Brett Harrison: Rebrand Would Be 'Necessary' for FTX 2.0

There's talk that FT XX might restart. Do you think, what do you think the odds are of it getting off the ground and kind of where are the valuation? You know, what, what's the value added that a restarted FTX would bring to the market? Can it, you know, the the name brand itself is obviously an issue, right? And you know, it's really hard to convince people to say, you know what? Yeah, you put money in FTX before this didn't work out for you, but here's FTX two. Why not put money in that? Or would you have to rebrand, what's the technological underpinnings that you think would be value added here? So there's a lot to unpack about the potential possibility of a restart and without, you know, particular insight into what, you know, the existing plan would be or who the potential bidders are. It's hard to say what the odds are of it succeeding, but to talk about some of the, you know, the issues at stake here. So first of course, a rebrand is obviously going to be necessary. Um I think most people agree on that. I think technologically there's a question of, you know, to what extent does the existing infrastructure need a complete revamp in light of now, everything that we know has happened with, with the people running the exchange or can it actually be taken as is, you know, patched a bit by, you know, a large team of experts and then just kind of restarted wholesale. And, you know, I think the the prospects of restarting have to do with the fact that the reason why, uh in my opinion, FTX grew so quickly in the beginning was because it brought together some truly, you know, novel combinations of concepts to derivatives markets. It's brought, you know, real time clearing real time margin, 24 7 direct to customer derivatives operations. And that was a very powerful concept and it was a reason why many institutions around the world were trading on FTX, you know, preferring that over other kinds of markets. It's why it was such a significant moment when FTX US uh really with Ledger X which has now been sold to, you know, Miami international holdings, um was it was such a significant moment that it was trying to bring that direct to retail, uh you know, direct margin model uh to CF DC, regulated derivative markets. And I think if that can be restarted, I think that's a very important, you know, market structure that should have a chance to exist. And finally, I think that people would like to see, of course, uh the customers repaid myself included as one of them. And I think the possibility of, of restarting the exchange when it was a significant, you know, revenue earner as a company could be very helpful in bringing, you know, more assets back to the exchange, to be able to distribute it back to customers to make them whole.