David Friedberg

New York's attorney general did a major settlement with him in 2021.

They've been banned from many jurisdictions and Senate hearings.

Well, and the issue was there was deep concerns that they didn't have the deposits, and now they're really trumpeting the fact that they're massively profitable, obviously.

So there's been tons of – you can just search Tether and allegations, and you'll find all that stuff.

We don't have to rehash it here.

Sachs, I got to give you a lot of credit.

We knew that you would bring an efficiency level and some expertise to this administration, but I got to give you your flowers.

We're five months into this administration.

You can disagree about many things.

One thing we can't disagree about is that this piece of legislation is here and we're only five months in.

So maybe you could speak to the velocity at which things are getting done and then any other closing thoughts.

I know you got to get back to your day job.

and prioritization of this issue so thank you to all of them for making this happen congratulations to you david hey uh one uh tactical question i forgot to ask you the float on these this is like how tether is making billions of dollars a year and this is how people anticipate they're going to make billions of dollars a year

Are they able to split that with consumers yet?

Because I remember reading in early legislation that you weren't allowed to pass on the interest made from a stable coin to the consumers, I guess.

So it couldn't be an interest-bearing account.

If you buy stable coins, you can't get interest on it.

But the issuer, like Circle, that's their main business model.

So did that make it into the final?

And maybe you can give us some background on that.