Andrew Parish

would talk about having a position, but everybody knew that those weren't long-term hold positions.

On the day that they had to report, they had moved a position in or out because they were trading that position, right?

So those firms will still do what it is to get proximity and to make an extra basis point or two or three on that particular trade.

So yeah, speed will still matter.

How it's going to matter, I don't have the answer to that yet.

I'm not entirely sure.

Because the innovation associated with crypto overall and exchanges and the like is going to move so uniquely fast as it has that some of these answers we just don't know yet.

We just don't know.

uh in the short term i don't think clarity's at all really that important at all um i think we live in a an information vacuum especially in the world of crypto and let's call it crypto twitter um where everything and anything is is heightened in some way but we got the genius act and the genius act effectively um you know created appropriate rules around stable coins and yield

So the industry stablecoins yield, that's going to move forward as is, right?

The Clarity Act potentially was a negative if it would have passed, given some of the stuff that was inside of it.

There were a couple of poison pills inside of there from the Democratic side of the aisle.

You had the negative stuff about Trump and his family and being involved in crypto.

Republicans are never gonna agree to that stuff.

Certainly, even if both sides agreed to it and it was still in there, the president's just gonna veto it anyways.

So, we're talking about a little bit of political theater at the end of this thing, and, you know, everybody was focused on it for a bit.

It's gonna be a while until that thing comes back to the forefront.

So now we get back to innovation in the crypto space.

Now we get back to, okay, how is the current crypto systems, layer ones, layer twos,

Are the New York Stock Exchanges of the world, the NASDAQs of the world and the other tokenization efforts at banks and huge institutions, are they using that type of technology to build that out?