David Friedberg

This is great work.

And it's really important because to your point, Gary Gensler's concept was, hey, there's an existing playbook.

There's existing rules.

Just follow those.

But none of these things actually match the existing rules perfectly.

So you need some new rules.

They need to evolve.

Yeah.

And I think Schumer- Well, it's also extraordinarily popular, Sachs, with consumers and businesses.

So that's one out of five Americans, adult Americans.

And as you said, bringing this onshore is such a great portion of it.

There are tons of actors who some people might describe as bad or gray or dark.

Tether comes to mind with a lot of regulation against it.

And now those folks who are running away with the industry, Thomas, now they have to compete with people like Jeremy Allaire and Circle, which are totally buttoned up here in the United States, and it levels the playing field.

So it's an example of actually good regulation bringing regulation

this opportunity back onshore and taking it out of the gray area.

Oh, they gave them three years to get compliance?

Yeah.

Yeah, I mean, you don't have to guess.

There have been dozens of actions and accusations, like legitimate ones, against Tether.