We're obviously waiting on what will happen with clarity over the next few weeks, but we're not the only country in the world that's legislating or regulating crypto.
We forget that sometimes, I think, because the conversations are so heavily focused on our government and our institutions.
You just got back from Japan. Maybe talk about what's happening there and why that's exciting.
Yeah, I mean I've I've been to Japan, uh Japan, Singapore, Hong Kong and Dubai all in the last three months.
Um so what seems to be happening is what I'll call global regulatory harmonization.
But not in the way everybody wants. Everybody thinks the harmonization means everyone follows the same rules or people copy the same rules.
That's not what's that's not what's happening. But what's happening is a harmonization of direction.
Everything is moving towards open and permissioned.
What I mean by that specifically is, uh I just got back from Japan. Uh they're dramatically redoing their tax laws.
So Bitcoin's going to go from being taxed at close to 60% to being long-term capital gain 20%.
We're seeing shockingly thoughtful policy coming out of the UAE around decentralized finance.
Like, who would ever think put put put yourself back five years and say which country, the US, um, uh China or UAE would move fastest on allowing people the freedom to choose their financial direction.
I think most of us would say, well, of course, the US will lead with that. We've actually been the last there.
So we've had, you know, we're we're doing a token equity tokenization effort. Um we've had enormously productive conversations with offshore jurisdictions about allowing a bridge between um centralized trading and decentralized trading of tokenized equities.
That is I'm I'm I'm I'm glad to hear it. I'm depressed that we are not a leader in this country.
It is happening. I will say the CFTC's no action letter has been fantastic. So with this new administration we're moving fast, but we're still playing catchup.