Andrew Ross Sorkin

That's what happened.

I mean, let's just call a spade a spade.

This was a demonstrable effort by the crypto world to say, look, if we can get on this guy's good side, he will get on our good side.

And it's as transactional as anything else.

That's putting aside, that's even before you get to the issues around his family and getting involved in crypto and all of those things.

Interestingly, you know, I had a conversation with Eric Trump, this is a couple of weeks ago, I think about this.

One of the reasons that they got engaged in crypto or were interested in crypto beyond the moneymaking opportunity was because they thought, and they were probably not wrong, that they were being, quote unquote, debanked, if you will, after the.

election in 2020 and January 6th.

Now, I would argue they were being debanked because the banking system has rules and regulations about customers, and they were looking at what happened after January 6th and all the investigations and trials and everything else going on and said, maybe we're not supposed to do business with this individual in this moment.

But as a result of that, they then go hard on crypto because that was where they could effectively bank their money.

So there's a whole move afoot in the Genius Act effectively to allow crypto, venture capital investments, private equity investments, what's now called private credit investments, to go inside of your 401k plan.

and your retirement plan.

It's effectively going to give everybody access to invest in this whole world that's historically lived in the shadows.

And by the way, this world will partially still live in the shadows insofar as if you're not a publicly traded company, you don't have to disclose your numbers every quarter or every year.

And that's when I would argue to you the charlatans and the frauds emerge.

In those worlds, the valuations are effectively made up.

If you know about the venture capital world, basically a bunch of investors decide, okay, this is what it's worth today.

And they'll just tell you, this is what it's worth today.

But there's no independent auditor that's going to tell you that.

But if there are $12 trillion potentially of retirement funds that could ultimately get touched by this, it gets a lot more complicated.