Anthony Pompliano

But that's a different world than maybe this more deterministic or rules-based algorithm.

So how do you see the agentic component of this playing out?

Now, when we see this playing out, I think in the traditional market, there was a lot of infrastructure improvements.

So people, you know, hey, can I put my servers closer to the exchange?

How do I get, you know, fiber optic cables?

Like all these things of millisecond competitive advantage became a huge piece of that.

Can the crypto industry just piggyback off of all of that infrastructure that was laid?

Or do we have to go build new infrastructure because the venues are different?

Maybe the servers aren't sitting in the same place that the New York Stock Exchange or NASDAQ servers are sitting.

And so there's kind of like a replay of all of that infrastructure build out that previously happened in the traditional market.

Let's talk about regulation, which I think is another area where we don't know.

Obviously, Clarity Act is something that everyone's kind of got their eyes on.

There's been a little bit of drama between Coinbase, the White House, some of the politicians that are involved with this.

How important do you think

the regulation is.

And I always kind of struggle with, on one hand, this entire industry was kind of built outside of the legacy system and has been very, very successful without the regulatory blessing.

On the other hand, I don't think anyone in the industry necessarily wants to be on the wrong side of the rules.

And so they've constantly said, hey, just tell us what the rules are and we'll play within them.

What's your view on the regulation and how important clarity actually is?

Yeah, it does feel like, you know, every time I've ever gone to Washington, D.C., everyone is incredibly nice.