Why the Ripple Effect of FTX’s Demise Goes Beyond the U.S.

If you didn't know by now, Sam Bagman Fried's trial, of course, starts today, but the ripple effect from FTX has collapsed. As Emily just alluded to do, alluded to goes much further beyond our borders. Emily, you've been looking at what's happening around the globe specifically in Asia, talk to us about what's sticking out to you. Yes. So what's interesting about this whole FDX story is, it's become a really a very US centric story at least recently. Obviously, the trials in the US, Sam Bank M Fried is American. There's been so much drama about, you know, Sam Bank Mri's political donations in Washington. But you know, before FDX collapsed, I mean, I don't really remember that many Americans talking about it at all. Obviously, this is an anecdotal impression, but I heard a lot more about it in Asia and Asia was an important market for FDX. And I just think it's important looking at the global distribution. So if we look at, for example, coin gecko and, and this is, you know, this is an older report, but you know, they look at the countries that they say were most impacted by FTX collapse and they single out Korea, Singapore and Japan. Now it's worth noting that this is based on kind of like web traffic. This is hardly a perfect indicator. But again, just from my experiences, I spent a lot of time in Asia this summer, I heard this over and over again, you know, that Korea was a big market for FTX. Singapore. Also, you know, Singapore famously, Singapore's Tama was a big investor in FX. And what's important about this is that there was a regulatory response to the FTX collapse. I think both in Singapore and Korea regulators took notice of this crash and I think it did cast a certain chill over how regulators see at least retail crypto trading. How, how has fx's perception as basically now a US company if you will, how is that? How did it change to that? And I is that the perception still in Asia? Do they now look at it and say, you know what it is an, it was a US company. It, it wasn't, it wasn't one of ours. That's why we had this problem. You know, it's a good question. I'm not sure. I mean, look again because, you know, it's not just the trial, it's not just Sam, it's Gisele, it's Tom Brady. I mean, there's a lot of like us, there's Super Bowl ads, right? There's a lot of us elements to this story, but before it collapsed, I mean, I personally thought of it as a largely Asian phenomenon. I mean, if you look at that chart, this is actually from an earlier trial, basically, you know, there's some interesting data points on there. I mean, you see like Korea, you see Singapore, you see China coming in at 8%. That's really notable because there's not supposed to be crypto trade in China as we know. Um so, you know, IIFDX had a lot of traction in China, for example. So again, there's a lot of like us fanfare around this, but I'm not sure that people necessarily see this as a US exchange. Also, Japan, very important data point. FTX, Japan may be the only jurisdiction that where um users actually got their money back thanks to Japanese regulations. So, you know, I think a lot of people do see this as having a local effect all over the world. You know, when we think about FTX, you mentioned the Super Bowl ad, the naming rights, the stadiums, we think about this huge brand name and I just would love to get your opinion because you spend so much time in Asia if FTX 2.0 does come to life and FTX is rebooted, rebooted under new leadership. How do you think the Asian markets might respond to that? I mean, hopefully they'd respond the way that anyone else would respond, being like with heavy skepticism, you know, I mean, that's the thing, right? I mean, this is just like one would hope that everybody would look at this. Um And this was the question that we talked about in our earlier segment. Like, has anybody learned from this? I think that's an open question that applies both to um the United States and Asia and basically, globally, it's a question for the crypto industry, right? Like, have we learned anything from this debacle?