Youngmi Moon

And because of this, it felt to me like a largely self-contained implosion.

And

This is why you see headlines about how many billions were lost, but you do not see headlines that highlight the nice retired couple down the street who lost their retirement savings.

So I like that.

Second, because these are the early days, the learnings from this fiasco are…

can shape the way the space evolves.

So just one example, even among crypto believers, this implosion has already significantly shifted the mindset toward regulation.

It has reinforced the role of transparency, consumer protections, having compliance protocols in place.

To date, it's been just a wild, wild west with so many grifters.

So it's kind of like a big caveat emptor to anyone who might have had FOMO about the place.

But on the other hand, you know, digital currencies, I believe, are here to stay.

And that includes CBDCs, stable coins, crypto.

These are here to stay.

And the health of the space is going to depend on how much robustness we can build into the system.

The one thing you said, Felix, that I agree with is to the extent that a regulatory regime does emerge out of this, it can't be a replica of the existing regulatory regime.

I completely agree with that.

And I even think that within the world of digital currencies, the way we think about central bank digital currencies is very different than the way we should think about stable coins, which is very different from the way that we should think about crypto.

So I agree with all of that.

To date, though, I think there has been an almost philosophical aversion to thinking about even the most minimal amount of oversight.

And I think this has shifted the mindset somewhat.