The Trump administration has prioritized and enacted significant legislative and regulatory changes for digital assets, aiming to foster innovation within the United States and establish clear market structures for cryptocurrencies and stablecoins.
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Well, good afternoon.
Uh, it's a pleasure to be here at the
the second annual Ando Summit. Uh, and
pleasure to be on stage with uh two of
the finest from the Trump
administration, I must say. Um, we have
Patrick Wit who's the executive director
of the president's uh council on digital
assets. um working in the White House,
coordinating across government. Um and
then we have Tyler Williams who's uh uh
coordinating across Treasury on the
implementation of all the cryptoreated
items uh including the Genius Act. Thank
you all for being here today. Thanks for
taking time. Um a lot's going on and so
the the prep for for a questioning of
you Patrick is very difficult because uh
you're so in motion, right? Uh you
started from uh when did you start at at
the White House from
>> uh I started detailing over from the
Pentagon in April of last year
>> and uh and then took over as executive director
director um
um
>> late summer. Yeah.
>> So it's been a incredible journey
>> to watch you uh do this. But I I think
it'd be great for a scene setter on
what's happened over the last year
because a lot's changed just by from
election day of 2024 to today. Uh so
bring us up to speed on on what's what's
happened uh as a result of the President
Trump's election.
>> Well, it's been a flurry of activity as
you mentioned uh not just on on crypto
policy but across the board. This
administration came in um with a a raft
of executive orders and different
actions that we started to move out on.
Um I personally had a front row seat to
that because I served on the transition.
So was one of the day one employees down
there. um and got to see the different
teams that uh many of whom had served in
Trump 45 come back again this time
around and kind of pick up right where
they left off and that uh core nucleus
at the White House too with chief of
staff Susie Wild, Steven Miller, others
um had been working together and some of
them in the first Trump administration
but then certainly that was the the
campaign team. So it it really just we
hit the ground running. And on the
crypto side in particular, um that was
uh moves immediately to get the right
people in place at the agencies to
nominate the the correct folks to bring
in people like Tyler over at Treasury
and build this incredible team because
it's not just the White House. It
requires everyone at these different
agencies that that touch on crypto
policy even in places that might not be
obvious um to to people on the outside
that have a hand in this. Um so
president assembled an amazing team. Um
we got uh multiple executive orders
signed. The the first one the ending
operation chokepoint 2.0 know uh the
Biden uh administration's
uh misguided, let's say, policy of
regulation by enforcement that had
really uh just prosecuted and and uh uh
put crypto in the crosshairs and took a
technology and an industry that really
America should have embraced and and put
it on the outs and drove a lot of that
innovation offshore. So, we put an end
to that. That's still an ongoing effort
to to root that out entirely. Uh we got
the executive order on the strategic
Bitcoin reserve uh signed into law uh
stopped the government from liquidating
assets uh by some accounts. I think we
we missed out on tens of billions or
maybe even upwards of hundred billion
dollars of um assets that could have
been held on the balance sheet because
they were sold in fire sales just
without much thought whatsoever. Um and
then obviously the the big legislative
push to get the Genius Act passed. So,
uh, Tyler and team over at Treasury are
now hard at work implementing the
follow- on rules from that. Um, I know
they're they're working around the
clock. There's a lot in there, a lot of
directed rulemakings. Uh, but that one I
I think you've already seen the response
to that with people onshoring, new, uh,
Fidelity just issued a stable coin the
other day. more and more people entering
this space. Um, foreign heads of state,
foreign ministers of of economies, uh,
central bankers, all very interested in
what the US is doing with stable coin
policy. And then the next one that
dominates my time these days is the the
market structure legislation. So, the
Clarity Act, uh, which, uh, you have
worked on multiple pieces of legislation
over the years. Uh, we finally got one
over to the Senate, um, last week, which
I'm sure we'll talk about. We passed it
out of the Senate a committee to the
floor of Cong to the floor of the Senate
and now we're trying to play catch-up on
the banking side. Some issues still
outstanding to resolve there. But uh uh
that's a a quick summary, not that quick
just because there is so much that has
happened, but uh it's it's been a
privilege to serve in this role and
there's still more to do. Well, to to
look at the the Biden administration,
their approach to crypto, just the
change in the election, just that change
took us from a very negative view of
digital assets where in order to be an
innovator, you had to be offshore.
That's the only way you could actually
flourish with digital assets, you
couldn't be in the United States. uh to
the election and just by the election of
President Trump being pro- crypto um
that changed the whole market
>> and actually made innovators look back
to the United States and then all the
work that you and uh and your colleagues
have put in uh in coordinating with
Congress and the agencies has actually
really driven uh the creators to come
back to come back and and uh innovate
here domestically. Uh it's it's a quite
welcome thing uh and a lot more to come
and we'll get to that. Um because what
what you've been up to just in the last
couple of days is is uh market moving
and substantial. Um but Tyler uh Patrick
mentioned the passage of the Genius Act
stable coin stable coin law. Um we had
negotiated during my time in Congress.
We had negotiated for five years. Um my
first meeting with on the House
Financial Services Committee as a
ranking member as a lead Republican was
to uh bring in uh outside experts to
talk about crypto market uh regulation,
stable coin regulation five years ago.
Um, and so to watch that glacial pace of
Congress and then the election and how
quickly you're able to drive uh Congress
to act on on stable coin, a stable coin
law in the passage of the Genius Act.
Uh, and that happened when April of of
last year, May.
>> Yeah, it got signed into law into July
in July.
>> July. Um, that's fast for Congress,
>> very quick. Um, now you have all the
work of uh of implementing uh a law uh a
new piece of legislation um and the work
that you're doing within Treasury and to
coordinate with these agencies on the
regulatory implementation. Walk us
through that work.
>> Yeah, maybe I'll I'll do that. I'll do
the second stage. I want to just add one
thing I think is really helpful to how
the administration set it up uh in terms
of the executive director role,
Patrick's role at the White House. It
serves as a nucleus for all of the
people across the government to work
with each other. So we went through this
process from the early day of the
administration with the ex first
executive order that asked the uh whole
of the government to produce a
comprehensive report on crypto policy
regulation like put all of your thoughts
on paper of what's broken, what we need
to fix. And we did that and it keeps
that group together like we meet on a
regular basis. we talk to each other and
you know this adage like you know
personnel is policy in Washington and
like we all work together we all like
each other I think the time [laughter]
so like uh just wanted to add that so we
we published this and I I think David
Sax calls it the crypto bible like it's
literally on the website
>> so how big was that report describe that
for folks watching and where they could
get it
>> we did thousands of meetings across like
the Treasury Department white house SEC
CFTC DOJ all the other particip
participants in the um core working
group and from that we spent months
writing this report and I think there's
over 111 recommendations in there across
agencies and departments what Congress
should do what the regulators should do
how they should think about market
structure legislation how they should
think about market structure certainty
in the absence of legislation so we we
sort of covered the watershed um and I
think it's 168 pages 400 plus footnotes
if I'm counting And where can they get
where can the public get this?
>> It's on it's on the White House website crypto.gov.
crypto.gov.
>> So go there, read it. If you want to
meet with us about it, come talk to us.
>> So you compiled what all the agencies
could do across government that coordination.
coordination.
>> That's right.
>> So what is happening right now uh with
the Genius Act? on on the genius
implementation. Um, and I want to be a
little careful not to talk about like
specific timelines and things like that,
but the the bill and the act requires
that uh Treasury coordinate with the
bank regulators, the bank regulators,
whether it's the Fed, FDIC, OC, NCUA for
the credit unions, uh, they all are have
supervisory and regulatory authority
over stable coin issuance. It
contemplates sort of a dual framework
like we have uh in um the state and
federal banking system where you can be
a statelicicensed entity but you can
also go to the OC and get a license from
the OC to charter your uh stable coin
issuer. Um so there's the whole
government from a bank regulatory
perspective is involved and what I was
saying about this early report like it
it helps because we all talk to each
other all the time. We all work with
each other. Um and and so we really set
out on this uh this approach at least
from Treasury that we wanted to make
sure we uh did an advanced notice of
proposed rulemaking. So we put that out
and we got 400 plus comments back and
we're going through that. The the next
step that we'll really get to is we'll
do uh proposed rules which takes time.
Uh we have deadlines under the act that
are one year in July. We have 18-month
deadlines. We have three three-year
deadlines. So all >> we'll
>> we'll
>> leave it to Congress to kind of all
these quirky these quirky timelines.
>> And I would say just for like the people
who think about Treasury, Treasury is a
huge building. We have domestic finance,
international affairs, and then then
then the terrorism risk and financial
intelligence vertical. And then we have
the IRS and other bureaus. So we work
across the building, the crypto team at
Treasury. So we cover the whole building
and every piece of Treasury.
>> Okay. So with the Genius Act, we're in
that pretty tight timeline. With the
Genius Act, the passage of the Genius
Act, I think we've taken some some of
that for granted, right? The market has
taken the fact that we have clear law
when it comes to regulating stable coins
in the United States for all 50 states.
The model that uh that was before the
Genius Act that all the issuances went
through, all the volume went through was
the New York regulatory model. So, in
many ways, the passage of the Genius Act
was not really a revelation for stable
coins. You could issue it through New
York. There's a clear regulatory u
perimeter there. But with just the
passage of the Genius Act, and we're not
even a year, don't even have a year
anniversary yet. We've seen this rush of
innovation and volume um into stable
coins. And you see heavily regulated
institutions, large financial
institutions get into this. You
mentioned Fidelity's announcement of
Fidelity offering a stable coin. You see
these major players making these moves.
You see this with a panel uh of
participants today of some of the
largest asset managers in the world here
at the Hondo Summit. Um so that's just
one piece of of the whole crypto
conversation is stable coins. Important,
yes. Uh but less than 5% of the total
dollar value of crypto is in stable
coins. Let's talk about the 95%.
[snorts] Okay, this is the complex bit
that needs to be uh needs to be wrestled
with. Talk about the complexities of
market structure. What is the Clarity
Act that the House passed with a very
wide bipartisan majority that the Senate
is working through? Uh give us the state
of play there and and a bit of the the
the the topline struggles. Mhm. Um well,
I think it starts with what you just
mentioned, which is this is this is
covering and affecting a much larger
orders of magnitude larger uh size of
the pie here. So, um as you mentioned,
stable coins incredibly important.
They're going to continue to grow. Some
projections have them just with
incredible uh compounded annual growth
rates into the future, but still a
relatively small portion of the crypto
industry. So most of the tokens out
there that are trading, most of the
companies that are engaging in this
space are intermediaries, exchanges,
broker dealers, uh custodians, you name
it. This is the bill that that sets the
rules of the road for them. How are the
tokens going to be treated? Um
ultimately, who has jurisdictional
authority over them between the SEC and
the CFTC? It grants spot authority over
digital commodities to the CFTC.
Currently, a large gap. Uh that's not a
partisan issue. both uh sides of the
aisle recognize that that's a major
issue right now that there's all this
econ economic activity um and market
manipulation potentially and and bad
actors that are just ultimately outside
of the regulatory scope. Um so some of
those are are kind of basic table
stakes. In addition to that, it goes
into a definition of what is what is
this thing we call decentralized
finance? What is truly decentralized? um
which regulators uh can can opine on
that and help flesh out some of that
because within DeFi there are multiple
different business models. Um and and
what are the obligations for those
different protocols? Um, at the same
time, um, which of these do we want to
make sure are not being captured in the
the regulatory umbrella here, um, that
are ultimately just developers writing
code, software, uh, in the same way that
someone publishing a website doesn't,
you know, it's it's similar types of
ideas. Web 3 truly, this is kind of the
extension of that, just mainly into the
the financial space. So, um, it has
developer protections in it. It has
certain activities that we are saying
explicitly are not subject to. uh
Securities Exchange Act, 3334 act, uh
Commodities Exchange Act on the on the
CFTC side. Um so there's there's a bunch
uh in there. Um and then this this other
piece which we can get into in a moment
which unfortunately we we thought we had
kind of put to bed in the genius act but
uh the issue of of stable coins um
coming up again in the context not of
stable coin issuers themselves how how
they can uh pay or not pay rewards and
yield uh but in this case through the
digital asset intermediaries the
exchanges the broker dealers those those
third parties in between. Um that is now
another uh point of contention that
we're working through with the
interested state.
>> So about that [laughter]
um uh you know you saw the delay in the
Senate Banking Committee markup of
clarity because there was they couldn't
work out a compromise on on um what some
Democratic supporters and some
Republican consorters had which was a
concern about uh stable coins offering yield.
yield.
Genius Act has some permissibility for
rewards. Um, this has become in banking
terms this this major issue where they
they're they're talking about deposit
flight from banks and a concern about uh
bank failures as a result of this. Um, I
think that's hypothetical. Uh, there's
no data that that bears that out, but
that is the terms of debate that the
banks have had. Um, I it's noteworthy
that you brought both the banking
industry together uh and major crypto
players in the stable coin regime
together for uh a meeting at the White
House yesterday. I think that shows the
importance to the president to the White
House of getting a market structure
bill. That's how I read it from the
outside from the cheap seats here. U but
you organized the meeting. You invited
uh everyone that you invited attended.
Um and and I think it would be useful
for us to hear your description of what
happened and how we should think about
uh that prioritization. For my chief
seats, I I think it's a welcome sign
that you brought these waring factions
together and say and and made a made a
major statement to them.
>> Yeah. Well, it it absolutely is an
indication of the importance that we put
on this legislation. Uh the president
spoke, I guess, a couple weeks ago over
in Davos about the market structure
legislation. um again just the other day
in the Oval Office. He wants to see this
get done. He wants another bill on his
desk ready to sign. Uh we'd love to have
another big uh signing ceremony like we
did with Genius. Uh and we view this as
as kind of the the last at least
legislative piece that we have to get
right. This is kind of the crown jewel
um that's that's missing right now. But
um we wanted folks to to come together.
There have been uh conversations on on
both sides of this debate, the banks
amongst themselves and the crypto
companies amongst themselves. And
ultimately there there wasn't that
dialogue happening across across the the
chasm here. So um it's a it's a first
step. It was intentionally not CEO
level. This was more policy leads,
lawyers, technical experts in the room.
Uh come forward um swords down. Uh make
it as as professional as we can. This is
not about feelings. Let's keep it
fact-based and uh let's have a
constructive dialogue about where we
are. What are the red lines? where are
the areas that there's actually some
agreement here and there are. Um and
then where do we have uh the sharpest
disagreement and let's let's close the
gap on those and and potentially even
think creatively about um different ways
that we could potentially pull things in
that that aren't necessarily germanine
just to to stable coins. But there's
other uh regulatory priorities of of
both sides uh of this debate that that
are also priorities. And so, uh, to the
extent that we can't necessarily solve
it exactly word for word on a page, uh,
potentially adding some some carrots and
sticks, if you will, uh, to close that
gap. So, it was a good good dialogue,
uh, the first of of several
conversations. Um, but as we
communicated to the individuals that
participated, and I do thank them for
for coming and participating. It was a
good good debate or not debate, it was a
it was a dialogue and it it stayed uh,
it could be a debate at points, right?
at points but um
>> but no um as I communicated to them time
is time is not on our side here and uh
to the banks in the room the genius act
is law and that is the current status
quo. So if if the arguments made on the
bank side are to be believed that this
is uh the sky is falling, this is the
end of the world, um this is your
opportunity to potentially make a
material improvement over the status
quo. But if ultimately this bill fails
or falls down because of this issue, um
you get nothing. You get genius. It is
what it is. So uh approach it with a
little bit of humility. And then also on
the crypto side, what we've communicated
to them is this bill, as we just talked
about, has so many other good pieces to
it. Um, and there's so much that is
necessary and and positive for the
industry. Um, the stable coin rewards
yield issue is an important one, but
it's not it's not the core of this bill.
And so, let's keep things in perspective
and and approach things um rationally
and uh see if we can't land the plane on
this. But I do think this is ultimately
with stable coins, it's a new product.
It's it's uh threatening to some people
that aren't the the most uh familiar
with blockchain technology overall. and
stable coins in particular. But
ultimately, we do believe as as my boss,
David Saxs, communicated over in Davos
recently, this this is actually an
opportunity. This is a product that can
be a win-win for the entire financial
system. Not just crypto at the bank's
expense, but actually the banks have a
real opportunity here to offer new
products um and and new business models
can be can be built on top of these
products. So um we're managing through
an interim period but ultimately I think
uh folks in in call it a year two years
three years once they get more familiar
with this this is going to become part
of the financial fabric and uh we'll
certainly not be as threatening and
people will be quite excited about it.
>> Yes. And and look we're here at the
summit and is the market leader in
bringing uh securities and real world
assets on chain. uh this has been
largely a a product offered to non US
citizens until this year and the big
announcement of this uh of this summit
is about bringing this back to the
United States. That would not have
happened but for the election of
President Trump and but for the work
that you two gentlemen are doing and
your teams are doing. Uh that that
should be a very welcome thing to the US
economy. Um, but riding on that, the
most important thing in for Ono and for
real world assets is making sure you you
have permissionless systems that can
operate and compete in the marketplace.
Permissionless systems um are are really
the core of what makes crypto a a
long-term value proposition. Um, how do
you view uh permissionless systems? How
do you view that concept and where does
that fall in the regulatory uh ambit?
>> It's it's hugely important. Um as you
mentioned the real innovation with
crypto are these decentralized systems,
permissionless open blockchains. Um
that's not to say crypto doesn't have
applications in the traditional sense
through through fintech and taking
existing centralized business models and
making them more efficient. Um lower
cost, lower lower friction. Um, but we
want to make sure that we're preserving
uh what is really unique and special
about crypto. So, within the bill, as I
mentioned, there are developer
protections for those developing
non-custodial software um in a
decentralized fashion. So, we we've
taken a strong stance in preserving
those in there. Um mindful of uh and it
is not just on the the Democratic side,
but also on the Republican side. Nobody
wants to pass something that ultimately
provides a license to engage in a bunch
of illicit activity or that could be
used to uh to further adversarial ends.
Um so we're we're striking that balance
and then on um the exemptions from from
the different regulatory acts here. Um,
we're engaging with with SIFMA, with the
traditional players on the the commodity
side, CME, ICE, and others, uh, to make
sure that we're we're threading the
needle between, um, where something goes
from just publishing software and and we
don't want to criminalize code or or
subject that to overly burdensome
regulations while also making clear that
when you do cross over into that
commercial sphere and it becomes
something that you have control over or
custody of assets, you you are going to
have some some responsib responsibility.
So, um trying to bring as much clarity
to it as possible, but uh knowing uh
that we have many members that are still
getting up to speed on on what this
technology means.
>> Yeah. And Tyler, you mentioned the
coordination between agencies and and
how vital that is. Uh Treasury usually
stands in the midst of these financial
regulators and and trying to get them to
uh talk to one another. uh uh that is a
always a difficult thing uh with the
competing interests of credit unions
versus banks and we see this with state
banks versus federal
versus national banks. Uh it seems like
all that is even more heightened right
now uh given what's happening in the
market. We saw um the CFTC and SEC
traditionally adversarial agencies uh
for territory uh you know have joint
announcements and and a goal of
coordination. Uh where does Treasury sit
with with those coord with that
coordination across all these uh uh
regulatory agencies? Well, so we we do
it across a wide range of uh topics
whether it's like banking issues,
whether it's modernization for different
um previous acts that have been put in
place. What you and Patrick were just
talking about uh the legislative side of
things. You know, we live that with
regard to the the effectuation and the
implementation of the bank secrecy act.
So that has been delegated across
regulators. So a lot of what this market
structure bill would do is contemplate
different organizational structures for
how different registrons would be
subject to the bank secrecy act. So this
debate about what is DeFi and what is
true DeFi. You hear a lot of Washington
talk about this, you know, it's often
referring back to the guidance that
Finson put out in 2019 and what does
control over user funds actually mean in
law. Um, so when we work with the
regulators, we're working with the SEC,
the CFDC, and all of our touch points
that we have uh from that. Treasury sits
on the board of CIPC. Many people may
not know that. So like we have different
equities in uh no pun intended, we have
different equities in many different
debates just because of how Treasury is
situated in the US government. Um, but I
think a lot of our work that we've been
doing with uh Patrick and team on the
market structure side of things is just
trying to be as like factbased and
evidence-based of like here's how the
law works, here's how sanctions work,
here's how the bank secrecy act worked
and like getting all of our experts from
like the the Fininsson team and the OFAC
team to talk to policy makers because it
is hard and it is confusing and you know
you you know this very well like it's
hard to have experts on very specific
minutia on congressional staff. So if we
can lend ourselves to the debate and be
constructive like this is a bipartisan
issue and like we can do that. So that's
our role
>> from the outside world. The marketplace
looks at redundancy of law, right? And
says, well, we have five different laws
that try to do the same thing. Why do we
have this? And from my stance as a
former lawmaker, uh the reason is
because lawmakers don't know what the
law is. So they create they're like well
this this example on um uh OFAC right we
don't want rogue regimes uh being able
to use digital assets to carry out their
ill ill intent well first of all it's an
open permissionless blockchain we can go
watch them on this right number one
number two we already have laws to go
get the bad guys we just need to make
sure they're well adapted to the
technology of the day and that agencies
have the capacity to get the best
technology to go do that and go get the
bad guys. So, a lot of this is an
educational uh is a lot of educational
work that I know you both spend a
massive amount of time on educating
policy makers about what is existent um
and and why you shouldn't uh kill an
opportunity for the United States out of
something that they don't quite
understand, a fear that they don't quite
understand or have grounds to uh to to
hyperventilate about. on on the point
that you mentioned around certain
lawmakers don't necessarily know what
the law is. This is not to call any one
individual out.
>> I mean, I'm I'm the one that called them
out and I spent 20 years
>> in in in the context of the Senate
Banking uh committee, for example. I
won't necessarily say who, but one of
the members said we're talking about
Title One, the classification, token
taxonomy, SEC versus CFTC authorities,
and um they're going back and forth on,
okay, this is for securities, but what
if what if something's not a security?
What about Bitcoin or Ethereum or one of
these other ones? And it's like, well,
there's this other agency called the
CFTC um that we're going to be giving
authority to to regulate these markets.
And there's a another committee called
the Senate Agricultural Committee that's
debating provisions of of that right
now. So there is a bit of a blind spot
uh between the two committees because
the dual nature
>> and I feel a bit called out by that uh
because that was part of the struggle of
of legislating when I was chair last
Congress is that we understand the
regulatory uh perimeter around
securities and the financial services
committee and we just think the egg
committee doesn't know anything about
commodities. Uh but when we start
talking you realize well wait a second
you have a resilient market here we have
a resilient market here why don't we
take the best of both rather than try to
reinvent the wheel um uh but okay so we
are sitting still February of 2026
uh you're 13 months into the Trump
administration 12 12 and a half months
into the Trump administration uh success
for this last year was passage of the
Genius Act years in the making a huge
revolution for for crypto in the United
States. Um, we saw what 20 2025 was.
Tyler, at the regulatory level, what is
success look like in 2026? Patrick, at
the legislative level, what is what does
success look like in 2026, Tyler?
>> I think um success would look like we
have rules in place. We have given the
public the information to consume and
give us feedback on. So we'll have uh a
constructive engagement with the public
on the regulatory implementation. You'll
see that not only from us but from the
other regulators. And then I think uh uh
take the contents of everything that we
put in the report and make forward
progress on all of the recommendations
that we made in there where we don't
need Congress to act on.
>> Okay. And that is at break neck speed
for government is what you're
suggesting. What is break neck speed for
government? Just so you can say it out
loud. uh for for the world to hear
>> not on genius implementation uh but on
the other things I think there in the
report there's tons of stuff that we put
in there on uh tax policy issues for
example I think making forward progress
on that would be uh in would be so big
for the industry so like we'll we'll try
to keep pushing on all that
>> Patrick building off of that um you
mentioned tax um on the legislative side
obviously market structure is is
priority number one two and three as as
my boss David Sax says. So, uh, we are
deeply focused on that. We're in the
thick of it right now with the
negotiations. Uh, success would look
like obviously passing it out of the
banking committee, reconciling those
products from the banking and a
committees uh to getting a bill that is
ready to be voted on on the floor um and
and passing that obviously on the House
uh side as well. So, getting market
structure enacted and then also there is
movement on on some tax bills in
Congress as well. Um there's there's one
that's been introduced on the House
side. Uh Senator Crapo on the uh the
Senate side has has recently held
hearings. So there is optimism that we
might be able to get a product uh uh
ready for for prime time. In a short
amount of time, relatively speaking.
>> So if I can put you on the spot,
Patrick, when does the president sign
the Clarity Act into law?
>> Uh well, I have a birthday coming up, so
from your your lips to God's ear.
>> Here we go.
>> Um, April April 3rd. So, we started here
first. I've killed the microphone again today.
I can't get a microphone.
>> Uh, this is the third microphone I've
killed today. Um so Patrick Wit said
April 3rd president [laughter] will have
a uh the Clarity Act signed signed into
law. Um that that is optimism but I
think it's quite realistic given the
level of work that you your boss and
your boss's boss have put into uh crypto
being made in America once again. Um,
and I must say and and to wrap uh this
section, um, these are two examples of
fabulous people working in government,
uh, working for the public interest
here. Um, and I think what you've just
heard from, uh, this panel today is the
best of this administration in
Washington. Uh, they are committed to
the public service and to getting quick
and solid action on digital assets. This
is a reason why we should be optimistic
about digital assets in the United
States and the United States being once
again uh the capital of uh crypto for
the world. And so with that, thank you
all for being here. Uh Mr. W, Mr.
Williams. Uh and that is a wrap for this section.
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