Andrew Ross Sorkin

You do need a little speculation in the system.

You don't want no speculation in the system.

And I only say that because if you think about the great technological advances of our time, the first people to invest in Tesla years ago, when it seemed like an absurd and crazy idea, effectively were speculating.

So I'm not...

here to say that speculation unto itself is a bad thing.

In fact, I would argue you need a little bit of it, but I think you need to do it in a way where it's not toxic.

And what was happening in the 20s is there was a toxicity to how this was all being run, which is to say that there were no rules, no guardrails.

And what's happening today is

is that we are taking the guardrails away.

So I think it's probably a good thing for the American public to have access and to be able to invest.

You just need to do it with transparency, without the leverage, without the manipulation efforts and the charlatans and the frauds that invariably emerge every single time we have one of these booms.

And I would say right now, you look at what's happening in crypto, and yes, there are frauds and charlatans everywhere.

You know,

There was this thing called a SPAC boom, a blank check boom, just a couple of years ago.

Everybody said, oh my goodness, I can get access to the lottery ticket early.

This is amazing.

And invariably, most of those investments went bad.

And so every time we have one of these sort of like innovative moments, if you will, I think you just need to really be super careful.

Okay, two-part, almost three-part question.

First of all, I would argue that Trump's flip on crypto was almost 100% related to the fact that the entire crypto community decided to effectively back his campaign and buy him.