Brian Armstrong

And there was a little bit of a blow up last week.

For that current draft?

Yes.

Yes.

Well, there was too many giveaways to TradFi, if I can say that.

Our view is that there should be a level playing field for this is allowed, this is not allowed, and then all the US companies compete.

And banks didn't like that.

They were, in my view, like the commercial sides of these banks are very smart, and the CEOs get it, and they're talking to us about integrating crypto.

The bank lobbying groups and bank associations are out there trying to ban their competition.

And I have zero tolerance for that.

I think it's un-American.

It harms consumers.

And the banks need competition.

They need to innovate.

We also saw this from some of the securities broker lobbying groups, because tokenized equities are a big thing happening in crypto.

So there was three or four red line issues we saw in the draft text.

And as I was in DC that day meeting with members of the Senate, I asked them, OK, is there a path to fix this after it comes out of committee?

And they basically told me behind closed doors, if this comes out of committee with a bipartisan vote, we can't really help you on the full Senate floor.

And so I felt like I had to stand up and say something defending our customers' rights.

I was careful not to opine on what the Senate should do in terms of a markup or not, and I was careful not to say anything.