And I think using legal structuring in different ways. And I think that could be attractive to retail people. So I think using legal structuring in different ways, and I think that could be attractive to retail people. So I think LegalZoom, I think crypto, I think that could be, there's a cool mix in there that we could figure some. Assuming that regulators get in line, or at least are somewhat reasonable, do you

think we get to a place where we can tokenize effectively everything and trade it? The thing I was thinking about, too, like clearing brokers. That doesn't need to exist. That's the dumbest thing. That doesn't need to exist. There's literally no reason that I can't just sell you something. Or like transfer agents. This stuff still exists.

And there's huge industries behind this. But we can run an exchange. You even saw when exchanges go down, nobody blows up because all the leverage is just in that exchange. You can only really risk what you have. It's such a safer system, so much better. I hope we get there eventually. I think the CFTC has to relax on some of those rules, though. If they're going to be the main regulator for this stuff, they've got to relax on some of these rules and let people actually use products.

I think there's a better chance that the CFTC would relax than the SEC. Yeah, yeah, yeah. I think I'd personally rather do the CFTC. I feel like it's more careful in how it's laid out. I think it's just like, aside from having overly broad definitions of certain things like market manipulation, but I think how the rules are structured, how they do different exchanges, how they do different products, and how you manage your own exchange, I think it's sort of better there. Yeah, I agree

I think I think the whole industry right now seemingly agrees with that It seems like there's a million exchanges at this point. So how do you differentiate yourselves? Yeah and compete? Yeah, I mean I think part of its products I also think like a lot of us marketing too and I think like you know, I arena. Yeah I know I know I know some arena rights I know it's like that's right I think like we had um a guy who works our company who's a marketing guy and like really put me on to this like thinking about stuff and like sort of it's just more like internet traffic you know I mean like you're buying eyeballs a lot of times but you're trying to

buy eyeballs at the right time and the right you know sort of structure and I think that like some of these changes here in the U.S. aren't that good at that and I think like you can scale really quickly if you like you know devote more efforts to that kind of stuff. I mean, you're a great marketer. Yeah, I don't really have the deep knowledge of SEO and targeting. It's more organic. But I would imagine that in your business, it's very much about how cost effective it is to hit those eyes and to make sure that they're the right eyes. I think a lot of companies, to your point, you just sort of do these sweeping marketing.

For most people, you need to find that person that might actually sign up. Marketing to a 13-year-old teenager doesn't help, and that's wasting your marketing dollars. But it seems like people, not in the United States, but elsewhere, have so many options where to trade, so many perpetual futures products, as you've talked about. So how do you win those people? How do you convince them that you're the place to be trading? Currency.com is a great name. Yeah, it's a good name.

I think we haven't, like our exchange offshore is really, really good. I think we need to bring that here and have like, we're going to roll out some things with AI type stuff and to figure out your trading patterns and then sort of coach up people and say, hey, you make mistakes at this time. Maybe you should back up. And things like that.

And I think alerts and more systems like that to sort of give people, to take them from very early on, just buy Bitcoin and hold it and to actually actually trading it, understanding how the charts work and stuff. I think if you think about your own journey, I know mine, I didn't know anything about how charts works or anything like that.

I sort of just learned it. And then all of a sudden you're like, wow, there's way more depth to this. It's really cool. So I think some of that stuff and teaching people how Etherscan works and stuff like that, then you're going to get way deeper into it. You talked about buying Bitcoin and Ethereum in the very early days and trying to convince the partners to be involved. Are you still holding that Bitcoin and Ethereum? Yeah, I hold a bunch of stock.

I stake now on Ether. So that's sort of like my move. In the actual ETH 2.0? Yeah, I was early in that and I was like, all right, I think this would be good. It just seems like it's like a bond that pays forever. Yeah, I was speaking with Jeff Dorman from ARCA. He was basically saying because i you know that they kind of blew up with luna but i was so we were we were talking about

all these c5 blow-ups and how maybe that search for yield has been dampened by people and he made the argument he's like whatever the you know eth staking contract is should be the benchmark yield that's yeah for everything in crypto so like if you can get 7% there, then you're not going to get 5% somewhere else. You get 7% plus. So maybe we have a rehash of the yield conversation, but in a safer manner. I mean, you guys watching all these things explode, was that scary? Not for us. Thankfully, we didn't borrow any money and we don't lend out customer money. So we're funded by a VC, founders like VC. And we were very cash positive all through 2021. Month after month, it's bigger and bigger and bigger.

So we didn't really get exposed like that. I mean, I've never seen that stuff go down. I was like, this is pretty scary. Right. But even if you weren't exposed to the contagion, I just mean for market perception. Oh, yeah, yeah. Potential customers that could have been yours getting completely wiped out. Yeah.

Things like that. Or do you think that you were just sort of immune to it? We saw some of those things where you have a monster day for the exchange, and then people all get wiped out, and then you have nothing for two weeks. You can see that in every single chart on every single exchange. Yeah, and you're like, that's just tough, because you're like, damn, everybody's way out. You know what I mean?

Yeah. on every single exchange. Yeah, and you're like, that's just tough because you're like, damn, everybody's like way out. You know what I mean? Yeah, and I think there's a perception that a lot of people think that the exchanges want you to lose your money because they make money. Maybe they want you to lose your money slower. I don't know. They certainly want you to remain a customer and not get liquidated and never come back. Yeah.

Right? I mean, there's not an infinite amount of new traders, especially in a bear market, who are going to come in once they've lost their money. Yeah, I know. And you see customer support tickets ramp way up after a big drawdown. You know what I mean? Because everybody's pissed.

It's a terrible customer journey. You know what I mean? Their satisfaction is going to be terrible. Is that true? They literally want someone to blame, so they hit up customer service and say, you triggered my stop, a hundred tips above whatever it should have been. Yeah, which is tough, but I mean,

we have a good customer support team, so it's like, you can get through it, but you know. During the last bull run, did you guys have major customer service challenges with just onboarding? Yeah, yeah, I mean, thankfully, that's the one thing that I learned at Gemini that I was able to take through doing it a a couple times and the vendors have gotten much better

So you can sort of piece together like different AI web crawlers like different stuff that scan the photos so you can automate like You know over 95% of onboards, so it's pretty quick now You know what I mean, so you don't really have those huge build-ups like you used to because last year I mean I when I spoke with the time like Steve at Voyager and it was Catherine Coley, I think, at Binance US at the time. They were like, and even CZ, he said, there aren't enough customer support people in the world that I could hire right now to handle. Oh, yeah. We're talking about like April 2021. Oh, yeah.

And he was like, there's not enough people in the world that we could hire to make our customers happy. Yeah, yeah, yeah. Which is a human problem. That's interesting that you say there's enough AI that could basically handle a lot of that. Because there were waiting lists, like month, two months. We had that at Gemini in the first run up. And I remember it was all hands on deck. Every person was checking IDs.

Every person in the company. Because you're just trying to get people on the platform. But now I feel like once you learn how the vendors work and learn how to piece together, and you have the right people doing the development, it's pretty good, I think. So what do you think the biggest challenges moving forward for this space are? Do you think there's anything that can stop it? Definitely not. I think the one thing I want to see change, I was thinking about this today, is I would

love the credit card merchant codes to change I think that would be like like if anybody's watching from visa or an ass to be like that just please changing the 6051 code is makes it high risk like way more rejections like it just is not working for us you know I mean like I think that if we could figure out how to get that better you know it'll solve a lot of problems. That was an unexpected one. Yeah, I know. I was trying to think of a good way. Didn't see that coming at all.

Yeah, that's perfect. And as far as onboarding, do you think that right now it's really just regulation that's the biggest barrier? I was thinking about this too. I think when I want to order something from my house or something like that, I go on Amazon because there's my credit card there. And just one click and it's done. I don't even care if it's more cheaper or more expensive or whatever.

I just do it because it's easy. I don't even know if it's cheaper. Yeah. I don't even look. That's the price. If Amazon says that's the price. Yeah. But I don't have to type in 16 digits.

Perfect. I think if we can get more like the Apple Pay stuff on the exchanges and get that just one click, I think that'd be good. I would like to see like crypto exchanges pivot to be like more like full service banking type things. Like you pay your bills, you can do everything. So you get direct deposit in there and then you could like get yields, you could lend it out,

you could do whatever. And I think that would be, you know. I mean, that's the theoretical promise of DeFi, but I think we're so far. So far, yeah. From being able to do that. Yeah. Imagine having to do that, but like signing transactions in your MetaMask wallet and typing

in, you know, OX, blah, blah, blah, blah, blah, blah, blah. As much as we kind of want mainstream adoption right now, it's so evident that it's not usable unless you're crypto native. Yeah, yeah, yeah, yeah. But do you think that we can build tools eventually where it is as... I think so yeah i think now that like some stuff's starting to get into the mobile app i mean the mobile phones i think that we're gonna get closer and like i get the most excited for bear markets too because like

like remember every person i've talked to in exchange says that it's just true though because like all the cool stuff is you know it's coming soon you know what i mean like right before d5 summer you're like oh this, this was the bottom. I knew people that I respected that were older than me were like, I'm going back to whatever asset manager. I'm going back. I'm out. I'm done.

And then all of a sudden, DeFi summer just exploded, and you're like, whoa, there's some really cool stuff out there. I have to read all about this. I have to interact with it. I think we're almost at the precipice of that. So you're saying when our friends start quitting and giving up, it's time to buy everything? That's financial advice. That's why, yeah, internal market.

Those literally are the best bottom signals that there are. We're not quite seeing it yet. I am not seeing it yet. That's like once the guys you like respected that are like serious guys are like, I'm out, like, you know, back to Credit Suisse. You know what I mean? And you're like, OK, buy time. We're coming. Incidentally, I met two guys from Credit Suisse today who are trying to get into crypto.

Walking around with their name tag, Credit Suisse. So they're all here, right? I mean, listen, you've been through Gemini and you sort of described the journey. Did you think that in 2022 we'd be talking about BlackRock? Oh, yeah, I know. You know, Fidelity, Citadel. I know. They would all be here. I know.

It's so crazy because, like, the way you sort of see it from the exchange perspective is, like, I can't reveal too much, but, like, the way they do it is, like, the family office for... Oh, of course. Comes on first. Right here. And then you're like, oh, we're onboarding, like, this guy's family office. And, like, you know they're messing around with the platform, they're experimenting, and then, like, six months down the line, like like the huge institutions are in like where ken griffin was

yeah yeah yeah yeah yeah be like that idea looks familiar you know which which which makes perfect sense that they would sort of test it first but it sort of gives this interesting cognitive dissonance to me because we cheer the presence of them, but we were supposed to be. Yeah. And I also think everybody's like. Short the banks, right? Yeah. Oh, I know, I know, I know, I know. And everybody's like, oh, it's going to cram down the fees. It's going to cram down. And I'm like, I don't see them like legacy financial institutions have not had a great track record of like coming in and succeeding and beating out native crypto companies. I just don't really see it. So we'll see. Yeah, I don't think so either. I think you can hire as many people as you want, but they

just don't get it. So as a platform, as an exchange, is there a major competition for onboarding or being the first to get those institutional clients as well beyond retail? Or is the focus primarily on retail? I think we're more retail on our platform. Our OTC desk is a little more institutional, but definitely more retail. I think at first I was apprehensive to focus more on retail, but then I think it's actually sort of better. Because institutions really only want to trade

if it's 0% maker fees, and they're a pain in the ass about onboarding you. They're emailing you all the time. It's like, time suck, everything suck, and you don't really get that much revenue out of them. The second they don't have an advantage or a rebate They're gone. So retail is like a little more loyal and you can actually build a product that's like a little more rewarding. You know, they're not just like shopping, you know? So I don't know what 2024 spring, 2024, we're out of it. We're, you know, bull markets kicking off again. So I guess just weather the

storm. I'm thinking hopefully next summer. You're talking about weather the storm, but for you it's build as much as I can. Yeah, no, I think so, definitely. Before you become a customer service agent like everyone else trying to import all these new people. Yeah, because you actually get to work on the product versus you're just putting out fires when the bull market's raging. You're just trying to keep everything going. I'm curious. I haven't actually asked anyone at an exchange this. How much percentage-wise or even just increase are you seeing people utilizing mobile versus?

Yeah, so we focus more on our app, obviously, than the desktop version. So we probably see like 70-30 split. So I don't know if that's consistent with other ones. Yeah, I mean, it's hilarious thinking about everybody. I've done it just trading from your phone yeah I would only

trade spot from my phone I think yeah I know that like trading from your phone like that's scary enough dude I can't even I can say that

in probably I don't know the 10 years I've had an iPhone I maybe 1% of the time have successfully typed a sentence

without correcting a word for me so I would hate to be the fat finger guy on leverage who takes a oh yeah adds a zero for me so I would hate to be the fat finger guy on leverage who takes adds a zero to my contract

or types the wrong numbers do you actively trade I don't have time anymore so you did I did I liked it

I didn't know what I was doing I wasn't great at it I enjoyed it spoiler nobody's great at it

it's sports betted for forever that's great when you're watching a game because you're in it. But when you start discovering perpetuals, at any time of the day, I can get action. And that's pretty fun. But then you're like, this is just... I'm gambling 24-7.

And I can't stare at a computer screen 20 hours a day. I remember the first days of, before I was banned, but of online poker being available, sitting there playing four tables at 3 o'clock in the morning, like a degenerate in my 20s. And maybe that's bad. Maybe that's not that great. And that really is, though, how I think a lot of people treat crypto. Sometimes, like, if I'm in an airport and, like, have a layover

and it's, like, two hours away, all right, let's buckle up. Let's see what's going on. Do you still sports bet? Oh, yeah, yeah, yeah, definitely, yeah. That's pretty fun. Is there a place for crypto and sports betting? I think so.

I mean, I definitely... Have you ever done any of like, you know, crypto-based sports betting? Yeah, I did. It's just this sort of... Like I always test

every other product that's out there. So like I'll go on like those sites to buy some Bitcoin, do some bets, see what the user experience is like and see if there's anything

like we can bring over to like, you know, crypto stuff. I think the thing about sports betting is like for so many years we only saw the spread bets. We didn't see much variation and now we're starting to see different stuff. The points bet where you can get different things.

I think that should be a lesson in crypto. We've seen the spot trading, the very basic stuff. Now we can find some new products to make it a little more interesting, I think. Yeah. I'm not a huge sports bettor, but I love fantasy football. So I bet, I obviously bet on that. And the player props, I don't know if you've seen that, but now you, you know, it used to be, you choose your players, you choose your team. Now it's at a very granular level, granular level. How many yards will this, how many touchdowns will this, I mean, you can literally. What color will the Gatorade be? I mean, you can literally bet on

everything. Yeah. Oh yeah. I think people should have that freedom. I agree. Like, consenting adults should be able to do, like, what they want. Like, that's sort of, you know, what America was founded on, you know? Can you call up Gary Gensler? Yeah. I know. Cancel that one.

I know. Well, I look forward to seeing what you guys build in the future. It was a great conversation. Yeah. I really enjoyed it. So you'll have to come back and update us in a few months. Yeah. I will. Definitely.

Thanks so much. Thank you so much. Appreciate it. Appreciate it. Thanks. Thanks. Thanks. Thanks.

Thanks. Thanks. Thanks. Thanks. Thanks. Thanks. Thanks. Thanks.

Thanks. Thanks. Thanks. Thanks. Thanks. Thanks. Thanks. Thanks.