And finally, the last thing I wanted to talk about is sort of the tokenization, real world asset trend that's picking up steam, I think at a faster rate than most people would have ever anticipated. The DTCC announced that with 50 partners, roughly, they're going to start basically testing tokenized equities. They've said they're going to move 4.5 quadrillion of volume on chain. Where does Coinbase stand in that process? I think we know it's coming. We don't need to debate that. But how does that, you know, impact your business and how do you prepare for this tokenized future?

Well, we do see tokenization as the future and we intend to be uh a leader in in bringing that um to uh markets not just here in the United States but all over the world.

Look, uh, you know, for the longest time, I think um people focused on uh tokenizing US dollars and other fiat currencies in the form of stable coins. And we've now seen that um tokenization works. It it allows for 24/7 uh uh settlement and activity. It allows for um seamless transfer of value all over the world with the with the click of a button. Um there's no reason that other asset classes can't can't be tokenized in just the same way as we've tokenized dollars and other currencies um uh with just as much adoption and just as much market uh demand.

It's going to take some it's going to take some work on the part of regulators here in the US and all over the world to sort out some unique issues that come with tokenization based on blockchains. But again, we have regulators now, particularly in the US who are more than capable of the task. I have no doubt uh the Chairman Paul Atkins along with Chairman Seeley are going to be able to resolve whatever outstanding regulatory issues uh remain and we're going to see tokenization just race ahead in in the months and years to come.

So what does that look like for Coinbase if all these assets are tokenized? Everybody knows that there's the race to be the everything app.

Well, we're we're certainly in that race and we think we're going to win the race to be the everything app or the every and offer an everything exchange. It's one of the reasons why, um, you know, we've invested so heavily in developing our suite of products and services in a way that goes far beyond just, you know, buying and selling Bitcoin and other cryptocurrencies. Um, we think tokenization is the future. Uh, we think it's very important that customers and markets have choice about how to trade and move assets all over the world and we want to be a part of that. We think we're we think we're not only going to do that, we're going to lead it.

Yeah, I mean, with about a minute and a half left, what does that look like for me as a consumer who comes to Coinbase? If I consolidate, you know, the E*TRADE accounts and the Schwab accounts and everything to Coinbase. What am I going to be able to do there that, you know, I can't do elsewhere or couldn't do in the past?

Well, the possibilities are are are are are endless. Look, um, not only will you be able to settle 24/7 and trade 24/7 in a way that was never possible before. You're going to be able to engage in trading activity across all these different asset classes from a single app with a single interface in a way that's much simpler, much faster, much more efficient.

You're also going to be able going forward to cross margin assets and um cross margin trading in a way that I think was was not possible just a short time ago. So you're going to see much more choice available as a customer and you're going to also have much more power to manage your portfolio, manage your financial future in ways that simply weren't possible a short time ago.