David Hoffman

So the four we've just listed, not securities.

Any payment stablecoin as defined by the Genius Act, which is our legislation.

He said every token is probably a stablecoin except Bitcoin.

Or sorry, is probably a security except for Bitcoin.

So now this doesn't mean all stable coins.

These are stable coins that aren't securities are those that fall under the Genius Act framework.

There could be some stable coins that are actually securities.

And SEC will figure that out on a case by case basis.

I'm not a huge, like, I don't think Ripple is going to the moon.

I'm not a huge, like, I wouldn't buy Ripple myself.

This has been a quest line, which is Ripple against the SEC.

And they've been almost a heat shield for the rest of crypto, kind of winning their case.

And this document clearly says XRP is a commodity.

Wait, so question.

What are securities then?

Oh, yes.

So those are the four categories of crypto assets that aren't securities.

The one that is are real world assets, are actual securities that we then and we take and we put on chain.

So if they are already securities and you tokenize them, those are securities.

That's right.