Jerald David is building finance's missing layer

Signature Bank and Silvergate wound down in March 2023. With them went Signet and SEN, the internal networks that let institutional digital asset firms move dollars between each other at any hour of any day. By Lynq's own accounting, the industry lost its only compliant way to settle transactions in real time. Markets kept trading around the clock. The money went back to banking hours.

"A few years ago, several providers that offered settlement services through banks exited the market. That created an opportunity," Jerald David told CEO.com. "We realized we could build a similar settlement platform outside of the traditional banking infrastructure by using a broker-dealer framework instead."

David is the CEO of Lynq, a real-time, interest-bearing settlement network formed as a joint venture between Arca Labs, Tassat, and tZERO. A tokenized Treasury fund is custodied at a special purpose broker-dealer facilitated by tZERO. U.S. Bank holds the cash. Avalanche runs the blockchain. The network went live on July 15, 2025, with 13 firms onboarded and more than 50 in the pipeline. In January, Crypto.com became the first exchange live on the network, and Aquanow, DV Chain, GSR, Nonco, and Wintermute posted the first collateral. By April, Lynq had more than 32 institutional clients.

"At its core, Lynq is a settlement system that allows trusted counterparties to transact in real time while also returning yield and interest to users who keep funds on the platform," David said. Customers started with digital asset trades. They now use the network to fund derivatives exchanges and finance trade.

The problem it solves is old. Banks keep hours and markets no longer do, which forces firms to prefund exchanges and park capital they cannot touch on weekends. "If it's midnight Eastern Time and you need to add collateral to a position, you can't simply send a bank wire because banks are closed," David said. "Distributed ledger technology solves that problem. It allows money to move continuously."

David has spent more than 20 years building market plumbing. He worked at NYMEX and CME during the shift from open outcry to electronic trading and helped create ClearPort, which moved over-the-counter trades into clearinghouses. He helped launch exchanges in the United Kingdom and Dubai, came into digital assets as COO of EverMarkets, an exchange built to trade commodities and digital assets on one platform, and then ran Arca Labs, where he oversaw the first '40 Act fund to issue its shares as digital asset securities. "Almost every company I've worked for has focused on building lasting financial infrastructure," he said.

Running a 24/7 network means living on its schedule. David starts before dawn, catching up on what happened overnight across Telegram, Signal, Slack, and email, then walks to an office he now regrets putting so close to his house. "You know you've got a problem when your dog walker starts dropping your dog off at the office in the afternoon," he said, "because that's where they know you'll be."

He has watched the industry's story change every few years. In 2017 everyone said blockchain. Then everyone said crypto. Then real-world assets. Now the public conversation belongs to AI, and David thinks the shift matters less than it appears. "Institutional adoption has continued throughout all of those cycles," he said. "From the beginning, large financial institutions understood the value of blockchain itself. The transparency, the security, the ability to transfer value efficiently. What they weren't necessarily interested in were speculative assets like meme coins." He expects the lull in attention to be temporary.

Asked for a plain explanation of tokenization, David used gold. An issuer buys and vaults the metal, then mints tokens representing ownership of it. The reserves are audited, publicly verifiable, and redeemable. "It's really similar to a digital warehouse receipt," he said. "Instead of owning a paper certificate, you own a blockchain token that represents a claim on a real-world asset."

He sees the same mechanics working in the dollar's favor. "Today, well over 99% of all stablecoins are denominated in U.S. dollars. That means people around the world are buying dollars in order to participate," he said. "So while people often ask whether digital assets threaten the dollar, they can also strengthen demand for it."

CEO.com ends every conversation with the same question. The chances one gives matter as much as the chances one takes, so who gave you a chance? David named three people: Rayne Steinberg of Arca, Glen Sussman of Tassat, and Alan Konevsky of tZERO, the chief executives of the firms that formed Lynq and trusted him to run it.

"They believed in the vision we shared and empowered me to build what we believe will become an important piece of financial infrastructure," he said. "I'm incredibly grateful for the confidence they placed in me."

00:00:00 Introduction and Guest Welcome
00:00:09 Overview of Link
00:01:34 State of Blockchain and Digital Assets
00:03:57 Market Structure and Regulation
00:05:07 Gerald's Background and Career Path
00:06:09 A Day in the Life of a CEO
00:07:33 Quantum Computing and Blockchain
00:08:41 Market Inefficiencies and Link's Solutions
00:13:17 Blockchain 101 and Tokenization Explained
00:18:06 Stable Tokens and Their Use Cases
00:22:46 Macro-Economic Perspective
00:24:00 The Importance of Stable Tokens for the US Dollar
00:24:16 The Importance of Giving Chances
00:25:08 Closing Remarks and Gratitude

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are<00:03:16.469> of<00:03:16.699> blockchain-delivered<00:03:16.929> solutions.<00:03:17.159> So<00:03:17.389> I<00:03:17.619> think<00:03:17.849> that<00:03:18.079> narrative<00:03:18.309> has<00:03:18.539> shifted<00:03:18.769> a<00:03:19.000> little<00:03:19.230> bit<00:03:19.460> and<00:03:19.690> I<00:03:19.920> think<00:03:20.150> that<00:03:20.380> you<00:03:20.610> know<00:03:20.840> with<00:03:21.070> some<00:03:21.300> of<00:03:21.530> the<00:03:21.760> changes

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happening<00:03:22.560> in<00:03:22.959> legislation<00:03:24.159> um<00:03:24.319> with<00:03:24.560> some<00:03:24.720> of<00:03:24.721> the<00:03:24.959> things<00:03:25.120> like<00:03:25.920> uh<00:03:26.239> uh<00:03:26.640> uh<00:03:26.959> lower<00:03:27.840> um<00:03:28.480> value<00:03:28.879> for<00:03:29.120> let's<00:03:29.360> say<00:03:29.599> Bitcoin<00:03:30.400> I

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think<00:03:30.640> that<00:03:30.879> the<00:03:31.040> imagination<00:03:31.680> of<00:03:31.920> let's<00:03:32.159> say<00:03:32.400> retail<00:03:32.799> or<00:03:33.040> some<00:03:33.120> of<00:03:33.200> the<00:03:33.360> other<00:03:33.519> market<00:03:33.840> participants<00:03:34.480> has<00:03:34.799> migrated<00:03:35.280> for<00:03:35.519> the<00:03:35.680> time<00:03:35.840> being.

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Um<00:03:36.560> but<00:03:36.799> I'm<00:03:37.040> pretty<00:03:37.280> comfortable<00:03:37.760> knowing<00:03:38.000> what<00:03:38.159> I<00:03:38.319> know<00:03:38.400> in<00:03:38.640> the<00:03:38.799> space<00:03:38.959> and<00:03:39.200> what<00:03:39.360> many<00:03:39.599> are<00:03:39.760> working<00:03:40.000> on<00:03:40.239> and<00:03:40.480> the<00:03:40.640> way<00:03:40.720> that<00:03:41.040> institutions<00:03:41.680> are<00:03:41.840> going<00:03:42.000> to<00:03:42.159> be<00:03:42.799> entering

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the<00:03:43.360> digital<00:03:43.680> asset<00:03:44.000> arena<00:03:44.400> on<00:03:44.560> a<00:03:44.799> real<00:03:44.959> short-term<00:03:45.519> basis.

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Um<00:03:46.239> but<00:03:46.480> that<00:03:46.959> that<00:03:47.120> that<00:03:47.360> waning<00:03:47.840> of<00:03:48.000> attention<00:03:48.480> is<00:03:48.879> really<00:03:49.200> really<00:03:49.519> short-lived.

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How<00:03:51.519> do<00:03:51.599> you<00:03:51.760> think<00:03:51.920> about<00:03:52.080> the<00:03:52.319> overall<00:03:52.640> like<00:03:52.959> market<00:03:53.360> structure,<00:03:54.080> the<00:03:54.400> regulation<00:03:54.879> that<00:03:55.120> exists<00:03:55.440> here<00:03:55.680> and<00:03:55.920> just<00:03:56.080> the<00:03:56.239> overall<00:03:56.640> risk?

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Yeah,<00:03:57.853> that's<00:03:58.027> really<00:03:58.200> it.<00:03:58.373> You<00:03:58.547> know,<00:03:58.720> I<00:03:58.893> I<00:03:59.067> I<00:03:59.240> I<00:03:59.413> think<00:03:59.587> that,<00:03:59.760> you<00:03:59.933> know,<00:04:00.107> what<00:04:00.280> we're<00:04:00.453> building<00:04:00.627> at<00:04:00.800> Link<00:04:00.973> really<00:04:01.147> is<00:04:01.320> a<00:04:01.493> piece<00:04:01.667> of<00:04:01.840> infrastructure.

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You<00:04:02.640> know,<00:04:02.799> we're<00:04:03.040> building<00:04:03.200> a<00:04:03.280> piece<00:04:03.439> of<00:04:03.519> infrastructure<00:04:04.000> that<00:04:04.239> works,<00:04:04.720> you<00:04:04.879> know,<00:04:05.040> for,<00:04:05.439> you<00:04:05.599> know,<00:04:06.319> folks<00:04:06.560> that<00:04:06.720> are<00:04:06.799> trading<00:04:07.120> digital<00:04:07.519> assets,<00:04:08.239> folks<00:04:08.480> that<00:04:08.640> are,

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you<00:04:09.040> know,<00:04:09.200> kind<00:04:09.360> of<00:04:09.599> moving<00:04:09.920> funds<00:04:10.319> across<00:04:10.879> from<00:04:11.200> Mexico<00:04:11.680> to<00:04:11.920> the<00:04:12.080> US,<00:04:12.959> uh,<00:04:13.120> folks<00:04:13.360> that<00:04:13.599> are,<00:04:13.760> you<00:04:13.920> know,<00:04:14.080> trying<00:04:14.319> to<00:04:14.480> go<00:04:14.560> ahead<00:04:14.879> and,<00:04:15.439> um,<00:04:15.680> capitalize<00:04:16.400> on,<00:04:17.280> um,

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you<00:04:17.519> know,<00:04:17.680> putting<00:04:17.919> funds<00:04:18.160> on<00:04:18.320> the<00:04:18.479> platform<00:04:18.959> in<00:04:19.280> order<00:04:19.440> to,<00:04:19.759> you<00:04:19.919> know,<00:04:20.079> generate<00:04:20.560> interest.

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So,<00:04:21.359> I<00:04:21.519> think<00:04:21.600> that<00:04:21.759> there<00:04:21.919> are<00:04:22.160> whole<00:04:22.400> different,<00:04:22.720> you<00:04:22.800> know,<00:04:22.960> ways<00:04:23.120> that<00:04:23.280> folks<00:04:23.600> can<00:04:23.759> look<00:04:23.840> at<00:04:24.000> what<00:04:24.160> we're<00:04:24.320> doing<00:04:24.479> or<00:04:24.639> what<00:04:24.800> we're<00:04:25.120> building.

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But<00:04:25.759> I<00:04:26.000> think<00:04:26.080> that<00:04:26.240> in<00:04:26.479> general<00:04:26.880> really<00:04:27.280> you<00:04:27.360> know<00:04:27.440> the<00:04:27.680> thing<00:04:27.759> that<00:04:27.919> gets<00:04:28.160> me<00:04:28.320> excited<00:04:28.639> is<00:04:28.880> building<00:04:29.120> a<00:04:29.280> piece<00:04:29.440> of<00:04:29.600> infrastructure<00:04:30.160> for<00:04:30.400> the<00:04:30.560> industry<00:04:31.199> that<00:04:31.440> can<00:04:31.600> be

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transferable<00:04:32.479> not<00:04:32.639> just<00:04:32.720> from<00:04:32.960> digital<00:04:33.280> assets<00:04:33.680> but<00:04:33.919> for<00:04:34.160> traditional<00:04:34.639> finance<00:04:35.280> that<00:04:35.520> can<00:04:35.759> operate<00:04:36.080> in<00:04:36.240> a<00:04:36.400> way<00:04:36.560> that's<00:04:36.800> you<00:04:36.960> know<00:04:37.120> regulatory<00:04:38.560> uh<00:04:38.880> uh<00:04:39.040> permissible

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not<00:04:39.919> just<00:04:40.080> here<00:04:40.240> in<00:04:40.400> the<00:04:40.560> US<00:04:40.880> but<00:04:41.040> in<00:04:41.280> let's<00:04:41.440> say<00:04:41.680> Asia<00:04:42.080> or<00:04:42.320> in<00:04:42.639> Europe.

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Um<00:04:43.360> it's<00:04:43.680> creating<00:04:44.000> something<00:04:44.240> that<00:04:44.560> ultimately<00:04:44.880> will<00:04:45.199> will<00:04:45.360> will<00:04:45.600> be<00:04:45.680> a<00:04:45.840> cornerstone<00:04:46.400> of<00:04:46.560> the<00:04:46.720> way<00:04:46.800> that<00:04:47.040> future<00:04:47.440> of<00:04:47.600> finance<00:04:47.919> will<00:04:48.160> be<00:04:48.320> operating<00:04:49.280> um<00:04:49.440> and<00:04:49.759> actually

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playing<00:04:50.320> a<00:04:50.560> leading<00:04:50.880> role<00:04:51.120> in<00:04:51.360> helping<00:04:51.840> to<00:04:52.160> transform<00:04:53.360> uh<00:04:53.520> the<00:04:53.759> way<00:04:53.919> that<00:04:54.240> you<00:04:54.400> know<00:04:54.880> funds<00:04:55.199> do<00:04:55.520> flow<00:04:55.840> and<00:04:56.080> people<00:04:56.400> actually<00:04:56.639> look<00:04:56.800> at<00:04:56.960> money<00:04:57.280> movements.

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Yeah,<00:04:59.520> that's<00:04:59.840> actually<00:05:00.479> really<00:05:01.199> interesting.

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What<00:05:02.000> were<00:05:02.160> you<00:05:02.320> doing<00:05:02.560> prior<00:05:02.880> to<00:05:03.199> Link?<00:05:03.520> I<00:05:03.680> mean<00:05:03.840> what<00:05:04.000> what<00:05:04.320> led<00:05:04.560> you<00:05:04.720> into<00:05:04.960> this<00:05:05.360> specific<00:05:05.840> industry?

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Yeah,<00:05:07.305> I<00:05:07.489> mean<00:05:07.674> I<00:05:07.858> think<00:05:08.043> there<00:05:08.228> are<00:05:08.412> two<00:05:08.597> different<00:05:08.782> ways<00:05:08.966> to<00:05:09.151> answer<00:05:09.335> the<00:05:09.520> question.

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The<00:05:09.919> first<00:05:10.080> one<00:05:10.160> really<00:05:10.320> is<00:05:10.560> you<00:05:10.639> know<00:05:10.720> what<00:05:10.800> I<00:05:10.960> was<00:05:11.039> doing<00:05:11.120> in<00:05:11.280> digital<00:05:11.600> assets.

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Um<00:05:12.560> and<00:05:12.720> I<00:05:12.880> was<00:05:13.039> working<00:05:13.440> you<00:05:13.520> know<00:05:13.680> both<00:05:14.160> um<00:05:14.240> on<00:05:14.639> an<00:05:14.800> exchange<00:05:15.039> that<00:05:15.280> we<00:05:15.520> created<00:05:15.759> by<00:05:16.000> running<00:05:16.240> an<00:05:16.400> ICO<00:05:17.360> uh<00:05:17.440> as<00:05:17.680> well<00:05:17.759> as<00:05:17.919> in<00:05:18.080> another<00:05:18.400> company<00:05:18.800> that<00:05:19.039> was<00:05:19.680> was<00:05:19.919> poised<00:05:20.240> with

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trying<00:05:20.639> to<00:05:20.960> use<00:05:21.199> blockchain<00:05:21.759> technology<00:05:22.639> to<00:05:23.039> effectuate<00:05:23.840> personal<00:05:24.400> identity.

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Um<00:05:25.520> but<00:05:25.840> prior<00:05:26.080> to<00:05:26.240> that<00:05:26.560> in<00:05:26.720> the<00:05:26.880> traditional<00:05:27.360> world<00:05:27.919> um<00:05:28.000> I<00:05:28.240> was<00:05:28.320> working<00:05:28.479> in<00:05:28.720> a<00:05:28.800> lot<00:05:28.960> of<00:05:29.039> different<00:05:29.520> uh<00:05:29.759> businesses<00:05:30.080> whereby<00:05:30.479> I<00:05:30.639> did<00:05:31.120> build<00:05:31.440> infrastructure.

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I<00:05:32.560> worked<00:05:32.720> at<00:05:32.880> traditional<00:05:33.280> exchanges<00:05:33.680> like<00:05:33.840> the<00:05:34.080> CME<00:05:34.479> Group<00:05:34.639> and<00:05:34.800> NYX.

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Um<00:05:36.000> while<00:05:36.320> working<00:05:36.479> in<00:05:36.720> those<00:05:36.960> institutions<00:05:37.840> um<00:05:37.919> I<00:05:38.160> was<00:05:38.240> on<00:05:38.320> the<00:05:38.479> forefront<00:05:38.800> of<00:05:38.960> the<00:05:39.199> conversion<00:05:39.680> from<00:05:40.080> open<00:05:40.400> outcry<00:05:40.800> trading<00:05:41.039> to<00:05:41.199> electronic<00:05:41.759> trading.

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Um<00:05:42.800> created<00:05:43.199> technologies<00:05:44.080> like<00:05:44.479> ClearPort<00:05:45.039> that<00:05:45.280> allowed<00:05:45.680> for<00:05:46.000> over-the-counter<00:05:46.720> transactions<00:05:47.520> to<00:05:47.759> be<00:05:47.919> morphed<00:05:48.320> or<00:05:48.560> melded<00:05:49.039> to<00:05:49.199> a<00:05:49.360> clearing<00:05:49.759> house.

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Um<00:05:50.720> and<00:05:50.880> then<00:05:51.039> also<00:05:51.280> built<00:05:51.520> two<00:05:51.759> different<00:05:51.919> exchanges<00:05:52.479> one<00:05:52.639> in<00:05:52.800> the<00:05:52.960> UK<00:05:53.360> and<00:05:53.520> then<00:05:53.759> one<00:05:53.919> over<00:05:54.160> in<00:05:54.400> Dubai.

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But<00:05:55.360> I<00:05:55.520> think<00:05:55.600> the<00:05:55.759> key<00:05:55.919> takeaway<00:05:56.320> really<00:05:56.560> for<00:05:56.720> me<00:05:56.960> Clint<00:05:57.199> is<00:05:57.360> that<00:05:57.520> all<00:05:57.680> these<00:05:58.000> different<00:05:58.479> you<00:05:58.639> know<00:05:58.880> businesses<00:05:59.199> that<00:05:59.440> I<00:05:59.600> was<00:05:59.759> working<00:05:59.919> in<00:06:00.160> and<00:06:00.320> I<00:06:00.560> was<00:06:00.639> contributing

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to<00:06:01.600> all<00:06:01.759> were<00:06:02.000> important<00:06:02.320> pieces<00:06:02.639> of<00:06:02.720> infrastructure<00:06:03.280> that<00:06:03.520> are<00:06:03.680> around<00:06:04.000> to<00:06:04.160> this<00:06:04.400> day.

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What<00:06:05.919> does<00:06:06.080> a<00:06:06.319> typical<00:06:06.639> day<00:06:06.800> look<00:06:07.039> like<00:06:07.199> for<00:06:07.360> you<00:06:07.600> as<00:06:08.000> CEO?

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Yeah.<00:06:09.919> Well,<00:06:10.319> you<00:06:10.479> know,<00:06:11.039> um<00:06:11.680> the<00:06:12.000> interesting<00:06:12.400> thing<00:06:12.720> for<00:06:12.960> us,<00:06:13.120> I<00:06:13.360> think<00:06:13.440> is<00:06:13.600> that<00:06:13.759> digital<00:06:14.080> assets<00:06:14.479> is<00:06:14.639> such<00:06:14.880> a<00:06:15.120> global<00:06:15.600> 24/7<00:06:16.800> type<00:06:17.120> of<00:06:17.600> uh

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uh<00:06:18.160> environment<00:06:18.800> that<00:06:19.039> I<00:06:19.280> would<00:06:19.440> say<00:06:19.600> that,<00:06:19.840> you<00:06:20.000> know,<00:06:20.319> the<00:06:20.560> tools<00:06:20.880> you'd<00:06:21.199> use<00:06:21.360> in,<00:06:21.600> you<00:06:21.680> know,<00:06:21.759> the<00:06:22.000> traditional<00:06:22.400> world<00:06:22.880> are<00:06:23.039> probably<00:06:23.280> quite<00:06:23.520> different.

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So,<00:06:24.160> we're<00:06:24.400> connected<00:06:24.880> 24/7<00:06:25.600> using<00:06:26.080> Telegram,<00:06:26.639> using<00:06:27.039> Signal,<00:06:27.680> using<00:06:28.400> uh<00:06:28.639> Slack.

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Um<00:06:29.680> notwithstanding,<00:06:30.319> you<00:06:30.479> know,<00:06:30.639> email<00:06:30.880> on<00:06:31.120> the<00:06:31.280> phone<00:06:31.440> that<00:06:31.600> comes<00:06:31.840> in.

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So,<00:06:32.560> I<00:06:32.720> hate<00:06:32.880> to<00:06:32.960> say<00:06:33.039> it,<00:06:33.199> but<00:06:33.360> my<00:06:33.520> general<00:06:33.759> day<00:06:33.919> is<00:06:34.080> waking<00:06:34.319> up<00:06:34.479> super<00:06:34.720> early,<00:06:35.199> checking<00:06:35.440> in<00:06:35.600> to<00:06:35.759> see<00:06:35.840> what<00:06:36.080> happened<00:06:36.240> overnight.

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Um,<00:06:37.440> making<00:06:37.759> sure<00:06:37.840> that,<00:06:38.160> you<00:06:38.240> know,<00:06:38.400> kind<00:06:38.560> of<00:06:38.720> those<00:06:39.039> responses<00:06:39.520> to<00:06:39.759> folks<00:06:39.919> that,<00:06:40.160> you<00:06:40.319> know,<00:06:40.400> might<00:06:40.639> be<00:06:40.800> closing<00:06:41.039> out<00:06:41.280> their<00:06:41.520> day,<00:06:42.000> and<00:06:42.160> then<00:06:42.400> rapidly,<00:06:42.960> you<00:06:43.120> know,

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getting<00:06:43.440> into<00:06:43.680> this<00:06:43.840> office.<00:06:44.160> And<00:06:44.400> I'll<00:06:44.560> tell<00:06:44.720> you,<00:06:44.960> one<00:06:45.039> of<00:06:45.120> the<00:06:45.280> things<00:06:45.360> that<00:06:45.520> I<00:06:45.680> probably<00:06:45.919> would<00:06:46.160> do<00:06:46.319> differently<00:06:46.560> in<00:06:46.800> the<00:06:46.960> future<00:06:47.199> is<00:06:47.440> I'll<00:06:47.680> probably<00:06:48.000> not<00:06:48.240> have<00:06:48.479> my

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office<00:06:49.280> within<00:06:49.680> walking<00:06:50.000> distance<00:06:50.240> of<00:06:50.479> my<00:06:50.639> home.

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That's<00:06:51.600> probably<00:06:52.000> something<00:06:52.319> that<00:06:52.479> I<00:06:52.639> would<00:06:52.880> say<00:06:53.039> is<00:06:53.520> uh<00:06:54.000> um<00:06:54.080> something<00:06:54.319> that<00:06:54.560> I<00:06:54.720> think<00:06:54.880> probably<00:06:55.120> causes<00:06:55.440> me<00:06:55.600> to<00:06:55.680> get<00:06:55.759> in<00:06:56.000> earlier<00:06:56.479> and<00:06:56.720> probably<00:06:57.039> stay<00:06:57.199> in<00:06:57.520> later.

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Um,<00:06:58.479> but<00:06:58.720> something<00:06:58.880> I<00:06:59.039> want<00:06:59.120> to<00:06:59.199> change<00:06:59.360> in<00:06:59.599> the<00:06:59.680> future.

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That<00:07:00.800> is<00:07:00.960> so<00:07:01.199> interesting.<00:07:01.520> I<00:07:01.759> just<00:07:01.919> interviewed<00:07:02.240> a<00:07:02.400> CEO<00:07:02.960> the<00:07:03.199> other<00:07:03.360> day<00:07:03.840> who<00:07:04.400> intentionally<00:07:05.120> built<00:07:05.360> his<00:07:05.680> house<00:07:06.240> to<00:07:07.280> built<00:07:07.520> his<00:07:07.759> house<00:07:08.000> right<00:07:08.240> next<00:07:08.479> to<00:07:08.800> his

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office<00:07:09.360> so<00:07:09.520> that<00:07:09.680> it<00:07:09.919> was<00:07:10.160> like<00:07:10.720> just<00:07:10.960> a<00:07:11.199> minute<00:07:11.440> away.

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And<00:07:12.160> he<00:07:12.479> was<00:07:12.639> talking<00:07:12.880> about<00:07:13.199> the<00:07:13.520> same<00:07:14.319> kind<00:07:14.560> of<00:07:14.639> like<00:07:14.960> oh<00:07:15.199> that's<00:07:15.440> kind<00:07:15.520> of<00:07:15.599> an<00:07:15.840> interesting<00:07:16.479> like<00:07:16.720> it<00:07:17.039> makes<00:07:17.199> it<00:07:17.360> so<00:07:17.599> easy<00:07:17.840> to<00:07:18.080> get<00:07:18.240> there<00:07:18.560> then<00:07:18.720> you<00:07:18.960> stay<00:07:19.120> there<00:07:19.280> that

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long<00:07:21.120> that<00:07:21.360> that<00:07:21.759> that's<00:07:22.000> the<00:07:22.400> unintended<00:07:22.639> consequence.

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I<00:07:23.280> think<00:07:23.440> you<00:07:23.599> know<00:07:23.680> you've<00:07:23.919> got<00:07:24.000> a<00:07:24.160> problem<00:07:24.400> when<00:07:24.639> your<00:07:24.800> dog<00:07:25.120> walker<00:07:25.520> drops<00:07:25.840> her<00:07:26.080> dog<00:07:26.319> off<00:07:26.560> to<00:07:26.800> hang<00:07:26.960> out<00:07:27.120> with<00:07:27.199> you<00:07:27.440> late<00:07:27.599> in<00:07:27.759> the<00:07:27.919> afternoon<00:07:28.240> into<00:07:28.560> the<00:07:28.720> evening.

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That's<00:07:29.211> probably<00:07:29.382> one<00:07:29.554> of<00:07:29.725> the<00:07:29.897> first<00:07:30.068> warning<00:07:30.240> signs.

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Hey,<00:07:33.759> I<00:07:34.000> have<00:07:34.080> a<00:07:34.240> question<00:07:34.400> for<00:07:34.560> you.<00:07:34.960> Um,<00:07:35.280> as<00:07:35.440> it<00:07:35.599> relates<00:07:35.840> to<00:07:36.000> blockchain,<00:07:36.720> and<00:07:36.880> this<00:07:37.120> might<00:07:37.280> be<00:07:37.360> getting<00:07:37.599> a<00:07:37.759> little<00:07:37.840> bit<00:07:38.000> too<00:07:38.240> into<00:07:38.479> the<00:07:38.639> weeds,<00:07:39.120> but<00:07:40.080> quantum<00:07:40.800> seems

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to<00:07:41.280> be<00:07:41.440> making<00:07:41.919> a<00:07:42.160> lot<00:07:42.319> of<00:07:42.400> leaps<00:07:42.720> and<00:07:42.880> a<00:07:43.039> lot<00:07:43.120> of<00:07:43.199> things<00:07:43.360> happening.

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How<00:07:43.919> does<00:07:44.080> quantum<00:07:44.960> relate<00:07:45.360> to<00:07:45.759> blockchain<00:07:46.240> and<00:07:46.479> how<00:07:46.639> are<00:07:46.800> you<00:07:46.960> thinking<00:07:47.199> about<00:07:47.440> that?

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Yeah,<00:07:48.880> I<00:07:49.120> mean,<00:07:49.280> well,<00:07:49.520> the<00:07:49.680> first<00:07:49.840> place<00:07:50.000> that<00:07:50.160> I<00:07:50.319> think<00:07:50.479> about<00:07:50.639> that<00:07:50.800> is,<00:07:51.039> you<00:07:51.199> know,<00:07:51.280> the<00:07:51.440> fact<00:07:51.599> that<00:07:51.840> folks<00:07:52.080> are<00:07:52.240> actually<00:07:52.479> trying<00:07:52.560> to<00:07:52.720> commoditize<00:07:53.360> that,<00:07:53.759> right?

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So<00:07:54.639> you<00:07:54.879> know<00:07:55.039> quantum<00:07:55.440> computing<00:07:56.080> um<00:07:56.240> there's<00:07:56.560> an<00:07:56.879> effort<00:07:57.039> underway<00:07:57.440> right<00:07:57.680> now<00:07:57.759> whereby<00:07:58.240> one<00:07:58.479> wants<00:07:58.720> to<00:07:58.879> create<00:07:59.120> a<00:07:59.360> financial<00:07:59.759> market<00:08:00.000> around<00:08:00.319> that<00:08:01.039> um<00:08:01.199> so<00:08:01.360> you<00:08:01.520> can

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trade<00:08:02.000> let's<00:08:02.240> say<00:08:02.639> regulated<00:08:03.280> futures<00:08:03.840> right<00:08:04.000> in<00:08:04.160> quantum<00:08:04.479> computing<00:08:05.120> which<00:08:05.360> is<00:08:05.759> which<00:08:06.000> is<00:08:06.160> quite<00:08:06.479> remarkable.

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So<00:08:08.000> um<00:08:08.160> you<00:08:08.319> know<00:08:08.479> my<00:08:09.360> um<00:08:10.319> my<00:08:11.039> uh<00:08:11.680> uh<00:08:12.080> uh<00:08:12.240> gravitational<00:08:12.800> pull<00:08:13.440> uh<00:08:13.520> towards<00:08:13.840> quantum<00:08:14.160> computing<00:08:14.400> is<00:08:14.639> trying<00:08:14.800> to<00:08:14.960> understand<00:08:15.280> how<00:08:15.759> one

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could<00:08:16.240> create<00:08:16.400> a<00:08:16.560> financial<00:08:16.879> instrument<00:08:17.280> around<00:08:17.520> that<00:08:17.919> commoditize<00:08:18.479> that<00:08:18.800> allow<00:08:19.039> that<00:08:19.280> for<00:08:19.520> trading<00:08:19.919> but<00:08:20.160> more<00:08:20.319> importantly<00:08:20.800> not<00:08:20.960> speculating<00:08:21.440> but<00:08:21.680> risk<00:08:22.000> management

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right<00:08:23.120> and<00:08:23.280> I<00:08:23.520> kind<00:08:23.680> of<00:08:23.759> look<00:08:23.919> at<00:08:24.000> that<00:08:24.319> in<00:08:24.560> like<00:08:24.639> a<00:08:24.879> decade<00:08:25.120> or<00:08:25.280> two<00:08:25.599> pre<00:08:25.840> prior<00:08:26.319> where<00:08:26.560> mom<00:08:26.879> was<00:08:27.039> looking<00:08:27.120> at<00:08:27.360> things<00:08:27.520> like<00:08:27.919> you<00:08:28.080> know<00:08:28.240> water<00:08:28.560> rights<00:08:29.039> like<00:08:29.280> how<00:08:29.440> is<00:08:29.680> water

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then<00:08:30.400> you<00:08:30.560> know<00:08:30.720> kind<00:08:30.960> of<00:08:31.440> commoditized<00:08:32.159> and<00:08:32.320> I<00:08:32.479> think<00:08:32.560> you're<00:08:32.719> seeing<00:08:32.880> the<00:08:33.039> same<00:08:33.200> motions<00:08:33.519> that<00:08:33.680> were<00:08:33.919> happening<00:08:34.159> then<00:08:34.560> kind<00:08:34.800> of<00:08:34.959> here<00:08:35.120> as<00:08:35.360> well.

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What<00:08:36.959> are<00:08:37.039> the<00:08:37.200> current<00:08:37.519> inefficiencies<00:08:38.320> in<00:08:38.479> the<00:08:38.640> market<00:08:38.880> that<00:08:39.120> you<00:08:39.279> think<00:08:39.440> Link<00:08:39.839> can<00:08:40.080> solve?

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Yeah,<00:08:42.320> there's<00:08:42.640> a<00:08:42.800> bunch.<00:08:43.360> There<00:08:43.599> really<00:08:43.839> are.

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Um,<00:08:44.320> you<00:08:44.480> know,<00:08:44.560> I<00:08:44.640> think<00:08:44.800> one<00:08:44.880> of<00:08:44.959> the<00:08:45.120> first<00:08:45.200> inefficiencies<00:08:46.320> um<00:08:46.399> that<00:08:46.640> we're<00:08:46.959> looking<00:08:47.120> to,<00:08:47.440> you<00:08:47.600> know,<00:08:47.760> really<00:08:48.000> solve<00:08:48.320> and<00:08:48.480> like<00:08:48.640> I<00:08:48.720> said,<00:08:48.959> create<00:08:49.200> a<00:08:49.600> lasting<00:08:49.920> piece

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of<00:08:50.320> infrastructure<00:08:51.040> is<00:08:51.279> solving<00:08:51.680> for<00:08:51.920> the<00:08:52.160> change<00:08:52.480> or<00:08:52.640> the<00:08:52.800> delta<00:08:53.120> that<00:08:53.360> exists<00:08:53.839> between<00:08:54.160> how<00:08:54.399> money<00:08:54.720> needs<00:08:54.959> to<00:08:55.200> move<00:08:55.760> and<00:08:56.160> when<00:08:56.480> banks<00:08:56.800> are<00:08:57.040> open.

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I<00:08:58.399> think<00:08:58.480> that's<00:08:58.720> a<00:08:58.959> fundamental<00:08:59.519> starting<00:08:59.839> point<00:09:00.000> for<00:09:00.240> what<00:09:00.399> we're<00:09:00.880> what<00:09:01.120> our<00:09:01.279> mission<00:09:01.600> is,<00:09:02.160> right?

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Banks<00:09:02.800> right<00:09:02.959> now<00:09:03.200> are<00:09:03.279> open<00:09:03.519> what<00:09:04.000> eight<00:09:04.240> hours<00:09:04.480> a<00:09:04.720> day<00:09:04.959> is<00:09:05.200> that<00:09:05.360> what<00:09:05.440> it<00:09:05.600> is,<00:09:05.839> right?

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and<00:09:06.320> maybe<00:09:06.480> some<00:09:06.880> couple<00:09:07.120> hours<00:09:07.279> on<00:09:07.440> a<00:09:07.600> Saturday,<00:09:07.920> maybe<00:09:08.160> if<00:09:08.320> you're<00:09:08.480> lucky.

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Um,<00:09:09.760> but<00:09:10.320> the<00:09:10.640> rest<00:09:10.720> of<00:09:10.880> the<00:09:11.040> world<00:09:11.440> doesn't<00:09:11.760> operate<00:09:12.080> on<00:09:12.240> that<00:09:12.480> same<00:09:12.640> cycle,<00:09:13.120> right?

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Just<00:09:13.760> because,<00:09:14.240> you<00:09:14.320> know,<00:09:14.480> the<00:09:14.640> banks<00:09:14.959> closed<00:09:15.200> doesn't<00:09:15.440> mean<00:09:15.600> that,<00:09:15.839> you<00:09:15.920> know,<00:09:16.080> financial<00:09:16.640> trading<00:09:16.959> has<00:09:17.200> to<00:09:17.440> cease.

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Um,<00:09:18.320> and<00:09:18.560> I<00:09:18.720> think<00:09:18.800> what<00:09:19.040> you're<00:09:19.200> seeing<00:09:19.440> right<00:09:19.680> now,<00:09:20.240> um,<00:09:20.399> is<00:09:20.640> a<00:09:20.880> really,<00:09:21.120> really,<00:09:21.360> really<00:09:21.680> big<00:09:21.839> inflection<00:09:22.320> point<00:09:23.040> in<00:09:23.360> how<00:09:24.399> finance<00:09:24.800> is<00:09:25.040> going<00:09:25.200> to<00:09:25.360> operate<00:09:25.680> on<00:09:25.839> a<00:09:26.000> go

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forward<00:09:26.560> basis,<00:09:26.959> right?<00:09:27.120> What<00:09:27.279> does<00:09:27.360> that<00:09:27.519> really<00:09:27.680> mean,<00:09:27.920> Clint?

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Right?<00:09:28.720> So,<00:09:29.360> um,<00:09:29.680> I'll<00:09:29.920> give<00:09:30.000> you<00:09:30.080> an<00:09:30.240> example.

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So,<00:09:31.279> let's<00:09:31.519> say<00:09:32.560> I'm<00:09:32.720> I'm<00:09:33.040> a<00:09:33.120> I'm<00:09:33.360> a<00:09:33.440> futures<00:09:33.839> trader<00:09:34.160> and<00:09:34.320> I'll<00:09:34.480> go<00:09:34.560> to<00:09:34.720> the<00:09:34.800> derivatives<00:09:35.279> world.

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CME<00:09:37.440> and<00:09:37.519> the<00:09:37.600> Intercontinental<00:09:38.320> Exchange<00:09:39.040> um<00:09:39.279> whose<00:09:39.600> parent<00:09:39.839> company<00:09:40.080> is<00:09:40.240> is<00:09:40.480> the<00:09:40.640> New<00:09:40.720> York<00:09:40.880> Stock<00:09:41.200> Exchange<00:09:41.920> um<00:09:42.080> are<00:09:42.240> the<00:09:42.399> two<00:09:42.560> leaders<00:09:43.120> globally<00:09:43.760> in<00:09:44.320> derivatives

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trading<00:09:45.279> and<00:09:45.440> transactions,<00:09:46.399> but<00:09:46.640> uniquely<00:09:47.120> they're<00:09:47.360> both<00:09:48.000> centralized<00:09:48.640> here<00:09:48.800> in<00:09:48.959> the<00:09:49.120> US.

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One's<00:09:49.920> in<00:09:50.080> New<00:09:50.240> York,<00:09:50.720> one's<00:09:51.040> in<00:09:51.200> Chicago.

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So,<00:09:52.320> right<00:09:52.560> away<00:09:52.880> you<00:09:53.040> can<00:09:53.120> see<00:09:53.200> the<00:09:53.440> picture<00:09:53.600> that<00:09:53.760> I'm<00:09:53.920> painting.

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So,<00:09:54.399> if<00:09:54.560> you're<00:09:54.640> a<00:09:54.880> trader,<00:09:55.279> um,<00:09:55.440> one<00:09:55.600> of<00:09:55.680> those<00:09:55.920> exchanges<00:09:56.560> that's<00:09:56.800> open<00:09:57.040> again<00:09:57.360> for<00:09:57.600> a<00:09:57.760> couple<00:09:58.000> hours<00:09:58.240> a<00:09:58.399> day,<00:09:58.720> certainly<00:09:59.040> not<00:09:59.360> half<00:09:59.600> the<00:09:59.839> day.

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Um,<00:10:01.040> probably<00:10:01.360> a<00:10:01.600> little<00:10:01.680> bit<00:10:01.839> more<00:10:02.000> than<00:10:02.080> a<00:10:02.320> quarter<00:10:02.480> of<00:10:02.560> the<00:10:02.720> day.

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Um,<00:10:03.440> and<00:10:03.680> I<00:10:03.839> live<00:10:04.000> in,<00:10:04.240> let's<00:10:04.399> say,<00:10:04.720> Japan,<00:10:06.160> 12<00:10:06.399> or<00:10:06.640> 13<00:10:06.880> hours<00:10:07.040> away,<00:10:07.360> depending<00:10:07.600> upon<00:10:07.839> the<00:10:07.920> time<00:10:08.080> zone,<00:10:08.399> time<00:10:08.640> change.

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Um,<00:10:09.545> what<00:10:09.731> does<00:10:09.916> that<00:10:10.101> mean?<00:10:10.286> It<00:10:10.472> means<00:10:10.657> I've<00:10:10.842> got<00:10:11.027> to<00:10:11.213> stay<00:10:11.398> up<00:10:11.583> North<00:10:11.768> American<00:10:11.954> hours<00:10:12.139> in<00:10:12.324> order<00:10:12.509> to<00:10:12.695> those<00:10:12.880> markets.

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Well,<00:10:13.519> the<00:10:13.680> logical<00:10:14.079> evolution<00:10:14.640> with<00:10:14.959> technology,<00:10:15.680> whether<00:10:15.920> it<00:10:16.000> be<00:10:16.240> quantum<00:10:16.640> computing,<00:10:17.040> whether<00:10:17.279> it<00:10:17.440> be<00:10:17.600> blockchain,<00:10:18.640> paves<00:10:19.040> the<00:10:19.279> way<00:10:19.519> for<00:10:19.920> 24/7<00:10:20.720> trading<00:10:21.040> of<00:10:21.279> those

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instruments.<00:10:22.079> And<00:10:22.320> what<00:10:22.480> I<00:10:22.640> think<00:10:22.720> you're<00:10:22.959> seeing<00:10:23.120> right<00:10:23.360> now<00:10:23.519> is<00:10:23.760> the<00:10:24.000> advent<00:10:24.399> of<00:10:24.640> some<00:10:24.959> companies.

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One<00:10:25.839> of<00:10:26.000> an<00:10:26.079> example<00:10:26.399> I<00:10:26.560> can<00:10:26.640> give<00:10:26.800> is<00:10:26.880> a<00:10:27.040> company<00:10:27.200> called<00:10:27.360> Hyperliquid<00:10:28.480> um<00:10:28.560> which<00:10:28.800> is<00:10:28.959> a<00:10:29.200> decentralized<00:10:29.839> finance<00:10:30.320> protocol<00:10:31.200> um<00:10:31.279> that<00:10:31.519> is<00:10:31.680> an<00:10:31.839> exchange<00:10:32.640> um<00:10:32.720> and<00:10:32.880> has<00:10:33.120> started

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trading<00:10:33.760> not<00:10:34.000> just<00:10:34.320> Bitcoin<00:10:34.800> or<00:10:35.040> Dogecoin<00:10:35.760> or<00:10:36.160> Ethereum<00:10:37.279> um<00:10:37.680> or<00:10:38.000> Solana<00:10:38.560> or<00:10:38.720> any<00:10:38.880> of<00:10:38.959> the<00:10:39.120> other<00:10:39.279> different<00:10:39.600> you<00:10:39.760> know<00:10:39.920> kind<00:10:40.079> of<00:10:40.480> uh<00:10:40.640> digital<00:10:40.959> assets<00:10:41.200> that<00:10:41.440> are

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out<00:10:41.600> there<00:10:41.760> that<00:10:42.240> would<00:10:42.480> want<00:10:42.560> to<00:10:42.720> trade<00:10:43.279> but<00:10:43.440> they're<00:10:43.600> now<00:10:43.839> trading<00:10:44.160> things<00:10:44.320> like<00:10:44.560> tokenized<00:10:45.120> equities<00:10:46.560> or<00:10:47.040> tokenized<00:10:47.839> Brent<00:10:48.320> crude<00:10:48.640> oil<00:10:49.519> um

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or<00:10:49.920> tokenized<00:10:50.640> you<00:10:50.800> know<00:10:51.040> gold.<00:10:52.000> Well,<00:10:52.240> this<00:10:52.399> is<00:10:52.560> super<00:10:52.800> interesting<00:10:53.120> now<00:10:53.360> because<00:10:53.600> you're<00:10:53.839> offering<00:10:54.240> products<00:10:54.560> that<00:10:54.800> look<00:10:54.959> very<00:10:55.279> much<00:10:55.440> like<00:10:56.160> um<00:10:56.320> what<00:10:56.480> you<00:10:56.640> would<00:10:56.800> get

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on<00:10:57.120> a<00:10:57.279> traditional<00:10:57.680> exchange,<00:10:58.480> but<00:10:58.720> now<00:10:58.800> you've<00:10:59.040> got<00:10:59.120> the<00:10:59.360> ability<00:10:59.680> to<00:10:59.920> access<00:11:00.240> them<00:11:00.399> 24/7<00:11:01.519> and<00:11:01.760> you've<00:11:02.079> got,<00:11:02.399> you<00:11:02.560> know,<00:11:02.880> millions<00:11:03.279> of<00:11:03.440> users<00:11:03.760> around<00:11:04.000> the<00:11:04.160> world<00:11:04.320> that

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are<00:11:04.720> providing<00:11:05.120> liquidity<00:11:05.600> for<00:11:05.760> these<00:11:05.920> instruments<00:11:06.480> and<00:11:06.800> finding<00:11:07.120> a<00:11:07.440> clearing<00:11:07.920> price<00:11:08.160> in<00:11:08.399> order<00:11:08.560> for<00:11:08.720> one<00:11:08.959> to<00:11:09.120> sell<00:11:09.279> or<00:11:09.600> one<00:11:09.839> to<00:11:10.000> buy,<00:11:10.560> etc.

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So<00:11:11.920> understandably<00:11:12.800> that<00:11:13.040> must<00:11:13.200> have<00:11:13.360> caught<00:11:13.519> the<00:11:13.680> attention<00:11:14.000> of<00:11:14.240> the<00:11:14.399> CME<00:11:15.040> and<00:11:15.279> of<00:11:15.600> ICE<00:11:16.079> who<00:11:16.399> both<00:11:16.560> announced<00:11:16.880> that<00:11:17.040> they're<00:11:17.279> going<00:11:17.360> to<00:11:17.440> be<00:11:17.519> transact<00:11:18.160> uh<00:11:18.240> they're<00:11:18.480> going

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to<00:11:18.640> be<00:11:18.720> extending<00:11:19.040> their<00:11:19.200> trading<00:11:19.519> hours<00:11:19.760> to<00:11:19.920> trade<00:11:20.240> 24/7.

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So,<00:11:21.839> back<00:11:22.079> to<00:11:22.160> your<00:11:22.320> original<00:11:22.640> question,<00:11:22.959> Clint,<00:11:23.360> right,<00:11:23.600> which<00:11:23.839> is,<00:11:24.160> you<00:11:24.320> know,<00:11:24.560> how<00:11:24.720> does,<00:11:25.040> you<00:11:25.120> know,<00:11:25.279> blockchain<00:11:25.760> affect<00:11:26.720> what's<00:11:27.040> going<00:11:27.200> to<00:11:27.360> happen<00:11:27.519> in<00:11:27.760> the<00:11:27.920> future?

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Well,<00:11:28.480> the<00:11:28.720> friction<00:11:29.120> lies<00:11:29.440> therein<00:11:30.160> that<00:11:30.399> there's<00:11:30.560> a<00:11:30.800> 24/7<00:11:31.600> marketplace<00:11:32.079> that's<00:11:32.399> operating,<00:11:32.959> but<00:11:33.120> if<00:11:33.279> I<00:11:33.440> want<00:11:33.519> to<00:11:33.600> go<00:11:33.680> ahead<00:11:33.839> and<00:11:34.000> buy<00:11:34.160> or<00:11:34.480> sell<00:11:34.959> at,<00:11:35.279> let's<00:11:35.440> say,<00:11:35.680> 12<00:11:35.920> midnight,

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Eastern<00:11:36.880> time,<00:11:37.760> I<00:11:38.000> can't<00:11:38.160> go<00:11:38.320> ahead<00:11:38.480> and<00:11:38.560> send<00:11:38.720> a<00:11:38.959> wire.

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I<00:11:39.680> can't<00:11:39.920> send<00:11:40.079> an<00:11:40.240> ACH.<00:11:41.200> I<00:11:41.360> can't<00:11:41.440> even<00:11:41.600> send<00:11:41.760> like<00:11:41.839> a<00:11:42.000> Zelle<00:11:42.320> if<00:11:42.480> I<00:11:42.560> wanted<00:11:42.720> to,<00:11:42.880> which<00:11:43.040> is<00:11:43.120> not<00:11:43.279> permissible,<00:11:43.760> obviously,<00:11:44.640> um,<00:11:44.720> to<00:11:44.959> my<00:11:45.120> clearing<00:11:45.519> number<00:11:45.839> in<00:11:46.079> order<00:11:46.240> for

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me<00:11:46.560> to<00:11:47.120> allow,<00:11:47.680> in<00:11:47.839> order<00:11:48.000> for<00:11:48.160> me<00:11:48.320> to<00:11:48.560> have<00:11:49.279> the<00:11:49.519> ability<00:11:50.480> to<00:11:50.720> add<00:11:50.959> to<00:11:51.120> my<00:11:51.360> position,<00:11:51.839> right?

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In<00:11:52.160> order<00:11:52.320> to<00:11:52.399> post<00:11:52.640> what's<00:11:52.880> known<00:11:53.040> as<00:11:53.200> variation<00:11:53.600> margin<00:11:54.000> or<00:11:54.240> initial<00:11:54.560> margin<00:11:54.800> to<00:11:54.959> initiate<00:11:55.279> a<00:11:55.519> new<00:11:55.600> position.

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So,<00:11:56.560> when<00:11:56.800> you<00:11:56.959> think<00:11:57.120> about<00:11:57.279> what<00:11:57.519> that<00:11:58.000> gap<00:11:58.399> is<00:11:58.640> between<00:11:59.040> how<00:11:59.279> banks<00:11:59.680> work,<00:12:00.160> how<00:12:00.320> I<00:12:00.560> can<00:12:00.640> send<00:12:00.880> money<00:12:01.040> in<00:12:01.200> order<00:12:01.440> to<00:12:01.600> trade,<00:12:02.160> and<00:12:02.399> some<00:12:02.560> of<00:12:02.640> the<00:12:02.800> decentralized<00:12:03.440> protocols

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that<00:12:04.160> exist<00:12:04.480> out<00:12:04.640> there,<00:12:05.120> you<00:12:05.279> can<00:12:05.440> begin<00:12:05.680> to<00:12:05.920> see<00:12:06.320> the<00:12:06.639> divide<00:12:06.959> that's<00:12:07.279> taking<00:12:07.680> place<00:12:08.000> right<00:12:08.240> now.

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um,<00:12:09.120> between<00:12:09.440> TradFi<00:12:10.399> and<00:12:10.800> digital<00:12:11.200> asset<00:12:11.519> solutions<00:12:11.839> that<00:12:12.079> are<00:12:12.160> out<00:12:12.320> there.

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Now,<00:12:13.040> that's<00:12:13.360> not<00:12:13.519> to<00:12:13.680> say<00:12:14.240> that,<00:12:14.560> you<00:12:14.720> know,<00:12:14.800> this<00:12:15.120> Hyperledger<00:12:15.760> I<00:12:15.920> mentioned<00:12:16.160> before<00:12:16.480> is<00:12:16.720> going<00:12:16.800> to<00:12:16.880> go<00:12:16.959> ahead<00:12:17.120> and<00:12:17.279> eat<00:12:17.440> the<00:12:17.600> lunch<00:12:17.760> of<00:12:17.920> the<00:12:18.000> CME<00:12:18.399> and<00:12:18.480> the<00:12:18.639> ICE,<00:12:18.959> like<00:12:19.120> they're

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pretty<00:12:19.519> formal,<00:12:20.000> formal<00:12:20.399> competitors<00:12:20.800> who've<00:12:21.040> been<00:12:21.200> around,<00:12:21.680> in<00:12:21.839> the<00:12:21.920> CME's<00:12:22.399> case,<00:12:22.480> for<00:12:22.639> hundreds<00:12:22.880> of,<00:12:23.360> hundred<00:12:23.680> and<00:12:23.839> something<00:12:24.160> years.

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Um,<00:12:25.680> but<00:12:25.920> what<00:12:26.079> I<00:12:26.240> would<00:12:26.480> say<00:12:26.800> is<00:12:27.040> that<00:12:27.200> it's<00:12:27.440> going<00:12:27.519> to<00:12:27.680> force,<00:12:28.399> you<00:12:28.480> know,<00:12:28.560> the<00:12:28.800> CME<00:12:29.200> and<00:12:29.360> ICE<00:12:29.839> to<00:12:30.079> adopt<00:12:30.480> solutions<00:12:31.040> that<00:12:31.360> will<00:12:31.600> allow<00:12:31.920> for<00:12:32.240> the<00:12:32.480> facilitation<00:12:33.120> of

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funds<00:12:33.920> to<00:12:34.240> their<00:12:34.480> clearing<00:12:34.959> members<00:12:35.760> from<00:12:36.079> their<00:12:36.320> customers,<00:12:36.959> and<00:12:37.200> even<00:12:37.519> potentially<00:12:38.079> from<00:12:38.320> the<00:12:38.560> FCM,<00:12:39.200> which<00:12:39.360> is<00:12:39.519> their<00:12:39.680> clearing<00:12:40.000> member,<00:12:40.320> to<00:12:40.560> the<00:12:40.720> clearing<00:12:41.120> house<00:12:41.360> as

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well.<00:12:41.920> Now,<00:12:42.240> I<00:12:42.399> know<00:12:42.480> that<00:12:42.720> that<00:12:42.880> was<00:12:43.040> probably<00:12:43.279> quite<00:12:43.600> complicated,<00:12:44.639> but<00:12:44.880> the<00:12:45.040> real<00:12:45.279> point<00:12:45.440> I'm<00:12:45.680> trying<00:12:45.839> to<00:12:46.000> get<00:12:46.160> across<00:12:46.480> here<00:12:46.800> is<00:12:47.120> that<00:12:47.440> 24/7<00:12:48.480> transactional<00:12:49.360> flows<00:12:49.920> are

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very<00:12:50.480> permissible<00:12:51.200> using<00:12:51.600> distributed<00:12:52.079> ledger<00:12:52.560> technologies.

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And<00:12:53.839> if<00:12:54.000> I<00:12:54.160> had<00:12:54.320> to<00:12:54.480> make<00:12:54.639> a<00:12:54.800> prediction,<00:12:55.519> my<00:12:55.760> guess<00:12:56.000> would<00:12:56.160> be<00:12:56.320> that<00:12:56.480> the<00:12:56.639> leading<00:12:56.959> exchanges<00:12:57.440> will<00:12:57.680> adopt<00:12:58.000> those<00:12:58.240> kind<00:12:58.399> of<00:12:58.560> technologies<00:12:59.519> in<00:12:59.839> order<00:13:00.000> for<00:13:00.160> them<00:13:00.399> to<00:13:00.639> facilitate

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the<00:13:01.519> movement<00:13:01.920> of<00:13:02.160> capital,<00:13:02.800> whether<00:13:03.040> that<00:13:03.279> be<00:13:03.360> tokenized<00:13:03.920> money<00:13:04.160> market<00:13:04.399> fund,<00:13:04.720> whether<00:13:04.800> that<00:13:05.040> be<00:13:05.120> in<00:13:05.200> a<00:13:05.360> stable<00:13:05.680> token.

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But<00:13:06.399> what<00:13:06.560> one<00:13:06.800> thing<00:13:06.880> is<00:13:07.120> clear<00:13:07.440> is<00:13:07.680> it<00:13:07.920> can't<00:13:08.079> be<00:13:08.160> in<00:13:08.320> what's<00:13:08.560> known<00:13:08.720> as<00:13:08.880> fiat,<00:13:09.279> which<00:13:09.519> are<00:13:09.680> dollars<00:13:10.079> or<00:13:10.320> euros<00:13:10.720> or<00:13:11.040> yen<00:13:11.360> or<00:13:11.519> any<00:13:11.760> of<00:13:11.839> these,<00:13:12.240> you<00:13:12.320> know,<00:13:12.480> paper<00:13:12.800> currencies

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that<00:13:13.440> exist<00:13:13.760> right<00:13:13.920> now<00:13:14.240> because<00:13:14.399> the<00:13:14.639> infrastructure<00:13:15.279> is<00:13:15.519> not<00:13:15.760> permitting<00:13:16.079> it<00:13:16.320> to<00:13:16.399> happen.

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I<00:13:17.519> think<00:13:17.680> what,<00:13:18.000> so<00:13:18.399> that<00:13:18.639> was<00:13:18.800> super<00:13:19.120> helpful.

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Thank<00:13:19.680> you<00:13:20.000> so<00:13:20.320> much.<00:13:20.639> Uh,<00:13:21.440> I,<00:13:21.600> I<00:13:21.920> think<00:13:22.000> it'd<00:13:22.240> be<00:13:22.320> super<00:13:22.560> helpful,<00:13:22.800> like<00:13:23.040> to<00:13:23.200> give<00:13:23.360> us<00:13:23.519> like<00:13:23.680> a<00:13:23.920> blockchain<00:13:24.560> 101<00:13:25.120> and<00:13:25.279> what<00:13:25.440> it<00:13:25.600> means<00:13:25.760> to<00:13:25.920> tokenize<00:13:26.560> something<00:13:27.440> and<00:13:27.680> maybe

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we<00:13:28.268> use<00:13:28.616> something<00:13:28.963> like<00:13:29.311> gold.<00:13:29.659> Like<00:13:30.007> how,<00:13:30.355> like<00:13:30.703> when<00:13:31.050> you,<00:13:31.398> when<00:13:31.746> you're<00:13:32.094> trading<00:13:32.442> gold<00:13:32.790> and<00:13:33.137> you're<00:13:33.485> tokenized<00:13:33.833> gold,<00:13:34.181> how<00:13:34.529> do<00:13:34.877> you<00:13:35.224> know<00:13:35.572> for<00:13:35.920> sure

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that<00:13:36.720> what<00:13:37.040> you're<00:13:37.279> buying<00:13:37.600> is<00:13:37.920> attached<00:13:38.240> to<00:13:38.480> real<00:13:38.720> gold?

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That<00:13:39.200> might<00:13:39.360> be<00:13:39.519> useful<00:13:39.760> for<00:13:40.000> people<00:13:40.240> to<00:13:40.480> understand.<00:13:41.200> That's<00:13:41.360> right.

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And<00:13:41.839> I<00:13:42.000> think<00:13:42.079> that<00:13:42.240> that's,<00:13:42.639> you<00:13:42.800> know,<00:13:43.120> kind<00:13:43.360> of<00:13:43.600> like<00:13:44.000> one<00:13:44.240> of<00:13:44.399> the,<00:13:44.720> you<00:13:44.880> know,<00:13:45.680> holy<00:13:46.079> grails<00:13:46.560> of<00:13:46.880> what's<00:13:47.200> being<00:13:47.440> built<00:13:47.680> and<00:13:47.839> how<00:13:48.079> blockchain<00:13:48.560> technology<00:13:49.200> can<00:13:49.440> work

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if<00:13:49.920> done<00:13:50.240> correctly.<00:13:51.040> Using<00:13:51.360> your<00:13:51.600> example<00:13:51.920> of<00:13:52.160> gold,<00:13:52.560> right?

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So,<00:13:53.519> um,<00:13:53.760> I<00:13:54.079> think<00:13:54.160> that,<00:13:54.399> you<00:13:54.560> know,<00:13:54.720> gold<00:13:55.040> is<00:13:55.200> a<00:13:55.360> great<00:13:55.519> example.

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Um,<00:13:56.320> people<00:13:56.480> have<00:13:56.639> probably<00:13:56.800> heard<00:13:56.959> of<00:13:57.120> stable<00:13:57.440> tokens<00:13:57.839> as<00:13:58.000> well.

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That's<00:13:58.399> probably<00:13:58.639> another<00:13:59.040> good<00:13:59.279> example,<00:13:59.920> right?

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Um,<00:14:00.800> and<00:14:01.040> maybe<00:14:01.279> using<00:14:01.440> the<00:14:01.600> stable<00:14:01.920> token<00:14:02.240> example<00:14:02.560> could<00:14:02.720> be<00:14:02.880> a<00:14:03.040> little<00:14:03.120> bit<00:14:03.279> more<00:14:03.519> interesting.

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Um,<00:14:04.480> because<00:14:05.519> the,<00:14:05.600> the,<00:14:05.839> the<00:14:06.399> use<00:14:06.560> cases<00:14:06.880> are<00:14:07.040> far<00:14:07.360> greater<00:14:07.680> for<00:14:07.920> your<00:14:08.079> audience.

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Um,<00:14:09.440> so<00:14:09.680> if<00:14:09.920> I<00:14:10.079> were<00:14:10.240> to,<00:14:10.639> so<00:14:10.959> how<00:14:11.120> did<00:14:11.360> stable<00:14:11.680> tokens<00:14:12.000> even<00:14:12.240> arise?

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Let's<00:14:12.800> start<00:14:12.959> with<00:14:13.120> that<00:14:13.360> question,<00:14:13.600> right?<00:14:13.839> Like<00:14:14.000> what<00:14:14.160> is<00:14:14.240> a<00:14:14.399> stable<00:14:14.639> token?

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Well,<00:14:15.491> a<00:14:15.861> stable<00:14:16.232> token<00:14:16.602> essentially<00:14:16.973> is<00:14:17.343> a<00:14:17.714> digital<00:14:18.084> asset<00:14:18.455> that's<00:14:18.825> been<00:14:19.196> created,<00:14:19.566> um,<00:14:19.937> that's<00:14:20.307> a<00:14:20.678> representation<00:14:21.048> of<00:14:21.419> a<00:14:21.789> US<00:14:22.160> dollar.

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I'll<00:14:22.784> use<00:14:23.088> a<00:14:23.392> US<00:14:23.696> dollar,<00:14:24.000> right?

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And<00:14:24.560> there<00:14:24.639> are<00:14:24.800> many<00:14:24.959> issuers<00:14:25.199> that<00:14:25.360> are<00:14:25.440> out<00:14:25.600> there<00:14:25.839> that<00:14:26.079> are<00:14:26.160> doing<00:14:26.320> so<00:14:26.480> and<00:14:26.639> they're<00:14:26.800> doing<00:14:26.959> so<00:14:27.120> in<00:14:27.279> regulated<00:14:27.760> ways.

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And<00:14:28.160> many<00:14:28.320> of<00:14:28.399> them<00:14:28.480> are<00:14:28.639> regulated<00:14:29.040> under<00:14:29.360> NYDFS,<00:14:30.800> um,<00:14:30.959> which<00:14:31.279> is<00:14:31.440> the<00:14:32.079> regulator<00:14:32.480> here<00:14:32.639> in<00:14:32.880> New<00:14:33.040> York<00:14:33.199> State.

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Um,<00:14:34.320> and<00:14:35.040> essentially<00:14:35.360> if<00:14:35.519> I<00:14:35.600> were<00:14:35.680> to<00:14:35.839> issue<00:14:36.000> a<00:14:36.160> stable<00:14:36.480> token,<00:14:36.720> I'd<00:14:36.959> have<00:14:37.040> to<00:14:37.120> achieve<00:14:37.360> a<00:14:37.519> license<00:14:37.760> that<00:14:37.920> would<00:14:38.079> make<00:14:38.160> this<00:14:38.320> regulatory<00:14:38.880> permissible.

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Um,<00:14:39.760> and<00:14:39.920> then<00:14:40.079> I<00:14:40.240> would<00:14:40.399> have<00:14:40.480> all<00:14:40.639> sorts<00:14:40.800> of<00:14:40.959> different<00:14:41.120> parameters<00:14:41.440> I<00:14:41.680> would<00:14:41.760> have<00:14:41.920> to<00:14:42.000> fulfill.

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For<00:14:42.800> the<00:14:42.959> simplicity<00:14:43.440> of<00:14:43.600> this<00:14:43.760> conversation,<00:14:44.320> we'll<00:14:44.560> just<00:14:44.720> say<00:14:44.959> that<00:14:45.199> in<00:14:45.440> an<00:14:45.600> instance<00:14:46.000> to<00:14:46.160> create<00:14:46.480> one<00:14:46.720> of<00:14:46.800> these<00:14:47.040> stable<00:14:47.360> tokens.

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Um,<00:14:48.320> a<00:14:48.560> person<00:14:48.800> or<00:14:49.040> a<00:14:49.279> company<00:14:49.519> or<00:14:49.760> an<00:14:49.920> entity<00:14:50.480> would<00:14:50.800> send<00:14:51.120> US<00:14:51.519> dollars<00:14:52.639> directly<00:14:53.040> to<00:14:53.199> a<00:14:53.440> bank,<00:14:54.000> um,<00:14:54.160> that<00:14:54.399> is<00:14:54.639> permissioned<00:14:55.199> by<00:14:55.760> the<00:14:55.839> issuer.

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Um,<00:14:57.440> those<00:14:57.760> dollars<00:14:58.240> come<00:14:58.320> in,<00:14:58.560> in<00:14:58.720> this<00:14:58.800> case,<00:14:58.959> let's<00:14:59.120> just<00:14:59.279> call<00:14:59.360> it<00:14:59.600> $100.

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um,<00:15:00.800> they<00:15:01.040> come<00:15:01.120> in<00:15:01.279> and<00:15:01.440> that<00:15:01.600> triggers<00:15:01.839> what's<00:15:02.079> known<00:15:02.240> as<00:15:02.320> a<00:15:02.560> create<00:15:03.600> and<00:15:04.000> essentially<00:15:04.320> what'll<00:15:04.720> happen<00:15:04.880> is<00:15:05.040> the<00:15:05.360> stable<00:15:05.680> token<00:15:05.920> issuer<00:15:06.240> will<00:15:06.399> take<00:15:06.480> that<00:15:06.720> $100,<00:15:07.440> they'll

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put<00:15:07.760> them<00:15:07.920> into<00:15:08.079> a<00:15:08.240> very,<00:15:08.480> very<00:15:08.800> specific<00:15:09.279> account<00:15:09.519> that's<00:15:09.920> very<00:15:10.160> transparent<00:15:10.800> and<00:15:11.199> the<00:15:11.519> common<00:15:11.920> norms<00:15:12.399> now<00:15:12.560> that<00:15:12.800> have<00:15:12.959> that<00:15:13.279> have<00:15:13.680> arisen<00:15:14.079> over,<00:15:14.320> you<00:15:14.399> know,<00:15:14.560> 10<00:15:14.720> or<00:15:14.880> so

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years<00:15:15.199> of<00:15:15.440> development<00:15:15.760> of<00:15:15.920> these<00:15:16.320> instruments<00:15:16.880> are<00:15:17.040> that<00:15:17.199> one<00:15:17.360> would<00:15:17.519> have<00:15:17.600> it<00:15:17.760> audited<00:15:18.160> and<00:15:18.240> you<00:15:18.320> would<00:15:18.480> publish<00:15:18.639> your<00:15:18.800> audit<00:15:19.040> and<00:15:19.279> people<00:15:19.440> would<00:15:19.600> see<00:15:19.760> what<00:15:19.920> it<00:15:20.079> is

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or<00:15:20.560> you<00:15:20.800> would<00:15:20.880> come<00:15:20.959> up<00:15:21.120> with<00:15:21.199> an<00:15:21.360> alternate<00:15:21.760> means<00:15:22.000> to<00:15:22.240> make<00:15:22.399> sure<00:15:22.720> that<00:15:22.959> the<00:15:23.440> hallmark<00:15:23.920> here<00:15:24.240> is<00:15:24.399> the<00:15:24.639> important<00:15:24.880> part,<00:15:25.360> that<00:15:25.519> that<00:15:25.760> stable<00:15:26.079> token<00:15:26.399> is<00:15:26.560> backed<00:15:26.880> one<00:15:27.040> for

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one<00:15:28.000> that<00:15:28.240> there's<00:15:28.480> always<00:15:28.880> one<00:15:29.120> dollar<00:15:29.519> that's<00:15:29.760> being<00:15:29.920> held,<00:15:30.079> held<00:15:30.320> in<00:15:30.480> custody<00:15:30.880> by<00:15:31.120> that<00:15:31.279> issuer<00:15:31.839> that<00:15:32.079> represents<00:15:32.560> your<00:15:32.880> $1<00:15:33.360> that's<00:15:33.680> moving<00:15:33.839> on<00:15:34.079> a<00:15:34.320> public<00:15:34.639> blockchain.

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So<00:15:35.917> in<00:15:36.154> that<00:15:36.391> scenario<00:15:36.628> whereby<00:15:36.865> we<00:15:37.102> created<00:15:37.339> the<00:15:37.576> $100,<00:15:37.813> essentially<00:15:38.050> what<00:15:38.287> would<00:15:38.524> happen<00:15:38.761> is<00:15:38.998> I<00:15:39.235> would<00:15:39.472> send<00:15:39.709> my<00:15:39.946> $100<00:15:40.183> in<00:15:40.420> stable<00:15:40.657> token<00:15:40.894> issuers<00:15:41.131> and<00:15:41.368> we<00:15:41.605> could,<00:15:41.842> you<00:15:42.079> know,

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in<00:15:42.399> this<00:15:42.480> case<00:15:42.639> we<00:15:42.800> can<00:15:42.959> use<00:15:43.120> something<00:15:43.440> like,<00:15:44.000> um,<00:15:44.639> a<00:15:44.800> regulatory<00:15:45.519> compliant,<00:15:46.560> um,<00:15:46.720> stable<00:15:47.040> token<00:15:47.279> that<00:15:47.440> was<00:15:47.600> made<00:15:47.839> for<00:15:48.000> use<00:15:48.160> in<00:15:48.320> the<00:15:48.480> USA,<00:15:49.279> um,<00:15:49.440> by<00:15:49.600> a<00:15:49.759> company<00:15:50.000> called<00:15:50.240> Tether

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and<00:15:50.800> that<00:15:51.040> asset's<00:15:51.440> called<00:15:51.600> USAT.<00:15:53.279> $100<00:15:53.759> comes<00:15:54.000> in,<00:15:54.560> the<00:15:54.800> issuance<00:15:55.199> platform<00:15:55.519> or<00:15:55.759> the<00:15:55.839> issuer<00:15:56.240> mints<00:15:56.639> $100.

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They<00:15:58.079> send<00:15:58.320> them<00:15:58.480> directly<00:15:58.800> to<00:15:58.959> the<00:15:59.120> person<00:15:59.279> that<00:15:59.519> sent<00:15:59.680> them<00:15:59.920> the<00:16:00.639> $100<00:16:01.519> in<00:16:01.839> cash<00:16:02.160> on<00:16:02.399> a<00:16:02.560> public<00:16:02.880> blockchain.

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They're<00:16:04.160> sent<00:16:04.320> to<00:16:04.480> what's<00:16:04.720> known<00:16:04.800> as<00:16:04.959> a<00:16:05.199> wallet<00:16:05.920> that<00:16:06.160> they<00:16:06.399> would,<00:16:06.720> that<00:16:06.959> that,<00:16:07.600> um,<00:16:07.759> that<00:16:08.000> that<00:16:08.320> owner<00:16:08.720> would<00:16:09.279> use<00:16:09.519> as<00:16:09.759> a,<00:16:10.480> uh,<00:16:10.639> custody<00:16:11.199> solution<00:16:12.320> to

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house<00:16:12.959> those<00:16:13.199> stable<00:16:13.519> tokens.<00:16:14.480> And<00:16:14.639> now<00:16:14.880> I'm<00:16:15.040> in<00:16:15.279> possession<00:16:15.519> of<00:16:15.680> my<00:16:16.000> $100,<00:16:16.880> but<00:16:17.120> represented<00:16:17.680> as<00:16:17.839> a<00:16:18.079> digital<00:16:18.720> asset.

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I<00:16:20.000> can<00:16:20.160> take<00:16:20.320> that<00:16:20.720> and<00:16:21.040> I<00:16:21.279> can<00:16:21.519> send<00:16:21.920> $1.50<00:16:22.399> for<00:16:22.639> 50<00:16:22.880> cents,<00:16:23.199> whatever<00:16:23.360> it<00:16:23.440> ends<00:16:23.680> up<00:16:23.839> being<00:16:24.399> to,<00:16:25.199> um,<00:16:25.440> you<00:16:25.600> know,<00:16:26.000> uh,<00:16:26.240> any<00:16:26.480> of,<00:16:27.120> uh,<00:16:27.519> uh,<00:16:27.680> folks<00:16:28.160> that

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have<00:16:28.560> a<00:16:28.720> digital<00:16:29.040> wallet.<00:16:30.000> And<00:16:30.160> in<00:16:30.320> this<00:16:30.480> scenario,<00:16:31.040> Clint,<00:16:31.360> I<00:16:31.519> can<00:16:31.600> say<00:16:31.759> I<00:16:31.920> can<00:16:32.000> send<00:16:32.079> you<00:16:32.399> $50,<00:16:33.440> um,<00:16:33.600> because<00:16:33.920> I<00:16:34.320> owed<00:16:34.399> you<00:16:34.639> money<00:16:34.800> because<00:16:35.040> I<00:16:35.199> lost<00:16:35.360> a<00:16:35.519> bet<00:16:35.680> on<00:16:35.839> the<00:16:35.920> Knicks

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were<00:16:36.399> not,<00:16:36.560> weren't<00:16:36.800> going<00:16:36.880> to<00:16:37.040> win,<00:16:37.360> uh,<00:16:37.440> the<00:16:37.680> championship.<00:16:39.120> You<00:16:39.360> could<00:16:39.440> take<00:16:39.680> that.

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What's<00:16:41.920> that?<00:16:42.720> I<00:16:42.880> hope<00:16:43.120> as<00:16:43.279> a<00:16:43.440> New<00:16:43.519> Yorker<00:16:43.839> you<00:16:44.079> wouldn't<00:16:44.320> bet<00:16:44.560> against<00:16:44.800> your<00:16:44.959> own<00:16:45.120> Knicks.

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Absolutely<00:16:46.800> not.<00:16:47.040> As<00:16:47.120> you<00:16:47.279> can<00:16:47.360> tell<00:16:47.519> from<00:16:47.680> where<00:16:47.839> I'm<00:16:48.000> located,<00:16:48.399> but<00:16:48.480> let's<00:16:48.720> hypothetically<00:16:49.360> say<00:16:49.519> I<00:16:49.759> did.

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I<00:16:50.160> needed<00:16:50.399> to<00:16:50.480> send<00:16:50.560> it<00:16:50.720> to<00:16:50.800> you.<00:16:50.880> I'm<00:16:51.040> long<00:16:51.279> the<00:16:51.440> dollar.<00:16:51.600> Or<00:16:51.759> what<00:16:51.839> am<00:16:52.000> I<00:16:52.079> going<00:16:52.160> to<00:16:52.240> do<00:16:52.320> in<00:16:52.480> that<00:16:52.639> example?

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Um,<00:16:53.839> so<00:16:54.000> I<00:16:54.160> send<00:16:54.320> you<00:16:54.480> those<00:16:54.800> $50,<00:16:55.680> right?

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And<00:16:56.320> now<00:16:56.480> you've<00:16:56.720> got<00:16:56.800> them<00:16:56.959> in<00:16:57.199> your<00:16:57.279> wallet<00:16:57.600> and<00:16:57.759> you've<00:16:58.000> got<00:16:58.079> the,<00:16:58.320> the,<00:16:58.560> the<00:16:59.040> sovereign<00:16:59.440> rights<00:16:59.680> and<00:16:59.839> ownership<00:17:00.240> of<00:17:00.480> them.

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You<00:17:01.120> can<00:17:01.199> send<00:17:01.440> them<00:17:01.680> to,<00:17:02.560> you<00:17:02.800> know,<00:17:03.279> uh,<00:17:03.440> a<00:17:03.680> friend.

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You<00:17:04.480> can<00:17:04.559> send<00:17:04.720> them<00:17:04.880> to<00:17:05.039> a<00:17:05.199> business<00:17:05.439> to<00:17:05.679> satisfy<00:17:06.000> an<00:17:06.240> obligation.

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You<00:17:07.280> can<00:17:07.360> send<00:17:07.520> them<00:17:07.760> all<00:17:07.919> around<00:17:08.160> if<00:17:08.400> you<00:17:08.480> want<00:17:08.640> to,<00:17:08.799> provided<00:17:09.199> someone<00:17:09.439> has<00:17:09.679> infrastructure<00:17:10.160> to<00:17:10.400> accept<00:17:10.720> them.

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And<00:17:11.360> then<00:17:11.520> I<00:17:11.679> think<00:17:11.760> that<00:17:12.000> the<00:17:12.160> evolution<00:17:12.559> of<00:17:12.720> that<00:17:12.959> is<00:17:13.199> not<00:17:13.360> just<00:17:13.600> this<00:17:13.839> $100,<00:17:14.799> but<00:17:14.959> it's<00:17:15.199> folks<00:17:15.439> getting<00:17:15.760> paid<00:17:16.000> in<00:17:16.240> things<00:17:16.319> like<00:17:16.559> stable<00:17:17.039> tokens.

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It's<00:17:17.600> using<00:17:17.760> them<00:17:17.919> when<00:17:18.079> you<00:17:18.160> go<00:17:18.240> to<00:17:18.319> Whole<00:17:18.559> Foods<00:17:18.799> to<00:17:18.959> buy<00:17:19.120> your<00:17:19.439> groceries.

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It's<00:17:20.240> getting<00:17:20.400> a<00:17:20.559> prepaid<00:17:21.039> debit<00:17:21.360> card<00:17:21.600> that's<00:17:21.839> loaded<00:17:22.160> with<00:17:22.240> the<00:17:22.319> stable<00:17:22.640> tokens<00:17:22.959> on<00:17:23.199> that<00:17:23.360> you<00:17:23.520> can<00:17:23.600> tap<00:17:23.839> and<00:17:24.160> go<00:17:24.400> anywhere<00:17:24.880> and<00:17:25.120> everywhere.

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The<00:17:26.799> market<00:17:27.120> capitalization<00:17:27.839> of<00:17:28.079> these<00:17:28.319> stable<00:17:28.720> tokens<00:17:29.039> that<00:17:29.200> are<00:17:29.280> out<00:17:29.440> there<00:17:29.600> right<00:17:29.840> now<00:17:30.000> are<00:17:30.240> in<00:17:30.559> the<00:17:30.799> hundreds<00:17:31.120> of<00:17:31.280> billions<00:17:31.600> of<00:17:31.840> dollars.

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Um,<00:17:33.280> they're<00:17:33.600> being<00:17:33.840> utilized<00:17:34.240> very,<00:17:34.559> very<00:17:34.799> heavy<00:17:35.120> for<00:17:35.360> a<00:17:35.600> lot<00:17:35.679> of<00:17:35.840> different<00:17:36.000> use<00:17:36.240> cases.

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Transborder<00:17:38.640> access,<00:17:39.520> uh,<00:17:39.679> between<00:17:39.919> the,<00:17:40.160> you<00:17:40.320> know,<00:17:40.480> mids<00:17:40.799> quarters<00:17:41.200> of,<00:17:41.360> let's<00:17:41.520> say,<00:17:41.760> Mexico<00:17:42.160> and<00:17:42.320> the<00:17:42.480> US.

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Trade<00:17:43.600> finance<00:17:44.000> for<00:17:44.240> ships<00:17:44.559> that<00:17:44.720> are<00:17:44.799> going<00:17:44.960> ahead<00:17:45.200> and<00:17:45.360> leaving<00:17:45.679> port.

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M1<00:17:46.799> wants<00:17:46.960> to<00:17:47.039> go<00:17:47.120> ahead<00:17:47.280> instead<00:17:47.520> of<00:17:47.679> using<00:17:47.760> an<00:17:47.919> escrow<00:17:48.320> account<00:17:48.640> could<00:17:48.799> put<00:17:48.880> in<00:17:49.039> a<00:17:49.200> collateral<00:17:49.679> lock<00:17:50.160> function.

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Right?<00:17:51.280> These<00:17:51.520> are<00:17:51.600> all<00:17:51.760> the<00:17:51.919> use<00:17:52.080> cases<00:17:52.400> right<00:17:52.559> now<00:17:52.640> that<00:17:52.880> are<00:17:52.960> being<00:17:53.120> built<00:17:53.360> out<00:17:53.440> and<00:17:53.600> have<00:17:53.760> been,<00:17:54.080> been,<00:17:54.400> been<00:17:55.280> built<00:17:55.520> out<00:17:55.679> over<00:17:55.919> the<00:17:56.080> course<00:17:56.240> of<00:17:56.400> the<00:17:56.559> last<00:17:56.720> decade<00:17:57.120> or

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more<00:17:58.080> in<00:17:58.320> order<00:17:58.480> to<00:17:58.720> facilitate<00:17:59.360> this<00:17:59.600> new<00:17:59.840> transference<00:18:00.480> of<00:18:00.799> what<00:18:01.039> we're<00:18:01.280> calling<00:18:01.600> tokenized<00:18:02.320> money.

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Was<00:18:04.080> that<00:18:04.240> a<00:18:04.480> little<00:18:04.559> bit<00:18:04.720> helpful<00:18:05.120> there?<00:18:05.280> Questions<00:18:05.440> I<00:18:05.600> can<00:18:05.679> answer<00:18:05.919> on<00:18:06.080> that<00:18:06.240> as<00:18:06.400> well?

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Super<00:18:07.280> helpful.<00:18:07.600> Well,<00:18:07.760> I,<00:18:07.840> I,<00:18:07.919> I<00:18:08.480> think,<00:18:08.960> uh,<00:18:09.600> you<00:18:09.760> know,<00:18:09.840> the<00:18:10.080> interesting<00:18:10.400> thing,<00:18:10.640> kind<00:18:10.720> of<00:18:10.799> the<00:18:10.960> underlying<00:18:11.360> thing<00:18:11.520> about<00:18:11.679> blockchain<00:18:12.160> and<00:18:12.320> everything<00:18:12.559> that<00:18:12.720> you're

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describing<00:18:13.440> here<00:18:14.320> and<00:18:14.559> you<00:18:14.799> mentioned<00:18:15.120> it<00:18:15.280> earlier<00:18:15.760> is,<00:18:16.320> you<00:18:16.559> know,<00:18:16.960> that<00:18:17.360> you<00:18:17.600> don't<00:18:17.760> have<00:18:17.919> to<00:18:18.080> rely,<00:18:18.960> like<00:18:19.280> reliant<00:18:19.679> on<00:18:19.919> fiat<00:18:20.480> currency<00:18:20.880> and<00:18:21.120> even

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reliant<00:18:21.760> on<00:18:21.919> the<00:18:22.160> dollar,<00:18:22.960> there's<00:18:23.200> a<00:18:23.440> lot<00:18:23.520> of,<00:18:25.039> um,<00:18:25.520> uncertainty<00:18:26.240> around<00:18:26.480> that,<00:18:26.799> right?<00:18:27.039> Like<00:18:27.280> the,<00:18:27.919> the<00:18:28.160> United<00:18:28.400> States<00:18:28.640> is<00:18:29.120> almost<00:18:29.440> 40

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trillion<00:18:30.080> in<00:18:30.320> debt,<00:18:30.720> like<00:18:31.280> there's<00:18:31.600> a<00:18:31.760> lot<00:18:31.840> of<00:18:32.000> uncertainty<00:18:33.360> around<00:18:34.000> will<00:18:34.240> the<00:18:34.480> dollar<00:18:34.799> be<00:18:34.960> the<00:18:35.120> reserve<00:18:35.520> currency<00:18:35.840> of<00:18:36.000> the<00:18:36.160> world,<00:18:36.480> right?<00:18:36.640> And<00:18:36.960> so<00:18:37.440> for<00:18:37.600> the<00:18:37.840> gold

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one,<00:18:38.559> I<00:18:38.799> was<00:18:38.960> just<00:18:39.200> wondering<00:18:39.600> how<00:18:39.840> you<00:18:40.000> could<00:18:40.240> explain<00:18:40.559> it<00:18:40.720> in<00:18:40.880> a<00:18:41.120> way<00:18:42.000> where<00:18:42.559> like<00:18:42.799> there<00:18:43.120> actually<00:18:43.440> is<00:18:43.760> a<00:18:43.919> piece<00:18:44.160> of<00:18:44.480> gold,<00:18:44.880> like<00:18:45.039> a<00:18:45.200> bar<00:18:45.440> of<00:18:45.600> gold<00:18:45.919> somewhere<00:18:46.880> and

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you<00:18:47.440> own<00:18:47.600> that<00:18:47.919> token<00:18:48.400> and<00:18:48.720> that<00:18:48.960> token<00:18:49.679> is<00:18:50.080> directly<00:18:50.640> tied<00:18:51.120> to<00:18:51.440> that<00:18:51.760> piece<00:18:52.000> of<00:18:52.160> gold.

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You<00:18:52.559> know<00:18:52.640> what<00:18:52.799> I<00:18:52.960> mean?<00:18:53.360> 100%.<00:18:54.160> So<00:18:55.120> that's<00:18:55.280> where<00:18:55.440> it<00:18:55.600> gets<00:18:55.760> really<00:18:56.000> interesting<00:18:56.320> for<00:18:56.559> people<00:18:56.720> because<00:18:56.960> then<00:18:57.120> they<00:18:57.280> can<00:18:57.360> own<00:18:57.600> things<00:18:57.760> outside<00:18:58.080> of<00:18:58.320> just<00:18:58.559> dollars.

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They<00:18:59.200> can<00:18:59.280> own,<00:18:59.760> like<00:18:59.919> you<00:19:00.160> mentioned,<00:19:00.559> oil<00:19:01.200> or<00:19:01.520> gold<00:19:01.840> or<00:19:02.080> any<00:19:02.320> of<00:19:02.400> these,<00:19:02.640> like<00:19:03.280> commodity<00:19:03.840> assets.

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Yeah,<00:19:05.039> the<00:19:05.280> gold<00:19:05.600> example<00:19:05.840> is<00:19:06.080> helpful<00:19:06.400> and<00:19:06.640> it's<00:19:06.799> helpful<00:19:07.120> because,<00:19:07.840> um,<00:19:08.080> you<00:19:08.240> know,<00:19:08.320> for<00:19:08.559> those<00:19:08.720> that,<00:19:08.960> you<00:19:09.039> know,<00:19:09.200> understand<00:19:09.600> finance<00:19:10.000> and<00:19:10.160> how<00:19:10.400> things<00:19:10.559> like<00:19:10.799> warehouse

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receipts<00:19:11.679> work,<00:19:12.160> this<00:19:12.320> is<00:19:12.480> really<00:19:12.640> just<00:19:12.799> a<00:19:12.960> digital<00:19:13.280> warehouse<00:19:13.679> receipt,<00:19:14.240> right?

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So<00:19:14.640> the<00:19:14.799> example<00:19:15.039> I<00:19:15.200> gave<00:19:15.360> in<00:19:15.600> dollars<00:19:15.919> was<00:19:16.080> that<00:19:16.400> you,<00:19:16.559> someone<00:19:16.799> sent<00:19:17.120> $100<00:19:17.600> in<00:19:17.840> to<00:19:18.160> Tether<00:19:18.559> and<00:19:18.720> they<00:19:18.880> created<00:19:19.200> 100<00:19:19.440> USAT<00:19:20.000> on<00:19:20.160> it.

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Well,<00:19:20.960> you<00:19:21.120> know,<00:19:21.200> the<00:19:21.360> gold<00:19:21.600> use<00:19:21.840> case<00:19:22.000> is<00:19:22.240> not<00:19:22.400> so<00:19:22.559> dissimilar,<00:19:23.200> right?

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It's<00:19:23.600> got<00:19:23.679> to<00:19:23.840> be<00:19:23.919> backed<00:19:24.160> one<00:19:24.320> for<00:19:24.480> one<00:19:24.640> at<00:19:24.880> all<00:19:25.039> times<00:19:25.280> and<00:19:25.520> you<00:19:25.679> could<00:19:25.919> actually,<00:19:26.400> you<00:19:26.559> know,<00:19:26.720> request<00:19:27.200> the<00:19:27.440> ownership,<00:19:28.080> uh,<00:19:28.240> you<00:19:28.400> know,<00:19:28.480> kind<00:19:28.720> of<00:19:28.880> certificate,<00:19:29.280> or<00:19:29.600> understand

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what<00:19:30.240> warehouses,<00:19:31.039> you<00:19:31.200> know,<00:19:31.280> that<00:19:31.440> gold<00:19:31.760> is<00:19:31.919> actually<00:19:32.240> stored.

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But<00:19:33.039> essentially<00:19:33.360> the<00:19:33.520> same<00:19:33.679> thing<00:19:33.840> would<00:19:34.080> happen,<00:19:34.400> right?

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Um,<00:19:35.200> I<00:19:35.440> send,<00:19:36.160> uh,<00:19:36.559> $100,<00:19:37.679> uh,<00:19:37.840> to<00:19:38.480> the,<00:19:39.120> uh,<00:19:39.280> issuer<00:19:39.760> of<00:19:39.919> that<00:19:40.160> token.

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They<00:19:41.200> take<00:19:41.360> that<00:19:41.600> $100,<00:19:42.160> they<00:19:42.320> buy<00:19:42.880> $100<00:19:43.200> worth<00:19:43.280> of<00:19:43.600> gold,<00:19:43.919> which<00:19:44.080> is<00:19:44.240> probably<00:19:44.880> what<00:19:45.120> a<00:19:45.200> troy<00:19:45.600> ounce<00:19:45.760> or<00:19:45.919> two.

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They<00:19:46.720> take<00:19:46.960> those,<00:19:47.520> uh,<00:19:47.919> uh,<00:19:48.320> they<00:19:48.559> take<00:19:48.799> that<00:19:49.120> gold.

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It's<00:19:50.000> either<00:19:50.240> already<00:19:50.559> in<00:19:50.720> a<00:19:50.880> warehouse<00:19:51.200> or<00:19:51.360> they<00:19:51.520> take<00:19:51.679> and<00:19:51.840> they<00:19:51.919> put<00:19:52.080> it<00:19:52.160> in<00:19:52.320> a<00:19:52.480> warehouse.

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They<00:19:53.600> offer<00:19:53.840> the<00:19:54.000> ownership<00:19:54.400> rights<00:19:54.720> of<00:19:54.880> that<00:19:55.120> to,<00:19:55.440> in,<00:19:55.679> in<00:19:55.840> incremental<00:19:56.400> units<00:19:56.799> to<00:19:57.120> the<00:19:57.280> person<00:19:57.440> that<00:19:57.679> bought<00:19:57.919> that.

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And<00:19:58.640> similar<00:19:58.960> to<00:19:59.200> I<00:19:59.360> just<00:19:59.440> said,<00:19:59.600> if<00:19:59.760> I<00:19:59.840> lost<00:20:00.000> my<00:20:00.160> bet,<00:20:00.400> I<00:20:00.559> could<00:20:00.640> send<00:20:00.799> you<00:20:01.200> 50<00:20:01.440> bucks.

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you<00:20:02.160> can<00:20:02.240> now<00:20:02.400> send<00:20:02.720> $50<00:20:03.120> worth<00:20:03.360> of<00:20:03.520> gold<00:20:03.919> to<00:20:04.160> satisfy<00:20:04.640> that<00:20:04.880> obligation.

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And<00:20:05.919> that<00:20:06.160> is<00:20:06.400> real,<00:20:06.720> right?<00:20:06.960> So,<00:20:07.280> and,<00:20:07.440> and<00:20:07.600> how<00:20:07.679> do<00:20:07.760> you<00:20:07.840> know<00:20:07.919> it's<00:20:08.160> real?

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You<00:20:08.559> can<00:20:08.640> go<00:20:08.720> ahead<00:20:08.880> and<00:20:09.039> you<00:20:09.120> can<00:20:09.280> see<00:20:09.360> what<00:20:09.600> the<00:20:09.840> actual<00:20:10.240> number<00:20:10.480> of<00:20:10.799> tokens<00:20:11.280> of<00:20:11.520> that,<00:20:12.320> of<00:20:12.559> that,<00:20:13.120> um,<00:20:13.520> uh,<00:20:13.919> uh,<00:20:14.240> uh,<00:20:14.320> tokenized<00:20:14.960> gold<00:20:15.200> are<00:20:15.440> in<00:20:15.679> circulation.

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You<00:20:16.720> can<00:20:16.880> balance<00:20:17.200> that<00:20:17.440> against<00:20:17.679> what<00:20:17.919> the<00:20:18.000> issuer<00:20:18.320> has<00:20:18.559> already<00:20:18.799> published.

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And<00:20:19.679> more<00:20:20.000> so,<00:20:20.400> you've<00:20:20.640> got<00:20:20.720> the<00:20:20.880> ability<00:20:21.039> to<00:20:21.120> go<00:20:21.280> and<00:20:21.440> redeem<00:20:21.679> it<00:20:21.840> in<00:20:22.000> for<00:20:22.160> that<00:20:22.320> gold<00:20:22.559> at<00:20:22.720> any<00:20:22.880> time<00:20:23.120> if<00:20:23.280> you<00:20:23.360> want<00:20:23.520> it.

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You<00:20:24.240> can<00:20:24.320> take<00:20:24.480> the<00:20:24.640> real<00:20:24.880> gold<00:20:25.039> or<00:20:25.280> you<00:20:25.440> can<00:20:25.520> take<00:20:25.600> a<00:20:25.760> dollar<00:20:26.000> value<00:20:26.240> of<00:20:26.320> the<00:20:26.480> gold<00:20:26.640> if<00:20:26.799> that's<00:20:26.960> easier<00:20:27.120> for<00:20:27.200> you<00:20:27.360> to<00:20:27.440> handle<00:20:27.760> because<00:20:28.000> nobody's<00:20:28.400> really<00:20:28.640> going<00:20:28.799> to<00:20:29.280> Switzerland

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to<00:20:30.000> knock<00:20:30.159> on<00:20:30.320> a<00:20:30.480> door<00:20:30.559> and<00:20:30.799> pick<00:20:30.880> up<00:20:31.039> your<00:20:31.120> gold.<00:20:31.440> That'll...<00:20:31.840> Yeah.

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Exactly.<00:20:33.360> No.<00:20:33.679> Yeah.

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And<00:20:34.159> that<00:20:34.480> gets<00:20:34.720> really<00:20:34.960> interesting.<00:20:35.440> But<00:20:35.679> do<00:20:35.840> you<00:20:36.000> see<00:20:36.159> that<00:20:36.480> as<00:20:36.720> like,<00:20:36.960> if<00:20:37.520> I<00:20:37.679> mean,<00:20:37.840> it's<00:20:38.080> the<00:20:38.240> same<00:20:38.320> way<00:20:38.480> that<00:20:38.720> governments,<00:20:39.200> I<00:20:39.440> guess,<00:20:39.520> are<00:20:39.840> in<00:20:40.000> some<00:20:40.159> ways<00:20:40.400> threatened

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to<00:20:40.880> bit<00:20:41.280> by<00:20:41.520> bitcoin.<00:20:42.799> Do<00:20:43.039> you<00:20:43.120> see<00:20:43.280> that,<00:20:43.600> like<00:20:43.760> the<00:20:44.000> tokenization<00:20:44.640> of<00:20:44.799> things?

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Like<00:20:45.280> how<00:20:45.520> do<00:20:45.600> you<00:20:45.679> think,<00:20:45.919> I<00:20:46.080> guess<00:20:46.240> just<00:20:46.559> overall,<00:20:47.039> like<00:20:47.440> how<00:20:47.679> do<00:20:47.919> governments<00:20:48.559> respond<00:20:49.280> as<00:20:49.600> this<00:20:49.919> becomes<00:20:50.320> more<00:20:50.480> and<00:20:50.720> more<00:20:50.960> popular?

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Look,<00:20:52.480> you,<00:20:52.799> well,<00:20:53.120> first<00:20:53.200> of<00:20:53.280> all,<00:20:53.520> they<00:20:53.760> respond<00:20:54.080> by<00:20:54.320> putting<00:20:54.480> in<00:20:54.720> proper<00:20:54.960> rules<00:20:55.200> and<00:20:55.360> regulation,<00:20:55.760> which<00:20:55.919> is<00:20:56.080> what<00:20:56.159> you've<00:20:56.400> seen<00:20:56.559> here<00:20:56.720> in<00:20:56.880> the<00:20:56.960> US.

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And<00:20:57.440> the<00:20:57.600> US<00:20:57.760> has<00:20:58.000> lagged,<00:20:58.640> you<00:20:58.799> know,<00:20:58.960> kind<00:20:59.200> of<00:20:59.280> that<00:20:59.679> regulatory<00:21:00.559> wave,<00:21:01.440> um,<00:21:01.600> by<00:21:01.840> a<00:21:02.000> few<00:21:02.159> years<00:21:02.320> of,<00:21:02.559> of<00:21:02.960> the<00:21:03.120> rest<00:21:03.200> of<00:21:03.360> the<00:21:03.520> world.

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Um,<00:21:05.039> but,<00:21:05.280> but<00:21:05.520> I<00:21:05.600> would<00:21:05.679> say<00:21:05.760> that<00:21:06.159> once<00:21:06.320> you've<00:21:06.480> got<00:21:06.559> the<00:21:06.720> rules<00:21:06.880> and<00:21:07.039> regulations,<00:21:07.520> that<00:21:07.919> regulation<00:21:08.480> that's<00:21:08.720> in<00:21:08.880> there,<00:21:09.280> um,<00:21:09.360> it's<00:21:09.600> all<00:21:09.760> about<00:21:09.919> the<00:21:10.080> use<00:21:10.240> cases<00:21:10.480> that

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are<00:21:10.799> being<00:21:10.960> developed<00:21:11.200> and<00:21:11.440> the<00:21:11.760> speed<00:21:12.000> of<00:21:12.159> the<00:21:12.320> adoption.

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That's<00:21:13.600> really<00:21:13.760> what,<00:21:14.159> what,<00:21:14.320> what,<00:21:14.480> what<00:21:15.280> going<00:21:15.360> to<00:21:15.440> be<00:21:15.520> the<00:21:15.679> next<00:21:15.919> tipping<00:21:16.320> point<00:21:16.480> for<00:21:16.799> evolution<00:21:17.360> and<00:21:17.600> growth.

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um,<00:21:18.387> it's<00:21:18.615> a<00:21:18.844> lot<00:21:19.072> of<00:21:19.300> the<00:21:19.528> use<00:21:19.756> cases<00:21:19.984> that<00:21:20.213> are<00:21:20.441> being<00:21:20.669> spoken<00:21:20.897> of<00:21:21.125> at<00:21:21.354> the<00:21:21.582> banks<00:21:21.810> being<00:21:22.038> brought<00:21:22.266> into<00:21:22.495> production<00:21:22.723> that<00:21:22.951> then<00:21:23.179> ultimately<00:21:23.407> ends<00:21:23.635> up<00:21:23.864> forcing<00:21:24.092> the<00:21:24.320> hand

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of<00:21:24.559> the<00:21:24.720> users.<00:21:25.120> Now,<00:21:25.440> a<00:21:25.600> great<00:21:25.840> example<00:21:26.080> of<00:21:26.240> that<00:21:26.400> would<00:21:26.640> be<00:21:26.720> what<00:21:26.960> JP<00:21:27.440> Morgan,<00:21:28.240> um,<00:21:28.400> had<00:21:28.640> publicized,<00:21:29.280> really<00:21:29.520> it's<00:21:29.760> probably<00:21:29.919> about<00:21:30.080> a<00:21:30.159> year<00:21:30.240> and<00:21:30.320> a<00:21:30.480> half<00:21:30.559> ago,<00:21:31.280> uh,<00:21:31.360> in<00:21:31.520> a

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project<00:21:31.919> they,<00:21:32.240> that<00:21:32.480> they<00:21:32.640> published<00:21:32.960> a<00:21:33.120> report<00:21:33.280> on<00:21:33.520> called<00:21:33.760> project<00:21:34.159> guardian,<00:21:35.039> and<00:21:35.200> just<00:21:35.440> for,<00:21:35.520> again,<00:21:35.760> for<00:21:35.919> your<00:21:36.080> users<00:21:36.320> to<00:21:36.480> conceptualize<00:21:37.039> what<00:21:37.280> we're<00:21:37.440> talking<00:21:37.679> about

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here,<00:21:38.720> um,<00:21:38.880> think<00:21:39.120> about<00:21:39.280> something<00:21:39.520> as<00:21:39.760> simple<00:21:40.000> as<00:21:40.159> rebalancing<00:21:40.799> your<00:21:41.039> 401k,<00:21:42.960> right?<00:21:43.679> What<00:21:43.840> are<00:21:44.000> you<00:21:44.159> doing?<00:21:44.799> You're<00:21:45.039> going<00:21:45.120> on,<00:21:45.440> logging<00:21:45.679> on<00:21:45.840> to<00:21:46.000> your

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website,<00:21:46.799> you<00:21:47.200> realize<00:21:47.520> you've<00:21:47.679> got<00:21:47.760> a,<00:21:48.080> you<00:21:48.159> know,<00:21:48.320> kind<00:21:48.480> of<00:21:48.640> allocation<00:21:49.120> right<00:21:49.360> now<00:21:49.520> of<00:21:49.919> 10%<00:21:50.799> of,<00:21:51.440> you<00:21:51.600> know,<00:21:51.840> midcap<00:21:52.480> equities<00:21:53.120> from<00:21:53.360> South<00:21:53.679> America,<00:21:54.559> Right?

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What<00:21:55.360> are<00:21:55.520> you<00:21:55.600> doing?<00:21:55.840> You're<00:21:56.000> saying,<00:21:56.080> "Oh,<00:21:56.320> I<00:21:56.480> want<00:21:56.559> to<00:21:56.640> make<00:21:56.720> that<00:21:57.039> five."

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So<00:21:57.679> really,<00:21:57.840> what<00:21:58.000> you're<00:21:58.240> saying<00:21:58.320> is,<00:21:58.559> "Here<00:21:58.880> you<00:21:59.120> go."

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Um,<00:21:59.840> can<00:22:00.080> you<00:22:00.559> uh<00:22:00.720> sell<00:22:01.120> 50%<00:22:02.960> of<00:22:03.200> that<00:22:03.520> holding<00:22:04.559> uh<00:22:04.640> on<00:22:04.880> my<00:22:05.280> on<00:22:05.520> my<00:22:05.679> behalf?

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And<00:22:06.240> then<00:22:06.480> somehow<00:22:06.880> that's<00:22:07.039> a<00:22:07.200> programmatic<00:22:07.679> API<00:22:08.240> call<00:22:08.400> or<00:22:08.559> a<00:22:08.720> message.

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It<00:22:09.120> ends<00:22:09.280> up<00:22:09.440> at,<00:22:09.679> you<00:22:09.840> know,<00:22:10.000> some<00:22:10.159> trader<00:22:10.480> at<00:22:10.720> like<00:22:10.880> Fidelity<00:22:11.440> who<00:22:11.600> says,<00:22:11.679> "Oh,<00:22:12.000> okay.

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Um,<00:22:12.799> someone's<00:22:13.120> selling,<00:22:13.600> you<00:22:13.679> know,<00:22:13.840> that<00:22:14.080> 5%<00:22:14.559> of<00:22:14.720> their<00:22:14.880> their<00:22:15.039> their<00:22:15.520> basket.

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I<00:22:16.000> need<00:22:16.159> to<00:22:16.240> sell<00:22:16.480> that."<00:22:17.440> Well,<00:22:17.679> like<00:22:18.000> why<00:22:18.159> does<00:22:18.400> all<00:22:18.559> that<00:22:18.799> have<00:22:18.960> to<00:22:19.120> happen<00:22:19.440> in<00:22:19.679> the<00:22:19.840> background,<00:22:20.240> right?

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Why<00:22:21.120> can't<00:22:21.360> I<00:22:21.520> go<00:22:21.679> ahead<00:22:21.840> and<00:22:22.080> do<00:22:22.159> that<00:22:22.400> and<00:22:22.640> immediately<00:22:23.440> all<00:22:23.679> I'm<00:22:24.000> doing<00:22:24.480> is<00:22:24.720> either<00:22:25.039> buying<00:22:25.280> or<00:22:25.600> selling<00:22:26.159> tokenized<00:22:26.799> units<00:22:27.440> of<00:22:27.840> what<00:22:28.480> those<00:22:28.720> actions<00:22:29.039> I'm

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asking<00:22:29.579> someone<00:22:29.879> else<00:22:30.178> to<00:22:30.477> do<00:22:30.776> for<00:22:31.076> me?<00:22:31.375> Why<00:22:31.674> can't<00:22:31.973> I<00:22:32.273> log<00:22:32.572> on<00:22:32.871> to<00:22:33.170> that<00:22:33.470> at<00:22:33.769> any<00:22:34.068> moment<00:22:34.367> and<00:22:34.667> then<00:22:34.966> go<00:22:35.265> readjust<00:22:35.564> my<00:22:35.864> balances<00:22:36.163> for<00:22:36.462> my<00:22:36.761> 401k<00:22:37.061> when<00:22:37.360> all

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I'm<00:22:37.679> really<00:22:37.840> doing<00:22:38.080> is<00:22:38.240> saying<00:22:38.400> I<00:22:38.559> want<00:22:38.720> someone<00:22:38.880> else<00:22:38.960> to<00:22:39.039> perform<00:22:39.360> the<00:22:39.440> action<00:22:39.760> for<00:22:39.919> me.

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Now<00:22:40.559> I'm<00:22:40.720> simply<00:22:41.039> just<00:22:41.200> doing<00:22:41.360> it<00:22:41.520> myself,<00:22:41.919> cutting<00:22:42.240> out<00:22:42.400> the<00:22:42.480> middleman,<00:22:43.039> having<00:22:43.280> the<00:22:43.440> certainty<00:22:43.840> and<00:22:44.000> having<00:22:44.159> it<00:22:44.320> happen<00:22:44.640> faster.

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[laughter]<00:22:46.690> Yeah,<00:22:46.900> that's<00:22:47.110> a<00:22:47.320> perfect<00:22:47.529> that's<00:22:47.739> a<00:22:47.949> perfect<00:22:48.159> explanation.

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Yeah,<00:22:48.880> that<00:22:49.120> makes<00:22:49.200> a<00:22:49.360> ton<00:22:49.440> of<00:22:49.600> sense.<00:22:50.159> Give<00:22:50.320> me<00:22:50.400> a<00:22:50.559> sense<00:22:50.720> for<00:22:51.039> where<00:22:51.280> you<00:22:51.440> think<00:22:51.600> like<00:22:51.919> where<00:22:52.159> where<00:22:52.480> we're<00:22:52.640> at<00:22:52.880> from<00:22:53.120> a<00:22:53.280> macroeconomic<00:22:54.159> perspective.

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How<00:22:54.880> are<00:22:55.039> you<00:22:55.200> looking<00:22:55.360> at<00:22:55.520> that?<00:22:55.760> How<00:22:55.919> are<00:22:56.080> you<00:22:56.240> looking<00:22:56.320> at<00:22:56.480> the<00:22:56.720> markets?

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Where<00:22:57.200> do<00:22:57.360> you<00:22:57.440> think<00:22:57.919> how<00:22:58.159> do<00:22:58.240> you<00:22:58.320> think<00:22:58.480> the<00:22:58.640> rest<00:22:58.720> of<00:22:58.880> this<00:22:59.039> year<00:22:59.280> shakes<00:22:59.679> out?

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[laughter]<00:23:00.805> Yeah,<00:23:01.051> I<00:23:01.296> mean<00:23:01.542> touching<00:23:01.788> a<00:23:02.034> little<00:23:02.279> bit<00:23:02.525> on,<00:23:02.771> you<00:23:03.017> know,<00:23:03.262> kind<00:23:03.508> of<00:23:03.754> the<00:23:04.000> the<00:23:04.245> earlier<00:23:04.491> discussion<00:23:04.737> on,<00:23:04.983> you<00:23:05.228> know,<00:23:05.474> kind<00:23:05.720> of<00:23:05.966> um<00:23:06.211> you<00:23:06.457> know,<00:23:06.703> what<00:23:06.949> are<00:23:07.194> the<00:23:07.440> incentives

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for<00:23:08.000> certain<00:23:08.320> governments,<00:23:08.720> right?<00:23:08.960> And<00:23:09.120> what<00:23:09.280> happens<00:23:09.520> with,<00:23:09.840> you<00:23:09.919> know,<00:23:10.080> kind<00:23:10.240> of<00:23:10.400> the,<00:23:10.720> you<00:23:10.880> know,<00:23:11.200> the<00:23:11.440> the<00:23:11.840> the<00:23:12.159> strength<00:23:12.400> of<00:23:12.559> the<00:23:12.720> dollar.

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I<00:23:13.520> mean<00:23:13.679> one<00:23:13.840> can<00:23:14.000> make<00:23:14.159> the<00:23:14.400> case<00:23:14.559> that<00:23:14.799> the<00:23:15.039> regulations<00:23:15.440> that<00:23:15.679> were<00:23:15.840> put<00:23:16.000> in<00:23:16.159> place<00:23:16.320> were<00:23:16.559> put<00:23:16.720> in<00:23:16.880> place<00:23:17.440> essentially<00:23:17.760> to<00:23:18.000> try<00:23:18.159> to<00:23:18.320> preserve<00:23:19.440> um<00:23:19.679> you<00:23:19.919> know<00:23:20.159> kind<00:23:20.320> of

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the<00:23:21.440> uh<00:23:21.760> place<00:23:22.159> in<00:23:22.799> the<00:23:23.039> world<00:23:23.360> order<00:23:23.679> where<00:23:23.840> the<00:23:24.080> US<00:23:24.320> dollar<00:23:24.799> is.

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So<00:23:25.600> if<00:23:25.760> you<00:23:25.840> think<00:23:26.000> about<00:23:26.240> stable<00:23:26.559> tokens<00:23:27.039> right<00:23:27.200> now<00:23:27.360> and<00:23:27.520> you<00:23:27.760> think<00:23:27.919> about<00:23:28.320> you<00:23:28.480> know<00:23:29.120> um<00:23:29.520> you<00:23:29.679> know<00:23:30.159> the<00:23:30.640> distribution<00:23:31.280> of<00:23:31.520> them<00:23:32.320> there<00:23:32.480> was<00:23:32.559> a<00:23:32.720> report<00:23:32.880> that<00:23:33.039> was<00:23:33.120> put

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out<00:23:33.590> by<00:23:33.900> Ripple<00:23:34.210> late<00:23:34.520> last<00:23:34.830> year<00:23:35.140> that<00:23:35.450> stipulated<00:23:35.760> that<00:23:36.070> you<00:23:36.380> know<00:23:36.690> over<00:23:37.000> 99.5%<00:23:37.310> of<00:23:37.620> stable<00:23:37.930> tokens<00:23:38.240> that<00:23:38.550> have<00:23:38.860> been<00:23:39.170> created<00:23:39.480> are<00:23:39.790> all<00:23:40.100> US<00:23:40.410> dollar<00:23:40.720> denominated.

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Well,<00:23:42.880> if<00:23:43.120> people<00:23:43.280> are<00:23:43.440> trying<00:23:43.520> to<00:23:43.600> back<00:23:43.840> them<00:23:44.000> by<00:23:44.240> US<00:23:44.480> dollars,<00:23:44.799> that<00:23:44.960> means<00:23:45.120> people<00:23:45.440> need<00:23:45.520> to<00:23:45.679> buy<00:23:45.919> dollars<00:23:46.320> in<00:23:46.640> order<00:23:46.720> to<00:23:46.960> have<00:23:47.200> that.

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And<00:23:47.919> one<00:23:48.159> can<00:23:48.320> make<00:23:48.480> the<00:23:48.559> case<00:23:48.720> that<00:23:48.960> from<00:23:49.120> a<00:23:49.280> central<00:23:49.520> bank<00:23:49.919> standpoint,<00:23:50.640> that's<00:23:50.880> a<00:23:51.120> pretty<00:23:51.360> nice<00:23:51.520> tool<00:23:51.679> to<00:23:51.840> have<00:23:51.919> in<00:23:52.159> your<00:23:52.240> back<00:23:52.480> pocket<00:23:52.880> in<00:23:53.039> order<00:23:53.200> to<00:23:53.440> maintain,<00:23:54.320> you

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know,<00:23:54.640> the<00:23:54.880> the<00:23:55.840> uh<00:23:56.159> uh<00:23:56.320> posture<00:23:56.720> of<00:23:56.960> the<00:23:57.200> US<00:23:57.440> dollar<00:23:57.679> on<00:23:57.919> the<00:23:58.080> world<00:23:58.320> stage.

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[laughter]<00:24:00.816> Yeah.<00:24:01.152> Yeah,<00:24:01.487> that's<00:24:01.823> interesting.<00:24:02.159> Yeah.

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Uh<00:24:03.440> finally,<00:24:04.000> uh<00:24:04.159> we<00:24:04.320> end<00:24:04.480> every<00:24:04.720> interview<00:24:05.039> with<00:24:05.200> the<00:24:05.360> same<00:24:05.520> question<00:24:05.840> and<00:24:06.000> that<00:24:06.240> is<00:24:06.320> at<00:24:06.559> coo.com.

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We<00:24:07.440> believe<00:24:07.679> the<00:24:07.840> chances<00:24:08.240> one<00:24:08.559> gives<00:24:09.039> is<00:24:09.200> just<00:24:09.440> as<00:24:09.600> important<00:24:09.760> as<00:24:09.919> the<00:24:10.159> chances<00:24:10.559> one<00:24:10.799> takes.

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When<00:24:12.000> you<00:24:12.159> hear<00:24:12.320> that,<00:24:12.559> who<00:24:12.799> gave<00:24:12.960> you<00:24:13.120> a<00:24:13.279> chance<00:24:13.360> to<00:24:13.520> get<00:24:13.600> you<00:24:13.760> to<00:24:13.919> where<00:24:14.080> you<00:24:14.240> are<00:24:14.400> today?

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[laughter]<00:24:16.717> Yeah,<00:24:16.954> I<00:24:17.191> mean,<00:24:17.428> I<00:24:17.665> think<00:24:17.902> there's<00:24:18.138> um<00:24:18.375> I<00:24:18.612> I<00:24:18.849> think<00:24:19.086> that<00:24:19.323> there<00:24:19.560> are<00:24:19.797> probably<00:24:20.034> three<00:24:20.271> people<00:24:20.508> that<00:24:20.745> are<00:24:20.982> out<00:24:21.218> there<00:24:21.455> that<00:24:21.692> gave<00:24:21.929> me<00:24:22.166> that<00:24:22.403> chance<00:24:22.640> actually.

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I<00:24:23.200> would<00:24:23.360> say,<00:24:23.760> you<00:24:23.840> know,<00:24:24.000> we<00:24:24.159> were<00:24:24.240> lucky<00:24:24.480> enough<00:24:24.640> and<00:24:24.799> you<00:24:24.960> asked<00:24:25.120> the<00:24:25.360> question<00:24:25.600> and<00:24:25.760> I<00:24:25.919> I<00:24:26.240> kind<00:24:26.400> of<00:24:26.480> moved<00:24:26.720> on<00:24:26.799> to<00:24:27.039> other<00:24:27.200> things,<00:24:27.360> but<00:24:27.520> the<00:24:27.600> question<00:24:27.760> was<00:24:28.000> how<00:24:28.080> did

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I<00:24:28.240> get<00:24:28.320> in<00:24:28.480> this<00:24:28.640> seat,<00:24:28.960> right?<00:24:29.120> And<00:24:29.279> that's<00:24:29.440> what<00:24:29.600> we<00:24:29.760> started<00:24:30.000> with.

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And<00:24:30.960> um<00:24:31.200> you<00:24:31.360> know,<00:24:31.440> I<00:24:31.679> was<00:24:31.760> fortunate<00:24:32.159> enough<00:24:32.480> that<00:24:33.039> uh<00:24:33.200> I<00:24:33.440> was<00:24:33.600> the<00:24:33.760> president<00:24:34.159> of<00:24:34.400> one<00:24:34.559> of<00:24:34.640> the<00:24:34.880> joint<00:24:35.200> venture<00:24:35.600> partners<00:24:35.919> here.

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And<00:24:36.973> um<00:24:37.307> the<00:24:37.640> joint<00:24:37.973> venture<00:24:38.307> partners<00:24:38.640> are<00:24:38.973> as<00:24:39.307> I<00:24:39.640> said<00:24:39.973> before<00:24:40.307> of<00:24:40.640> an<00:24:40.973> asset<00:24:41.307> manager<00:24:41.640> named<00:24:41.973> Arca,<00:24:42.307> a<00:24:42.640> technology<00:24:42.973> provider<00:24:43.307> named<00:24:43.640> Tacet,<00:24:43.973> and<00:24:44.307> a<00:24:44.640> broker-dealer

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named<00:24:45.120> T0.<00:24:45.919> And<00:24:46.080> I<00:24:46.240> would<00:24:46.400> say<00:24:46.559> that<00:24:46.799> it<00:24:47.120> was<00:24:47.279> probably<00:24:47.520> the<00:24:47.760> CEOs<00:24:48.159> of<00:24:48.240> those<00:24:48.480> three<00:24:48.720> companies<00:24:49.600> um<00:24:49.760> you<00:24:49.840> know<00:24:49.919> Alan<00:24:50.240> Konevsky<00:24:50.799> and<00:24:50.960> Rayne<00:24:51.279> Steinberg<00:24:51.919> and<00:24:52.559> uh<00:24:52.960> uh

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Glenn<00:24:53.600> Sussman<00:24:54.640> um<00:24:54.880> that<00:24:55.279> probably<00:24:55.679> not<00:24:56.000> probably<00:24:56.400> that<00:24:56.720> did<00:24:57.120> give<00:24:57.360> me<00:24:57.520> the<00:24:57.760> opportunity<00:24:58.159> to<00:24:58.400> lead<00:24:58.640> this<00:24:58.880> organization.

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It<00:24:59.919> was<00:25:00.000> their<00:25:00.240> trust<00:25:00.559> in<00:25:00.880> me<00:25:01.120> and<00:25:01.440> their<00:25:01.679> belief<00:25:02.000> in<00:25:02.240> me<00:25:02.799> um<00:25:02.880> to<00:25:03.120> bring<00:25:03.279> our<00:25:03.600> mutual<00:25:04.000> vision<00:25:04.400> to<00:25:04.640> market.

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And<00:25:05.760> uh<00:25:05.840> I<00:25:06.000> would<00:25:06.159> say<00:25:06.240> that<00:25:06.400> I<00:25:06.640> owe<00:25:06.720> a<00:25:06.799> debt<00:25:06.960> of<00:25:07.120> gratitude<00:25:07.520> to<00:25:07.679> those<00:25:07.919> three<00:25:08.080> individuals<00:25:08.640> for<00:25:08.880> empowering<00:25:09.360> me<00:25:09.760> to<00:25:10.000> help<00:25:10.240> build<00:25:10.480> this<00:25:10.720> business<00:25:11.039> and<00:25:11.360> do<00:25:11.600> what<00:25:11.840> we<00:25:12.000> know

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will<00:25:12.559> be<00:25:13.360> um<00:25:13.520> one<00:25:13.760> of<00:25:13.840> the<00:25:14.080> more<00:25:14.400> important<00:25:14.799> pieces<00:25:15.200> of<00:25:15.520> infrastructure<00:25:17.200> uh<00:25:17.360> and<00:25:17.520> a<00:25:17.679> lasting<00:25:18.000> legacy<00:25:18.400> in<00:25:18.559> the<00:25:18.720> market.

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[laughter]<00:25:19.709> Well,<00:25:19.898> it's<00:25:20.087> amazing<00:25:20.276> what<00:25:20.465> you're<00:25:20.655> doing.<00:25:20.844> It's<00:25:21.033> amazing<00:25:21.222> what<00:25:21.411> you're<00:25:21.600> building.

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Thank<00:25:22.159> you<00:25:22.240> so<00:25:22.400> much<00:25:22.559> for<00:25:22.720> joining<00:25:22.960> us.<00:25:23.200> Seriously,<00:25:23.600> a<00:25:23.760> real<00:25:23.919> pleasure.

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[laughter]<00:25:24.880> Amazing.<00:25:25.040> Clint,<00:25:25.200> thanks<00:25:25.360> so<00:25:25.520> much<00:25:25.680> for<00:25:25.840> having<00:25:26.000> me<00:25:26.160> on<00:25:26.320> the<00:25:26.480> show.

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Great<00:25:26.880> to<00:25:27.039> be<00:25:27.120> with<00:25:27.279> you<00:25:27.440> today.