What's Next for Coinbase?

I would say that Armstrong and Coinbase are viewing the S ECs action as an existential threat, right? So they're playing by the rules uh broadly speaking legally. However, when it comes to the SEC, they're taking the position that the SEC is either being overbroad in its interpretation of securities law and also just not living up to um what it needs to be as a regulator, be that through rule making or just enforcement. So with Coinbase, it's, it makes this money by letting people buy and sell various cryptocurrencies, Bitcoin being the largest, but of course, the whole, a lot of different alt coins, the companies really leaned into listing as many as it possibly could. And the SEC uh is taking the opinion that almost all of those other cryptocurrencies are unregistered securities which make Coinbase and unregistered securities exchange, which uh Coinbase does not think it is. So, Coinbase needs to fight this battle with the SEC because if it doesn't, if it, it will just lose and basically have to rethink its entire business model or just shut down entirely. So, so they Ryan and Armstrong and Coinbase really are trying to push the sec toward what they think is a fairer future for the crypto industry. And you can see that not only in their lawsuits directly with the SEC, but also in their positioning more broadly in the political space, with a stand with crypto and other political initiatives that the exchange is undertaking.