Unstoppable: The Digital Assets Train Has Left the Station

Financial market and policy for Sun University and senior adviser here at the open institute. Digital asset markets are undergoing a significant transition What was once a hobby, or crypto enthusiast is now a diverse ecosystem that includes trillions of dollars of investments by sophisticated firms. Our panel of experts represent the sophistication and diversity of digital asset market participants. They are the architects building our financial future. But before we explore the future, let's start about let's start with how are we and how do we get your And by we, I mean, of our speakers individually as well as the collective we as market participants in a multi trillion dollar industry. Now all of our speakers come from traditional finance backgrounds and free of them, I had two overarching questions. How did you become interested in digital assets? And from your perspective, what have been the major changes that you've seen in the digital asset markets in the past? Five to ten years? Brett, let's start with you. Coinbase has been part of the evolution of digital asset markets from the beginning. And what began as primarily a retail crypto trading platform has evolved into a diversified digital assets financial services firm, You're titled, co CEO of Coinbase Institutional, speaks to that evolution. So tell us your story and give us a coin based perspective on digital asset market comment. What a warm intro. Thank you so much. So I was at trying to find this is really loud. JPMorgan for my first ten years, Barclays for my next seventeen years. And so I learned a lot during the financial crisis. In fact, was managing the mobile businesses, especially all the businesses that are in in markets across went through the financial crisis in 2008 and still spent many years putting Barclays back together again. We have the new regulation I spent my career always on the forefront of derivatives and structured products. And always the new thing. Opening up new asset classes that institutions. When when QueenBay's knocking, truth be known as actually the president. The evening. I had looked at crypto and dismissed it as not ready yet. And Brian as I heard you said, Brian, I said, well, I think he's taking whatever vision I have of innovation in the future, and he supersized it. And it came with a commitment from him to actually fill with things from scratch. He started six years ago, Today, my job's evolved into three things. Around four stages, So we have a US exchange, a futures exchange, here that actually trades twenty four seven. And exchanging from Utah that trace something called perps, which also involves the to know what that is. And an options exchange. Is placed in Dubai. So those those are all the places, the marketplaces. The next thing is the prime business. It's just like you know. It's a prime brokerage business, so you can sell, store, state, finance, You can trade our complete set of products. And we can get margin efficiency, capital efficiency. And then the last platform is a small but hopefully growing asset management business. To get to where we are today, I used all the lessons learned from the financial crisis at building the properly. And so I was really about the slowest course in the race in the first couple years. Because all I have is custody. And then I incrementally added things. If you all remember, we do that public, and we see that the main suite here where we were all the rage. There were other firms that were throwing clogged stuff quite quickly, and I couldn't figure out how they were doing it. And when we found out how they were doing it later, unfortunately, burnt a lot of camel. So I kept building slowly, and building under a regulated umbrella. And so having spent my whole career bringing regulated to into this world, I built things in the proper ways. We're all set to and all regulated. And we are in the trust of our long and test best client, which is Grace Gilson right next to me. And now we're we're, you we're lucky to have 90% market share in your CTF business. We've got five of top 20 banks enrolled on our platform So it's come a really long way. The last thing I'll say is that the the catalyst that brings us to this moment that probably got to the title of the you know, the second wave or the transplantation. Is actually the implementation of the GQ side. So when the Genius Act was approved, then soon we'll have an architecture bill. That was the moment that the big banks, management institutions, payment providers, all the businesses that do accommodation of retail and corporate payments, recognized that this is the this is the moment. Jamie even said, oh, I've always been blockchain on Bitcoin, but this is the moment. Radically changed. And so that's the moment that the second rate of my institution business is growing. By using all those things that you built while while that's mistaken and custody, providing it to you all to them in terms of share that to your clients. Sorry. That's the one you show. Oh, that that that's perfect. Thanks, Frank. So let me let me turn to Tom Lee. Tom, you're a well known macro strategist. You'll be thirty years of experience in macro And last year, you were appointed chairman of BitMine Immersion Technologies. So what led you to this opportunity, and how has evolved along with visual assets? Thank you, Mike. I did many of you may know me as head of research founder, of MacroScratching firm. Prior to that, was chief strategist And for most of the last ten years, since 2017, our work in crypto has focused on Bitcoin as digital goal. As a store of value And our work show that over 90% of the price of Bitcoin can just be explained by the number of wallets. And activity per wallet. Last year, we noticed a change in the digital asset market, this is the Genius Act, but it really was the the proliferation stable. And so And so for us, that was the chat GPT moment. For digital assets. We did a state point where really sort of the front steer a transformation of the mental And that led us to become quite bullish in the period. So in June, I partnered up with Mosaics, and to do a transformation of a company called And the goal was to accumulate Ethereum because we thought that this was gonna be really the settlement layer for the future financial talked about the 20 was under a thousand, similar exponential upside period here. And that's when we created TidMine, today now is the largest folder of Aperia in the world, which over 5,000,000 each which is roughly 4.3% of the total number supplied. And our staking revenue, we actually stake about 80% of it, generates close to $300,000,000 a year to date. So just about a million dollars per day. Wow. That's great. John, we come to you. John Perdue is the president and CEO of Calendly Investments. You're a global diversified investment firm and offering an array of strategies and traditional asset markets like equity fixed income, even in pioneer in convertibles and alternatives, How did you find your way to digital assets? And and for traditional asset managers, how important are your budgets Well, I really use this one. Think one was very I'll tell you. Why. One of the reasons that I was vacationing Actually in all of my family, 2015. And those of you that remember during that time, Greece, Italy, Portugal were having some economic issues. And they had installed capital controls. While we were there. What does that mean? It means that at at that time, it didn't matter how many You're only allowed to take $60.60 euros a day. And in some countries like Cypress, were actually taking a lot of How could this happen? In it's not a third world country? And these capital controls for a good part of four to five years. So when banks can control your money, when you try to close a piece of property or anything, look at the vacant system having one run. It's very anti So when Bitcoin came around, and you're able to control your acid. $24.07, unlike the Swift system if you're trying to close on something. It's probably up to Good month. The bank's gonna keep your interest over the weekend. Right? And then try doing it after hours. So it was incredible type of product with incredible technology. That was something that was, to me, very easy to buy into. And then afterwards, you hear about people getting debanked. And people with a help. And so even more that is something that we need to get involved this product. Because I really believe that this would be something that everybody at some point is is gonna have. And sure enough, become mainstream. Yeah. Thanks for sharing that story. So Peter we come to you. You're the CEO of Grayscale. A leading digital asset management company, probably best known for leading the way on crypto spot, exchange traded funds, Literally, to sue the Securities and Exchange Commission. To allow offering exchange traded funds in the last administration. So what's your personal story about how you came to the digital asset markets and in the past few years, we've seen a rise in new platforms, protocols and technologies. Give us the size of this sense of the size and scale of the opportunity that's thrown out of those digital assets. Yeah. Well, first of all, my thank you for having me Came from additional clients into digital assets. In my case, the short deal is what's about So my broker has been, you know, twenty years constantly well. Years It was a goal for a grayscale, and it was very clear to me that due to the last grayscale, the next wave of growth. That's essentially what we do as a kind of strategy. I wanted to be part of it, and I joined Rate Scale for me to was a no brainer. Brayscale was the largest. Criminator us in no is largest. In the asset class. In a business where clients buy over the So I joined about a couple years ago. And I'll also say, Mike, that was kind of the unleashed answer to your question, listening to jump on the whole breeze. I'd also say, for personal reasons, if I were to go backwards, I grew up in Brazil, My early version was Brazil. And I remember going to the supermarket early in the morning because groceries were cheaper than in the afternoon. With higher inflation. I also remember being my first year out of college and having my asset whatever saying is I had one year out of college, confiscated by the government. Together with the rest of the population. So currency debasement for me is my concept. Is a memory. And I feel I feel very thankful to be working on us. Today. The Amos broke down Challenges and bad acts that I experienced myself firsthand. And that's why all of us at Grace Day wake up in the morning. Yeah. Thanks for sharing your score too. So if you're a captain later, they come to you. You're you're currently the CEO of Data Markets, a stable coin company. You were previously the president and COO of Uniswaps, a leading decentralized finance or a d five approach So tell us about your journey. What first led you to digital assets or the DeFi space, and Yeah. So I also I'm taking the change in during the crisis. Or accessible. And I have a big brand In the hobby of mine. Spent it as well. That'd my interest. I built different fintech businesses in Atlanta. They're all in the direction of trying to have cheaper, faster, and more accessible So wealth management business, trying to change the user interface to help you make better decisions, investing decisions, data. And really felt like This is how to change the whales. So in 2021, I joined the 10 people for a tremendous product where I fit. Today, as digital assets are expanding into other asset losses, that market structure is making much more broadly applicable. And in last summer, when the Gigassac passed, I decided to leave you as well and start my intermediate markets. I I agree with what's been discussed in the importance of sales points. This is a platform shift that start with payments and stable plans. We do have an we are now moving through regulatory update. But there are some important product changes and also also, like, market structure changes that have to happen. Have the customized transparency, privacy. More competitive. Rails. And that's a fundamental building block that's necessary for flowers necessary. Yeah. So thank you very happy. So you started to start moving into a way to move away from the past and so a little bit of the future. That's what I wanna go through next. So where are we going? So let's talk about the future of digital assets and and I'd like each of you to look into your crystal balls and and tell us what you think the future looks like for digital asset markets overall and what success will look like for your firms in the next three to five years? Happy to go ahead and just start with you. So what do you think the future holds for stablecoins? And how where does native markets fit in that future? So I don't think the future is as certain as, like, post delight day that's suggest. I do think that it depends on people building, and it depends on the company that choose to collaborate to bring all these products to market. So for example, four digit digital assets to realize the potential people are so excited about, like I said, 50 I think it means free transaction, free agreement for the the two biggest players to do don't offer that. It means that we can deal with bill between a bank and a brokerage account, onto a blockchain, So I think those coming. But they weren't certain. Yes. What is almost certainly out of it now is it should twenty four seven and other market infrastructure. I think we'll start to see that But as you're selling said, account some of the excitement is dependent on a lot of building and also also frankly like kind of collaboration to come to life. Yeah. Thanks. So, Tom, I'll come back to you. You're a longtime research expert. Your success been driven by how you interpret data and statistics. So give us some numbers that you think are helpful in predicting the future of digital asset markets. What are some the emerging trends you're seeing? And how do you see BitMine capitalizing on these trends? I do think digital assets are really one of the most of what looks like to be an AI world. You know, Elon Musk recently said future currencies will be based on mass and compute And what it means by that is that what's truly scarce in the future is gonna be silicon compute and then the power to operate them Digital assets can only serve as that sudden layer. Because it turns both of those things into software that can then be used in real real world transactions. Imagine trying to turn gold into king, for instance. I think the insight of what's gonna happen happened already in the For instance, in the mobile industry, when I started covering that industry in the early nineties, the biggest companies in media and telecom were AT and T, which was and they were cable as businesses and wireless was the start up that most people thought it never survived and actually came bankrupt. Today, wireless companies are bigger than the combined size of local left knee mediated. In financial services, I can just see 50,000,000,000 a year Last year, Cain Street, is a trading firm, which is moving the value of assets around for $40,000,000,000. Dollars And Tether, which is a financial institution in the world with about 100. Employees. MidMind wants to enable this transformation on financial infrastructure. I will be hearing immediately is the the settlement layer there. Is compute and agentic activity AI agents necessarily gonna wanna use ACH. You know, they carry private wallets. Do micro payments with the size of payments smaller in these 16 digits, Documents wanna collect tax payments, and we wanna have composability and do incentivize identity to verify these transactions. And again, that's why you need smart identity contracts. So it's across we think Bitcoin will enable working with the DeFi community to help enable both financial transactions and That's great. Peter talked about how Grayscale led the way for CriticalSpot. ETFs. Where do you see digital asset markets headed? What's the next frontier in digital asset market? For Grayscale? And what's the next major innovations in your mind? Yeah. Thank you, Mike. It's the basically a lot of the development of ATFs, with ATFs. But it goes beyond that. So the company has record of thirty years in the space. And for every year of our existence, we launched first market. Starting with the first publicly print and being quite fun. The first publicly created the tuning fund, the first CTR that states, and so on. So we're gonna build on that DNA innovation forward. I obviously, for 2026, we have three priorities. Number one is applying for plenty more interesting talent to technologies out there and offering that to their to our clients and for people. Medical property The number two is tokens. And have different needs around locations across these tokens. And then the third design group management the black stone of digital assets has not really been yet. And we see that there's a normal amount of over taking for alpha creation in these glasses relative to the same other captives today. Our clients are asking for us to get it in the out of the business, so we're very focused on this So thanks. So, John, as I mentioned in the beginning, Alamos already offers a broad way of a way of across a number of asset classes, So for investment firms like yours, what what is the future of digital assets and what like? What products, mutual funds, ETFs, funds, general funds, etcetera, are most suitable for investments in digital assets? First of all, I think that digital assets, let me be more specific to Bitcoin because that's what we'll do in play in. It's unstoppable. Because I'm able to of of the panel But it really is. If you look at what's happening here, it the US government using Bitcoin through partnered strategic reserve. Right? You see stated points now getting it back to more regulations. Then you look at the ETF. Market in which so the processor might have been in size. Which is actually nothing compared to where this is going. If you look at the assets that asset managers control, for retail The number is as long as you can is $46,000,000,000,000. And you know how much they recommend to their to their clients? Point zero zero eight Nothing. Because they can't, because it combines twelve eleven, because it's way too volatile right now. So it counters what we found is we've been able to create products in Bitcoin with a 100% protect on the downside. 90% protective, and 80% protective. Why did we do that? Because people now are skewed of volatility. They can't order their portfolios. They Advisors won't advise for people who get it. But we looked at a portfolio and say, hey. If you buy a 100%, it's at the volatility is, the money market or cash. Or even triple a corporates. You can put some in your portfolio. A lot more potential upside. If you have cap rates, When we launched a year ago, those were around 11 and half percent. Cannot get in in a in a in a in a money market. Then we launched 90%. Protected. There's some volatility. It's similar to commodities. Or gold. And if you look at the record, our cap rate will be twenties. Upside percentage Gold has not returned that. Over the course of the last twelve. Years. The big part is not a lot more than that. And then if you look at 80% protection, which we did, The volatility is to look at two equities. Which are gonna be part of most most So you look at that and the upside will be launched. A year ago from that anti cap rate. Was in in mid forties. So and I'll tell him percent. So you have a lot more offset with the S and P in the last ten years. Returns just under time to go. 10%. Upside is much higher. The volatility is to say transition people who can't go more on just Bitcoin. Into the space by mines and the life here. Now how big is the space gonna be? We haven't even talked about the transfer of You know? And if you look at the generational transfer of people like them baby boomers, We hold less than 5% of the label closer to 20 to 25%. Right? And then the date of the millennials hold between 25 to 35%. They're much more adaptive to buying Bitcoin. So when you have the numbers, perhaps, a little bit $20,000,000,000,000 or transfer of wealth in the next twenty years into the hands of people that want to good. That wanted the most about the portfolios. So it's gonna be a huge spot up. It's gonna be huge. This food and stuff. Wow. It's a good statistics and and really need innovation you guys are doing there. So for the record, I'm Gen X, not not not Brett, let me come to you. So point based, I mean, you guys sit right at the center of the digital asset market. You ecosystem. You interact with virtually every market participant. What are you most excited about in the next three, five years, and and what projects do they expect point based in your future? So the best answer to that question of what the future will rank is good for Elon Musk and Brian on the front. The real vision here. I'd rather answer the question like this. Which is to take in stock of what the present of the year and now of what's actually already happened. So just the things that, like, pop in my mind because they're always been creep up having thoughts about what's gonna come? I'd rather just like to land it with you in terms of what's actually happening. Right? So what's actually happening is We talked about this thematic of of democratization of this. Okay. So we bought one. So I know so. We did the tokenization of their of their of their credit card. K? It's actually funding this week. We announced in December. What that allows them to do is take a token, which represents money invested in the mobile credit fund, which has trophy assets, which are not accessible to rest the world except for the loan. Fund, and they're gonna have an opportunity to actually open that investment up at first for those in the in the that's activities. Alright? That's Another thing that's already happened most people like, registered. Is that not just getting any headlines that come out of the corporate office at JPMorgan. There are incredible firmness to And so one of those things is that j JPMG your deposit, the structure is the dollar in the JPMorgan account. Actually put that on public. Not a private one, controlled by your actually transfer JP Morgan deposits Okay? So what's important about this is a couple things. The crypto infrastructure balance can transfer 1¢ in one second anywhere in the world. So just think about the world we live in now. We already talked about capital controls. We have all sorts of But and I won't go through the whole what exists today. In terms of how long it takes for a period to get from x to y But in in today's world, right now, we're having to facilitate things like the purchase of crude oil. That can transfer across orders instantaneously enabled by stable roof. That already happened. Right? Noticed that already happened yet in June. Was that we had an instrument. So It happened in non good value. Sought some of the debt. We put in our church and portfolio, we custody the asset, And very interestingly, Again, Jason ordered to In this case, select the Salana. K? Nonoperated by JPMorgan. And to settle the we use the stable coin. She used the the So I'm trying to help you put together the world that you see around because Nire is fake. They put telling you it's happened. Happening right So you even look that far into a physical wall to actually appreciate how quickly you're old to eat or stuff. Last example. In the top five payment providers who will K? And you probably would guess I don't wanna leave you to guess. But not exact forefront of technology. Right? The firm's decided that their entire payment system pooling biggest top 20 banks in the world that facilitates payments. Is gonna more quickly adopt blockchain technology to facilitate those payments, and we're a cheaper corporate client and their mutual funds and and make life do its fast, easy, efficient, and keep their business. Continue banking. This is in the process of happening. So you don't really need to look very far in this world to to understand that the ground underneath your feet. Is changing. That's changing really fast. So this is the year, this year, that finally I've been talking about payments since I joined previous six years ago. Like, that would actually have the infrastructure. I told you we're externalizing that, and Amazon would AWS offered their services. It's in the same. And this is the moment. This is the year that so many of your businesses are gonna start seeing giant changes in your revenue mix your ability to retain clients because those that adopt this technology first for the core businesses are gonna be the long term Thanks, Brad. So stick with you for a second. So your your first answer, you you said herbs. Everybody needs to know what those are. I assume you don't need perpetrators like in the law She's talking about professional futures. Could you spend a moment on what professional futures are and why you think that's so Okay. First one, I just don't understand. I say that anyway. Okay. Purpose is a different meaning. Okay. Purpose is anyone has undertreated futures dated features, all of you have, What happens? You have a whole day. K? You have a mold day that comes up and it's on whatever, the March 15. And at that point, you have a a new price. You need to roll into your country. Okay? So the funding rate, okay, is the cost of money, the cost of of keeping that capital, you have this effect. Okay? There's, like, this weird stuff that happens in the market. The price of future changes, and there's an embedded friction cost to keeping your future paid. Trade off. So what Okay. What happens to the interest rates and level availability, all that stuff you have this cost of keeping a long or short future The biggest innovation that came from crypto came in the form of a perpetual fusion. What that means is you have a perpetual contract that doesn't end so long as you have whatever initial you put up for. So the arm roll will Okay? So this this contract, if you're not excited, you should be. If you're a drill, if you're you should This is the single most accurate drill if there is. Crescent. Factory. It trades up, like, a 100 times what what you know, the volumes are. And so spot. These launch potential features out of Chicago trade Curse are now gonna come to the traditional capital markets. It'll be the it is the preferred tool. Of anyone that is a or a derivative trader or a dentist we're talking about. This is the tool that we will want to adapt and actually run risk whether you're hedging, you're going long, you're doing it. And that that's well. So you if you have a bunch of capital sitting on different K? So in the point of case, what we're doing is in one place, you can act access stability by spot or options. Or now curse. So you know exactly when you're gonna get put in a I can see a long and a short and a net age k? Crypto, to this point, is enormous and capital inefficient. Have to prescribe your trade, and there's a big cost for cash, and of actually deploying the strategy. So perks make makes gives you the ability to tailor up that I love that we've got your leverage with different contracts. And it gives you the ability to sort of know what your funding rate is, how do you go into, like, contract. So it's it's a little bit of a dirty thing. I'll just tell you the purse is gonna be the thing. It will be the thing that all of you will treat them most in a few years. We'll or just found a fly Openizing. Real world assets as people in It's really just his burritos will get away. Yeah. So if you do all, like, painting a a very bright feature, for digital assets overall. But, you know, you all would be in the transition from Trad to digital asset markets. There's some still in the community that the fast track community that don't see things the same way, and even within the crypto community, there's all kinds of multiple factions that don't even agree on what what what E5 means. So so what I ask is, right, how do we get to this future that you all are talking about? So in an ideal world, how do you see Travis High crypto interacting? And how can these worlds affect how they converge? Tom, let me confirm first. Well, one of the egos of crypto is law. Because the idea is you're turning assets and money into soft into code, into contracts that settle, This is very easy for intelligent qualified people who securely manage this information and trade asset value. But the problem with that, of course, is that Kirk is a fair instrument. Meaning somebody who loses their pride of teas will lose their money. And there's many famous cases of that. In fact, in on the Bitcoin blockchain, yes, miss, as much as 20% of the Bitcoin in that even complete death. Because if someone dies, and no one has access to the piece, that bitcoin is big exploits happen, and there's already been two very large ones recently. One was the drift protocol, and that was $200,000,000. And then one recently was the help out the traded by industry has done a very good job of working That's why crypto solves a lot of problems, but it really needs to be bad John. Both of you are perspective on this. Well, like everything else, it's evolving. Right? I mean, if we go back to the history, what's really unique about CRISPR, most in the past have started institutional market And then we've got into retail. Whereas for the most part, started in retail. And then it's going into institutional. And now you have people that are faintly talking to Robert and anywhere else or It's not I mean, am good for It's how much good works you buy. And that's the fact that's happening right now. Those are the conversations she does with her, Those are the conversations that I'm having. Now to what Thomas talked about, like everything else it involves, and there were definitely at the beginning it was top three. Putting crypto Bitcoin in your wallet and losing it and everything else and and doing it and it was amongst steps, it's become a lot easier. You know, you guys at the other side were the leaders in in doing that. But now it's become a doctor. Fidelity came in. And made it, you know, a little I know how much easier, but there are also in the mouth. Schwab is about that. Okay? Where they got a good point too. And so like everybody else who's second third to the bank, it's gonna become a lot easier and adapted a lot quicker. And and A lot less Bitcoin to get lost. That's gonna evolve. It's evolving for our our eyes. And it's gonna be a lot smoother tomorrow than it is. Yeah. Right. I think the best example of going to totally front right here answer right Mhmm. We'll talk about your business. So the best example of the old world and the new world come together is actually Peter's business. Business. And so he used to pick it up and say it to the same time. Okay? So we're have you for the ETF to come to work. K? So all of you now, the dealership discussed, has been solved because all you have to do is go on any one of your private gold platforms and and just press the button and subscribe to the ETF. You do that, the gray scale ETF. Okay? So you you you could bring the grayscale ETF instead of Promise solved. Yeah. So in in that moment, we have is actually have t plus one. It's experience where you've got some cash in your brokerage account. You subscribe to a fund that sells money. What's going on in the background? Is that at that moment that Peter gets subscription to Grayscale ETF, or it's eBTF. After in the market immediately. They're buying and they're what they need to bring, that moment. Real time, instant settlement, canceling based custody. You don't have to worry about your and that all your state buying your bills, all that stuff is solvable. For. Okay? So you don't have if you subscribe to your computer's product. Don't have to deal with anything. Stuff. It's the same thing. It's the same experience as buying stuff. So that's the best current example number. Was it successful or not? I know. Did anyone know the answer? The ETF launch was the most successful Bitcoin ETF launch. Most successful launch of all time ever. Okay? Ever. Individually for black, individually, like, all of them do. Fastest growing product that we debated about whether retail or not. I think the the proof is in the pudding. It's it's right in front of So that's example one. Example two is you know, all the world, the world. I remember I said before about stabilizers and pants. So the most active payment platforms in the world either those existing payments, PSDs, or called. Or maybe really big retail firms that do enormous amount of retail activity. Are going to be made shifting and not having a problem where you can say can actually execute it. Yeah. No. It's actually crystal or watching behind it. That's the cool part. So if you're people doing a really, really good job, and it's happened, it's the process happening now, can actually deal with instantly buying the thing. Or instantly sell, yes, money, instantly message your front and have money transfer orders. Is happening right now. So it's a great example for, like, the existing home we live in. Be sure to come in, and now you're, like, an amazing experience where you have to worry about about. All the things we discussed before. So is it just from our computer also? I told you. You're fine. And I have it too. So No. Peter, go ahead. I would say this topic was an option because Governmental option is to pull this access to the education. Access has, for many years, been a real problem. In this process. Their interface is clunky, Now that problem has a margin of resolved now with the ETFs that Brad was talking about. The current focus is at least for us, a great scale education. So over the last two years, for instance, we've done roadshows throughout The US. We have hundreds and hundreds of advisors are we now understand what is acinglés as a la mano, how do we incorporate how we cooperate analytics on how much is accretive to a citizen. A lot things. And that is the type of work that we're It's work takes a long time. But it's the type of work that moves to the level Next. Mary Catherine? I The last thing I did did was up for a lot of partners on the Mycroft, whether you're saying So I think that there's quickly into me. So, Bert, for our last round of questions, the one I asked is about artificial intelligence. And for each of you, what challenges and opportunities does AI per se in the digital asset marketing? I'm just Look. I think we're using AI Ariaska And I think even AI is used my name, the quick, to ways to distribute And and there was AI is gonna be integrated. Everybody has It's just the beginning. You know, I I think AI course, is big product to be story. I mean, I think that's a theme journal in it's AI is probably adding at the each year years. Which is AI that if now making it harder to prove what human work is. So as you know, thoughts are now the largest source of traffic on the Internet. They're a large carrier of largest source of They're the largest They're largest source of traffic on over prediction markets, which are 80% of trading. And the Largely non human system. And so I think that one of the things that blockchain will solve is proving a at some point that she of to is part of that transaction, whether it's proof of human proof of identity, I believe Zoom is gonna be doing it with system might roll out of world plaintiffs of Idrin And that means is not a North Carolina engineer. That's about to have you. For, you know, Instagramers, you know, following is not, you know, like, 800 pounds. And so I think it's important to really protect and make human endeavors do more knowledge. Crosswalks and bicycles and the couching things. Yeah. And we do want the robust tax. Social AI and on-chain markets, there's losses. Products. I think it'll change execution and then the way that with your corporate treasurer or retail investor, I also think with each agenda payments get a lot of buzz. They really taken off yet, because the large language model stack and the stable point stack have it really merged, but I think that will happen in the next month, and we'll My view is that It's a match in common. Think you can escort a few years we're gonna see on the asset side, most assets globalized, We're gonna see assets that not everybody can invest in. Today. Tokenized and available for anyone to invest. And we have the scenes that time investable today become investment compensation as well. On the other side, we're gonna see for employees that are generic today model. Ford is risk based portfolios, we can offer twice a month. AI is gonna be able to read for you, Mike. and it caters to your risk profile, your needs, your goals and objectives. And I don't know if anyone else is gonna follow. And the the the briefing between these two things will be better short step round the bridge. We own the next next generation asset management business. Right. Okay. So three examples. This one happened last week. And, actually, his viewing. So I did one of these things. Came off stage, and I had a sort of a very high profile person, which happens quite a lot. Like, you know, x y z, not interested, you help me? So I said, alright. That's fine. You're in my high net worth team, so I called ECO in Miami, I said, ECO, I've got this great referral. It's coming to you. It's really important person. I want you to handle it. Seems like he's kinda motivated to do something. Later. Okay? So I hand it over to Nego. Do the intro, send it off to all my guys. It's Saturday. So he's like, I got it for it. I do this all the time. He's like, did the account opening. He just a short call, and then it gets a know, promptings. Exactly how this custody were, and we're putting private and that it he's going. He's going. He's going. He's going. Five eight evening. So he's been at it all day. He doesn't put anything. I'm like, I'm like, there's no there's no answer to the end of this question. And I said, we kept going and going. It's like 10:00 at night. I said, yeah. I've never seen any diapers get before. Said, I was taking my And his clubhouse was conducting his diligence, and my guy was talking to a bot all day long, sweating bullets, answering questions, copying the right legal answer for all the things and the documents. I pick to this thing. All of sudden, not like, we're trying to reply AI to find service elsewhere, I'm, like, on the receiving end of this thing. So AI is happening faster than, again, and, you know, appreciate. Last thing I'll say is I would think the corporate answer AI is a lot of the base code. Can we done quite quickly and faster. You you double check for your vitals and So at the junior end for So Coinbase Advisor is in the process of being launched. And it'll be a customized AI that has, you know, certain limitations and everything. We'll begin to actually serve up recommendations. For not just, you know, how do I refresh my KYC, but you know, which of these strategies should I employ What's my risk limits? How do I think about it? You know, where am I in the risk So I'm so I'm excited for that. And my guess is not gonna take off. Like, you're like, it'll be the fastest thing to probably take off for us faster than maybe I can tune up with Great. This is an end to a fantastic Brett, Peter, Mary, Catherine, Tom, John, thank you so much.