David

And I think that's super exciting.

And maybe the second thing, which is maybe a bit less talked about, is that in 2025, crypto's institutional bid got caught in DATs, ETFs and actually crypto equities.

Right.

Look at Galaxy, Circle, BullX, Robinhood, Coinbase.

And maybe one of the questions to ask is, why is that?

And I believe a major reason is just because we've had this market full of lemons problem.

And without the proper token rights, without the proper reporting, institutions are just better off buying equities instead.

So if we are in a world where a lot of that capital finds its way to alts instead, I don't think we'll have an alt season, but we'll have a number of individual high quality assets that perform incredibly well this year.

I think definitely the latter.

The market knows this needs to happen and it will happen.

There's also many credible attempts at this so far, right?

Or even successes, you could call it, right?

I think Morpho's token is a great case study.

I encourage everyone to check out how that works.

MetaDAO doing a great job.

ERCS is an interesting standard.

Yeah, there's just a number of people working on this problem.

And I would be shocked if we didn't solve it by this year.

Again, pending, obviously, there is regulatory clarity that's needed to do so.

But other than that, we'll have it.