I'm interested as to what you think the election means for your space. The election means that we are going to be attending to the disposition of a new administration towards innovation, and that includes Bitcoin innovation. So what we're hoping to see, regardless of the administration in situ, is that they take a thoughtful approach, that they take a studied approach, and that they are discerning in how they apply regulation within the Bitcoin ecosystem and industry to make sure that we are updating rules of the path so that they fit well with the current innovation, that they are not just protecting investors and participants in the ecosystem, but that they are also fostering innovation so that America can continue to lead here. Does it continue to lead from your perspective with the regulatory environment? I mean, certainly the potential next president, Donald Trump. He's certainly saying he wants us to be the crypto capital. If regulation stays as it is via

enforcement, will it remain so? Well, So the U.S. has an advantage now and that many of the top founders, the most innovative companies in the space, including those advancing Bitcoin's payment technology, for example, are based in the United States. They can continue to innovate from here with a regulator that sees the advantages of having that activity in the U.S. And we are hopeful that, regardless of the administration, that those involved will be looking to foster such innovation. I also want to note that, of course, Bitcoin innovation is not happening in a silo. It's relevant to other industries that are of national relevance, such as the transition to renewable energy, the explosion of interest and opportunity in general. And I know it lends bitcoin's relevance to that brings more attention to Bitcoin technologies itself, and regulators will hopefully respond to take themselves the studied approach to the Bitcoin space. What we could have asked FCC Chair

Gensler a few moments ago. At least, though I suspect he would have declined to answer was his understanding of the relative policy platforms of Vice President Harris and former President Trump when it comes to crypto and the fundamental differences between them. We won't get that answer. But do you have that kind of clear understanding of what either outcome might mean from a policy perspective? I'm quite happy that both candidates are paying attention to participants in the ecosystem. They both have advanced policy agendas and let us know that they're paying attention to the space. Now, instead of evaluating policies during a campaign. What we're really looking to see and to participate in and then to evaluate is the inaction of policy itself and action rather than campaign promises. And it looks to us as though both both campaigns have an intention to partner with the industry, to study and to apply a thoughtful approach. And now we'll have to look at the rest

of the candidates and their administrations, their potential administration's behavior, so that we can decide whether optimism is deserved. But I think there's a reason to be optimistic, regardless of the outcome of this election. Well, that conversation was about, I guess, regulatory in the context of the risks crypto poses to the financial system rather than how we use the underlying technology. Gensler called it the ledger right within the financial system, modernizing global finance. Do you think we should kind of go back to talking about that a little bit? I think so. Again, Gary Gensler also spoke about his concerns about the stability of core technologies like AI models. And as he's thinking about that or is perhaps the next to take his seat is thinking the same that they should be looking to help Bitcoin can support the robustness of a generative AI and an ecosystem.

So, for example, here, an energy stability. So, the stability of the grid, the demand that alarms and applications running on top of them will have for energy will require robustness of the supply. And Bitcoin can help facilitate that. Of course, we know that Bitcoin is an off-taker of energy in the same way AI is as well. But the difference here is that Bitcoin is price responsive. And what that means is that Bitcoin can off-take energy at low prices when there's low demand, that can shut off at peak times. So, Bitcoin will not contribute to peak times in the grid, which means that it will not destabilize the grid and can allow for instead healthy growth of renewable generation in a way that contributes also to the ecosystem's own stability. A place where Gensler expressed concern. It's interesting that, of course, proof of work, proof of stake, that something in all the parts of the crypto ecosystem that have to deal with their energy

impact. But more broadly, everyone is waiting for when the killer app is really going to be here. From your perspective, does it remain as an asset class, as an area to invest in if you're worried about inflation, and that's why you get into gold and crypto? Or does, at some point, what you're investing in, the projects you invest in, end up being of service to society? This is a great question. So there's two things happening here in terms of the advancement of the ecosystem. We've seen, of course, that Bitcoin as a store of value has matured, and the Bitcoin ETF has reached over 20 billion in aggregate assets in less than a year's time, which exceeds what gold ETFs did on their launch. And of course, the Bitcoin spot ETF launch was one of the most successful in history. So Bitcoin as a store of value has secured its place in history. But what's also happening, of course, is

that we've seen Stablecoins find product market fit both internationally and within the US. At the same time as Stablecoins have achieved this product market fit, they're coming to the Bitcoin payment system, which is the Lightning Network. In July, the Lightning Network launched payment channels that can handle other assets, including Stablecoins, which brings the market that the Lightning Network has been able to achieve. For example, the Lightning Network processes over 200,000 transactions a day, over $80 million in value a month. And now Stablecoins are coming to the Lightning Network. And so when we're looking at what the killer app is for Bitcoin, we're thinking about Bitcoin as a store of value and Bitcoin technologies for Stablecoins.

Why Crypto Wins No Matter Who Wins the US Presidential Election

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