Ripple CEO Brad Garlinghouse on how the crypto industry will rebuild

Summary

Le débat围绕 la position de la SEC et le rôle de Gary Gendler, le président, dans la réglementation des actifs cryptographiques. L'approbation de l'ETF Bitcoin n'est pas vue comme un changement de ton, et le speaker critique la stratégie de Gendler. Il est question de l'avenir de l'industrie cryptographique, en particulier de l'ETF Ethereum, et de l'évolution des réglementations aux États-Unis par rapport à d'autres jurisdictions. Le speaker est optimiste quant au développement de l'industrie cryptographique et la perspective de Ripple pour 2024, en mettant l'accent sur la réglementation et la création de solutions de base. Il discute également de l'importance de la régularité et de la stabilité pour les investisseurs et de l'impact de la réglementation sur les entreprises cryptographiques.

Takeaways

• 📊 L'approbation du Bitcoin ETF n'a pas changé la position de la SEC ou du président Gary Gensler, qui continuent de considérer la plupart des cryptomonnaies comme des valeurs mobilières.
• 🤔 Gary Gensler est perçu comme un fardeau politique aux États-Unis et certains pensent qu'il ne travaille pas dans le meilleur intérêt de la croissance économique à long terme.
• 💡 L'approbation de l'ETF Bitcoin a conduit à une hausse du prix de l'ether, suscitant des espoirs pour un éventuel ETF ETH.
• 👀 Il est prévu que d'autres ETF pour les cryptomonnaies seront créés, bien que le temps précis n'est pas spécifié.
• 🇺🇸 La SEC a perdu plusieurs fois devant les tribunaux pour sa gestion des cryptomonnaies, ce qui a conduit à des appels à changer de direction à la tête de la SEC.
• 🆚 Les États-Unis risquent de perdre leur leadership dans l'industrie des cryptomonnaies face à d'autres juridictions qui ont pris les devants.
• 📈 L'industrie des stablecoins a surpris de nombreuses personnes et il est prévu que des réglementations claires seront mises en place cette année.
• 💼 Ripple a poursuivi son développement dans les paiements et a récemment investi dans le marché de la garde en raison de la demande croissante.
• 💼 L'entreprise envisage d'étendre ses activités à d'autres secteurs à travers des acquisitions, tout en restant axée sur l'infrastructure blockchain pour les entreprises.
• 💰 Ripple a un solde financier solide et ne considère pas l'IPO comme une priorité à court terme, préférant investir dans l'entreprise et explorer d'autres options.
• 🌐 L'industrie des cryptomonnaies est optimiste pour 2024, avec un accent mis sur la conformité et la résolution de problèmes réels pour les clients plutôt que sur la spéculation.

Q & A

Quelle est l'opinion de l'interviewé sur la position de Gary Gensler, le président de la SEC, concernant Bitcoin et les crypto-actifs ?

L'interviewé considère que Gary Gensler, le président de la SEC, n'a pas changé de ton envers Bitcoin et les crypto-actifs. Il compare sa position à une expression qui signifie faire la même chose sans attendre un résultat différent, considérant que Gensler continue de perdre en justice.

Quelle est l'importance de l'approbation de l'ETF Bitcoin pour le marché des crypto-actifs ?

L'approbation de l'ETF Bitcoin est considérée comme une étape importante pour le développement du marché des crypto-actifs, car elle démontre que les actifs Bitcoin sont reconnus comme des actifs à part entière par les institutions de trading. Cependant, l'interviewé souligne que cela ne signifie pas que d'autres crypto-actifs pourront être approuvés sans une analyse plus approfondie.

Quelle est l'impact de l'approbation de l'ETF Bitcoin sur le marché des ETH ?

L'approbation de l'ETF Bitcoin a provoqué une augmentation significative de la valeur de l'ETH, car les investisseurs espéraient que cela pourrait ouvrir la voie à l'approbation d'autres ETFs, y compris pour Ethereum.

Quels sont les défis actuels pour le secteur des crypto-actifs aux États-Unis, en particulier en ce qui concerne la réglementation ?

Les défis actuels pour le secteur des crypto-actifs aux États-Unis incluent la manque de réglementation complète et une approche arbitrary et capricieuse de la part de l'SEC, ce qui peut être perçu comme un facteur de risque pour les investisseurs et les entreprises du secteur.

Quelle est la perspective de l'interviewé quant à l'adoption de réglementation pour les crypto-actifs aux États-Unis ?

L'interviewé est optimiste quant à l'adoption de réglementation pour les crypto-actifs aux États-Unis, en particulier en ce qui concerne les stablecoins. Il croit que la réglementation Clarity est nécessaire pour stabiliser le marché et encourager le développement de l'industrie.

Quelle est la position de l'interviewé sur la possibilité d'une réglementation pour les crypto-actifs dans d'autres juridictions ?

L'interviewé souligne que d'autres juridictions, comme l'Union européenne et certains autres pays, ont déjà adopté des réglementations pour les crypto-actifs, ce qui peut être un atout pour les investisseurs et les entreprises qui cherchent à s'éloigner de la réglementation hostile aux États-Unis.

Quelle est l'importance de la réglementation pour le développement de l'industrie crypto dans les États-Unis ?

La réglementation est cruciale pour le développement de l'industrie crypto en améliorant la confiance des investisseurs, stabilisant le marché et permettant une croissance économique durable. Sans une réglementation claire et équitable, les investisseurs et les entreprises peuvent être réduits à un hostilité envers le secteur.

Quelle est la perspective de l'interviewé concernant la compétitivité des États-Unis dans le secteur des crypto-actifs ?

L'interviewé est optimiste sur la compétitivité des États-Unis dans le secteur des crypto-actifs, en particulier si des réglementations claires et équitables sont adoptées. Il croit que les investisseurs et les entreprises préférent un environnement réglementé plutôt que de s'exposer à la hostilité de l'industrie américaine.

Quelle est la position de l'interviewé sur la possibilité d'une échelle de Ripple dans le paysage des crypto-actifs ?

L'interviewé est optimiste quant à la possibilité d'une échelle de Ripple dans le paysage des crypto-actifs, en particulier s'agissant de l'expansion de la plateforme de paiement Ripple et de l'entrée dans le marché de la gestion des actifs. Il croit que les investissements dans ces domaines continueront de croître et d'améliorer la position de Ripple.

Quelle est la stratégie de Ripple pour l'année 2024 ?

La stratégie de Ripple pour l'année 2024 incluira une investment dans le marché de la gestion des actifs, en particulier en améliorant les services de gestion de l'actif. De plus, Ripple prévoit d'explorer d'autres marchés verticals à travers l'acquisition, en s'appuyant sur sa solide position de bilan pour continuer à progresser et à s'offrir des opportunités de développement.

Quelle est l'attitude de Ripple envers l'IPO et l'expérience de l'industrie crypto actuelle ?

Ripple n'est pas actuellement préoccupé par un IPO ou une échelle de l'industrie crypto actuelle, en particulier s'il n'est pas nécessaire pour le financement. L'entreprise est plus préoccupée par l'investissement dans les services de paiement et de gestion d'actifs, en s'appuyant sur une solide position de bilan et en se concentrant sur la satisfaction des investisseurs et des institutions financieres.

Quelle est l'opinion de l'interviewé sur l'impact de la réglementation sur le marché des crypto-actifs ?

L'interviewé est optimiste quant à l'impact de la réglementation sur le marché des crypto-actifs, en particulier s'il s'agit de réglementations claires et équitables. Il croit que cela peut améliorer la confiance des investisseurs et favoriser le développement de l'industrie, en contraste avec les réglementations hostiles qui peuvent réduire l'attrait de l'industrie.

Outlines

00:00

😀 Attitude du SEC et Gary Gensler vis-à-vis des cryptomonnaies

Le paragraphe 1 aborde la position du SEC et de son président Gary Gensler concernant les cryptomonnaies, malgré l'approbation du Bitcoin ETF. Gensler n'a pas approuvé le Bitcoin et considère la plupart des autres crypto-actifs comme des valeurs mobilières. L'orateur critique la persistance de Gensler dans une approche qui a déjà échoué en justice et considère qu'il est devenu un fardeau politique aux États-Unis. Il exprime l'opinion qu'un changement de direction au SEC serait bénéfique. Le texte mentionne également une déclaration du SEC après l'approbation du Bitcoin ETF, indiquant qu'il ne permettrait pas automatiquement d'autres crypto-actifs, et l'augmentation du prix de l'ether suite à cette approbation, suscitant des espoirs d'un éventuel ETF ETH.

05:02

😐 L'industrie des cryptomonnaies et la réglementation aux États-Unis

Le paragraphe 2 discute de l'impact de la réglementation et de l'absence de réglementation complète autour des cryptomonnaies aux États-Unis, en comparaison avec d'autres juridictions comme l'Union européenne. Il mentionne plusieurs projets de loi en cours de discussion, notamment en ce qui concerne les stablecoins, et la probabilité qu'ils soient adoptés en 2024, en particulier à cause du soutien du Trésor américain. L'orateur estime que cela apporterait de la clarté réglementaire, ce qui serait bénéfique pour l'industrie. Il aborde également les risques pour les États-Unis de perdre leur leadership dans l'industrie face à d'autres pays qui ont pris l'avance et la nécessité de réglementation claire pour rester compétitif.

10:04

😄 L'optimisme pour l'industrie des cryptomonnaies et les plans de Ripple

Dans le paragraphe 3, l'optimisme de l'orateur pour l'industrie des cryptomonnaies en 2024 est exprimé, soulignant l'importance de la conformité et de la résolution de problèmes réels pour les clients plutôt que la spéculation. Il mentionne également les plans de Ripple pour cette année, notamment l'expansion de Ripple Pay et l'entrée sur le marché de la garde en 2023. Il est question de l'intérêt de Ripple pour d'autres marchés sectoriels, possiblement par le biais d'acquisitions, et de l'importance d'une feuille de balance solide pour continuer à investir et à jouer offense. L'orateur aborde également les attentes de croissance et de rentabilité pour Ripple cette année, ainsi que les considérations pour une éventuelle introduction en bourse, qui n'est pas une priorité à court terme en raison de la situation réglementaire actuelle et de la force du bilan de Ripple.

Keywords

💡SEC

La SEC (Securities and Exchange Commission) est l'organe de régulation des marchés financiers aux États-Unis. Dans le script, elle est citée pour son approbation de l'ETF Bitcoin, mais aussi pour les déclarations de son président Gary Gensler concernant son non-engagement avec les crypto-monnaies. Cela illustre la position de la SEC face aux innovations technologiques comme les crypto-monnaies.

💡Bitcoin ETF

Un ETF Bitcoin est un produit financier qui permet aux investisseurs de gains ou de pertes liés au Bitcoin, en permettant une gestion de portefeuie centralisée. Dans le script, son approbation par la SEC est mentionnée comme un pas important pour l'adoption des crypto-monnaies par les investisseurs.

💡Crypto-currencies

Les crypto-monnaies sont des devises digitales qui ne sont pas gérées par un gouvernement ou une banque central. Elles sont souvent associées à des innovations technologiques et à un mouvement de libéralisation des marchés financiers. Le script aborde la perception de la SEC envers les crypto-monnaies et la possibilité d'ETFs pour ces actifs.

💡Gary Gensler

Gary Gensler est le président de la SEC. Son rôle est crucial dans la réglementation des marchés financiers aux États-Unis, y compris la crypto-monnaie. Le script aborde sa position sur Bitcoin et les crypto-monnaies, et comment il a été perçu comme un political liability.

💡Reglementation

La réglementation est le processus par lequel les institutions ou les gouvernements établissent des règles pour gérer les activités économiques. Dans le contexte des crypto-monnaies, cela peut inclure des lois sur l'admission des actifs cryptographiques aux marchés financiers. Le script aborde les efforts de réglementation et les implications pour les investisseurs et les entreprises dans le secteur des crypto-monnaies.

💡Stablecoins

Les stablecoins sont des crypto-monnaies qui sont liées à une valeur fiable, comme la monnaie nationale ou des actifs financiers. Ils sont souvent utilisés pour des transactions ou comme un moyen de paiement. Le script aborde la réglementation des stablecoins et l'importance de la réglementation pour le secteur des crypto-monnaies.

💡Ripple

Ripple est une entreprise qui fournit des technologies de paiement et de portefeuille pour les institutions. Elle est citée dans le script pour son développement, son approche de la réglementation et ses perspectives d'expansion.

💡Court

Le court est une entité judiciaire qui traite des affaires judiciaires. Dans le contexte des crypto-monnaies, le script aborde les procès entre Ripple et la SEC, et les perspectives de conclusion de ces affaires.

💡Investissement

L'investissement est l'acte de verser de l'argent ou d'autres actifs pour obtenir un回报 ou une augmentation de valeur à long terme. Dans le script, l'investissement est abordé en relation avec les actions de Ripple, notamment les achats de XRP par des institutions.

💡Économie

L'économie est l'étude des modes de production, de la demande et de la供给 des biens et services. Dans le script, l'économie est abordée en tant que contexte dans lequel les crypto-monnaies et les innovations technologiques peuvent avoir un impact.

💡Stratégie

La stratégie est une planification des actions à long terme pour atteindre un objectif. Dans le script, la stratégie de Ripple est abordée, y compris les investissements futurs et les perspectives d'expansion dans d'autres marchés.

Highlights

Gary Gensler, the chair of the SEC, has not changed his tone towards crypto assets despite the approval of the Bitcoin ETF.

Gensler does not endorse Bitcoin and continues to label most crypto assets as securities.

The speaker believes Gensler's stance is a political liability and not in the best interest of the U.S. economy's long-term growth.

The approval of the Bitcoin ETF was a result of a U.S. court ruling against the SEC's arbitrary and capricious application of the law.

The price of Ether spiked after the Bitcoin ETF approval on hopes for a potential ETH ETF.

The speaker is certain that there will be other crypto ETFs in the future, though not specifying a timeline.

The U.S. has not passed comprehensive crypto regulations, unlike the European Union with MiCA.

Several bills are in the lawmaking process, including one focused on stablecoins.

The speaker predicts legislation will pass in 2024, particularly around stablecoin clarity.

The U.S. Treasury is in favor of stablecoin regulation, which the speaker sees as beneficial for the industry.

Ripple has been hiring non-U.S. employees due to the hostile government and lack of regulatory clarity in the U.S.

The speaker is optimistic about the U.S. eventually finding its footing in the crypto industry.

Ripple's lawsuit with the SEC has seen significant wins, with cases against two executives dismissed and the judge ruling that XRP is not a security.

Ripple's focus for 2024 includes investing in its core product, Ripple Payments, and its newly entered custody market.

Ripple is considering entering other vertical markets, potentially through acquisitions.

Ripple is cash flow positive and has a strong balance sheet, allowing for continued investment and acquisitions.

An IPO is not a short-term priority for Ripple due to a strong financial position and lack of need to raise capital.

The speaker is optimistic about the crypto market in 2024, emphasizing compliance and solving real customer problems.

The retail investor may be more cautious in this cycle due to past experiences and recent events in the crypto space.

The speaker draws a parallel between the early internet era and the current state of the crypto industry, suggesting a long-term positive outlook.

AI has become the new 'cool kid' in technology, displacing crypto, which the speaker views as a positive sign for the maturity of the crypto industry.

Transcripts

it certainly didn't sound like the SEC

or or the chair Gary gansler changed

their tone even after the approval of

the Bitcoin ETF there was a statement

Gary genser said he didn't endorse

Bitcoin uh he still called most other

crypto assets Securities is this

postering or do you think there's a

chance yesc has changed its

stance there's an expression about you

know one of the definitions of insanity

is doing the same thing over and over

again and not expecting a different

outcome I think Gary gendler is doing

the same thing over and over again and

thinks that somehow he's going to win in

court he has continued to lose in court

uh I do think the chair of the SEC Gary

gendler has become a political liability

in the United States and I think he's

not acting the best interest of the

citizenry he's not acting the best

interest of the longterm growth of the

economy uh and I don't understand it and

I think at some point you know there

will be a new chair of the SEC and I

think uh that'll be a good thing for the

American people there were a couple of

interesting things after that Bitcoin

ETF uh was approved proved in that

statement one and I paraphrase here was

effectively G Gary genter saying just

because we allowed the Bitcoin ETF don't

think we're now going to allow a bunch

of other crypto assets the second

interesting thing was the price of ether

skyrocketed immediately after on hopes

that they could now next be an eth ETF

um what are the chances of that I think

it's a certainty

I I I I I'm not going to put a horizon

on the time but I think there will be

other ETFs for sure X1 there will be

other ETFs for sure but but an xof

E1 I love this game we play look uh I am

very op that's fine the sad part of that

reality is we have a Bitcoin ETF only

because a US court said to the SEC

you're being arbitrary and capricious in

your apply of your applic application of

the law what would be sad is if every

ETF had to go through that same Journey

journey and for Gary gendler to get

smacked down by the US court system

again that that might be it might be

necessary but you know again at some

point I think Gary gendler won't be the

chair of the SEC and that'll be a good

thing for the American people there's

what the secc does and then there's what

is going on in Washington uh in amongst

lawmakers and that's those are those are

linked but also separate now the US

hasn't passed any kind of comprehensive

regulation around uh crypto assets at

this point unlike you know you see in

the European Union with Ma and some of

the other jurisdictions you mentioned

earlier as well to buy um but there are

a number of bills trying to make their

way through the lawmaking process one of

those is around stable coins there a

number of other others as well um do you

think that in 2024 there is the

political will given it's an election

year as well to to pass some of these

bills and bring them into law I I said

earlier I don't like to predict things B

based on time and this one I will I

think this year there will be uh

legislation that passes I I won't be as

uh you know predictive about which one I

think it likelihood is that the

stablecoin uh Clarity for stable coin I

can't remember the name of the bill that

has been uh you know going through the

the system in Washington DC but I think

we will see that in part because the US

Treasury wants it right I think the

stable coin Market has really surprised

people in some ways in terms is solving

a real need and I think it only makes

sense for there to be regulatory Clarity

around that I think that's good for the

whole industry and you know one of the

things we you said earlier is you know

are there skeletons in the closet the

stable coin Market because there hasn't

been clear rules of the road uh it'll be

interesting as that that comes to frish

you know the two primary obviously usdt

and usdc I I think they are you know

here to stay and I think you're going to

see other entrance in that market too

you you said before that the the U the

US risks losing some of the leadership

around around this industry that other

countries uh have taken a lead um and a

lot of that is due to what the SEC does

and the fact there isn't clear

regulation in the US if the regulation

does pass this year if there's clearer

rules for the for the road uh for the

for the broader industry does that help

will will the US be able to compete with

some of these other jurisdiction who

took an early lead in in this industry I

I for sure yes I I don't think the the

market has passed the US I think it has

passing and you are seeing I mean look

we have publicly shared uh over 70% of

Ripple's hiring last year was non- us

despite the fact that there's still a

majority of our employees in the United

States why would we want to hire in a

market where we have a hostile

government we have a government who

won't provide the clarity we have asked

for where we had to fight for years and

spend well well over100 million doar in

the court system to fight them so you

know there will continue to be a lot of

activity I think in London in Dubai in

Singapore or in some of the other uh you

know Capital Financial capitals of the

world but I think the US eventually

figes it out uh I don't know how to

predict what's going to happen in the

election cycle but no matter what

there's going to be you know a shift if

you will and I think we will see a shift

at the SEC hopefully to a a new chair

that is uh constructive and wants to

work with the industry and not put their

own agenda ahead of the the American

peoples um I've been asking you this

since 2020 because that's how long it's

been going on for Ripp

versus the SEC lawsuit when when do we

get a conclusion look but most of it has

been resolved right so the SEC filed a

lawsuit in December of 2020 so just over

three years ago against me against Chris

Larson and against Ripple the case

against uh Chris and Brad myself uh have

been dismissed entirely with prejudice

meaning they can't ever bring it back

and the case against Ripple they lost on

everything they cared about I mean their

primary tenant was that xrp is a

security and in the judge Torres opinion

what she wrote is xrp is in of itself

not a security so I feel very good about

that the SEC then asked for approval to

appeal that decision and that was denied

so I mean look the SEC has lost

consistently in this case uh there is a

piece of the case that continues around

institutional sales because investment

contracts where Ripple sold xrp to in

institutions who wanted to speculate the

irony there is you know again the sec's

one of their missions is to protect

investors how many of our institutional

xrp sales did they lose

money

none like what are we arguing about what

are we anyway so look that will uh

proceed through the court system for a

little bit longer but I I feel very good

about where we are and I I I frankly

really pleased for the whole xrp

ecosystem and the whole crypto Market

benefited immensely from that legal win

um just for the last five minutes Brad

let's talk about Ripple what your focus

is this year where where you're going

and the future um um for for 2024 where

are you putting your energy well a

couple things come to mind there

obviously uh our core product R Ripple

payments has continued to grow uh and

that's something we'll continue to

invest in more uh payout markets around

the world we uh through an acquisition

entered the custody Market in 2023 uh

certainly a lot of our investment our

incremental new investment in 2024 will

be invested in the custody business uh

is that in ant is that in anticipation

of of some of these bigger investors

getting in to the markets and well I

mean I on one hand I say yes however

there's already a tremendous amount of

demand I mean that business is growing

very quickly we announced publicly just

a month or two ago that HSBC is a new uh

client of that business so you know

these are Big accounts as well as more

mid-market accounts the custody business

is very real and is going to continue to

grow nicely you know I do think Ripple

thinks about entering other vertical

markets so payments custody I think

we'll do other things in 2024 some of

the those will probably enter through

acquisition uh we've been super

fortunate to have a very strong balance

sheet at a time that uh you know that

the market has shifted and the the

valuations of a lot of these companies

is not what it once was that's been an

opportunity for us and so we're going to

continue to play offense and what are

the areas that interest you

then I was thinking about being your

wardrobe

consultant no I'm not going to announce

the world you know the key areas but

look ripple at its core is a block chain

infrastructure company serving

Enterprises we started with payments and

financial institutions we've moved into

custody a lot of overlap with those same

financial institutions uh but we're

going to expand with that same thematic

of infrastructure enterprise-based uh it

served us well and what what are your uh

growth expectations this year what what

Revenue growth are you tracking this

year will you be profitable this year so

you know we have been cash flow positive

the last couple of years uh you that has

been a unique place in the market and

allowed us to invest not only in the

core of Ripple but also in Acquisitions

even you know recently you may have read

we did a tender offer to our

shareholders we've now repurchased uh

over a billion dollars of stock from our

shareholders uh that's something that's

important to us quite frankly because it

is not an immediate term priority to go

public uh you know in the United States

trying to go public with a very hostile

regulator that has to approve your S1

that doesn't sound like a lot of fun to

me you know coin obviously had their S1

approved and now the SEC is suing them

for doing things that was outlined in

their S1 now that as I mentioned there's

a hearing tomorrow in the US about some

of that but I think it's indicative of

uh why would we want to subject

ourselves to an SEC that is openly

hostile to this industry so so in terms

of an IPO an exit of some sort is that

sort of parked to the side at this point

yeah you looking elsewhere outside the

US for a listing I I mean yes to all of

those uh

I don't think about an IPO as an exit I

think about an IPO as a step in the

journey uh you know shareholder

liquidity is important to me we have

investors that first invested in Ripple

in 2012 so uh they've been in this deal

for you know 11 and a half years and so

we want to provide that liquidity which

is one of the reasons why we've done

these tender offers and now per

repurchased just over a billion dollars

of stock uh you know we have looked at

other jurisdictions that have clear

rules of the road but honestly a lot of

people go public because they need to

raise Capital yeah Ripple is not really

in a place where we need to raise

capital and so it it is not a short-term

priority we're obviously keeping that

option open uh and we'll evaluate it you

know as time continues and we'll

evaluate again as we have uh new

Regulators sitting at the United States

SEC and I guess some of it's Market

dependent as well last year was an

interesting uh you know space with the

in the tech World more broadly there

were a lot of secondaries BuyBacks but

very few IPOs the market wasn't

obviously very great for him so I guess

it's also you know how how the broader

markets play out as well for sure that's

part of it and not just the public

markets but also the crypto markets and

you know I think uh coinbase's stock is

in a much stronger position now than it

was a year ago but uh obviously well off

its highs from three years ago when it

went public so I it's just not a huge

priority we have a lot of capital very

strong balance sheet we can continue to

play offense through an acquisition

point of view invest in the business

you know as we started this conversation

I am very optimistic about the crypto

Market in 2024 uh because of those

things around putting compliance first

right making sure we focused on solving

real problems for customers and not just

the speculative cycle I think will put

the whole industry and a really good

trajectory how do you think the retail

investor feels because the you know we

know in previous Cycles uh more broadly

you know you get the initial bump up

sort of at the phase we're in now and

what takes it really to those alltime

High is the the the the fever amongst

the retail investors now the last cycle

was was special it was a very different

crypto winter to one that we had seen

before characterized by a lot of

bankruptcies a lot of contagion and then

obviously the issues with FTX and

binance as well um do you think the

retail investor at this point may be a

little bit more cautious this time

around this cycle about dipping the toe

back in I I think probably yes but you

know look uh one of the I think

advantages I've been around the block

once or twice I remember the earliest

days of the internet as we know it and

you know the retail investor really drew

the hype cycle of Internet 1.0 and I'm

talking about 1999 2000 and then you had

a wash out in 2001 2002 and that was a

painful you know the dotc crash but

today when we sit here the some of the

most valuable companies on the planet in

alphabet meta you know these are

companies that were born of that era

and so I I think that what happens in

the short term around crypto is you know

I take a very long View and I I

encourage whether you're a retail

investor or an Institutional Investor I

think if you take a long-term view about

where these markets are going and why

there's so much momentum despite the

self-inflicted wounds I mean again as

you and I talked backstage Bitcoin is

not that far from its all-time high

right now yeah and I'm I'm very

optimistic about what we're going to see

this year um BR just as we WRA up uh I

was walking down the prominade yesterday

and crypto has been displaced by AI as

the cool kid on the block how do you

feel about that I'm thrilled you're

thrilled why look I I think that it's

good that crypto is boring now right

it's cryp I

don't look I I think uh everything every

new technology goes through a hype cycle

I think AI is also a technology here to

stay transformational in a lot of ways

but also not exactly clear what the

business models are how it's going to

play out and I think that's where crypto

was a few years ago and I think now

we're further along and I think that's a

very positive thing for the crypto

industry I'm excited about what's going

on in AI uh I'm I'm a Voyer not a

participant in that world but uh it's

going to be interesting rad always a

pleasure to speak to you that was a

well- win tour as always thank you so

much for joining me today Round of

Applause for Brad Garling CEO of r