Sabrina Tavernisi

Got it. So that's part of the explanation, this kind of opening up of the mainstream economy to this pretty rarefied, kind of weird, formerly on the fringes financial instrument. But I also remember at that point, David, because you and I, of course, did an episode about this. I remember that the federal government and the regulators did not like that so much.

Got it. So that's part of the explanation, this kind of opening up of the mainstream economy to this pretty rarefied, kind of weird, formerly on the fringes financial instrument. But I also remember at that point, David, because you and I, of course, did an episode about this. I remember that the federal government and the regulators did not like that so much.

There was kind of a frenzy of concern among the federal government.

There was kind of a frenzy of concern among the federal government.

And just remind us, David, what was Gensler's kind of thrust here? What was he trying to do?

And just remind us, David, what was Gensler's kind of thrust here? What was he trying to do?

He was basically trying to make sure that crypto, which really is this pretty risky thing, that if it were to go belly up, it would not infect the broader economy.

He was basically trying to make sure that crypto, which really is this pretty risky thing, that if it were to go belly up, it would not infect the broader economy.

So, David, how did the crypto industry respond to that, to all of this that Gensler was doing?

So, David, how did the crypto industry respond to that, to all of this that Gensler was doing?

And this was new for the crypto industry? Yes.

And this was new for the crypto industry? Yes.

And was prosecuted and went to jail for it.

And was prosecuted and went to jail for it.

OK, so they dump all of this money into these congressional races, which, as you and I both know, is the oldest way and the most tried and true way of, you know, shaping political outcomes in the United States is putting money into politics.

OK, so they dump all of this money into these congressional races, which, as you and I both know, is the oldest way and the most tried and true way of, you know, shaping political outcomes in the United States is putting money into politics.

Okay, so they're at the big boy's table. What else do they do in this strategy to influence politics?

Okay, so they're at the big boy's table. What else do they do in this strategy to influence politics?

And David, tell me the deal with Trump and crypto, because my sense from reading your coverage and our colleagues' coverage is that he likes it, but I don't remember anything in his first term about crypto or his relationship with crypto. So tell me about Trump and crypto.

And David, tell me the deal with Trump and crypto, because my sense from reading your coverage and our colleagues' coverage is that he likes it, but I don't remember anything in his first term about crypto or his relationship with crypto. So tell me about Trump and crypto.