- 00:00Why do you think that the Fed is going to reverse policy this year and how will that help Bitcoin? Considering the fact that we’ve had this incredible run up as the Fed raises rates? Yeah. So thank you for joining me. First of all, I think the Fed started the whole process back in 2021 and that this trigger holds. Heavens. We saw last year from the lunar to all the cataclysmic element events we had. And the Fed posing is giving like some contention that there’s a market to see where we are going from there. We’re going to see what the minutes are tomorrow. But that’s certainly going to help the overall market. Fair enough. So the big run up in rates actually happened earlier or was priced in, I guess, by bitcoin as it crashed and a lot of other crypto assets. Now, I guess the market is just pricing in what’s expected to be either a pause or a pivot lately. And that’s why we’ve seen the run from sixteen thousand to twenty three. Yeah, you can use that as a macro element, but you can also look at what’s happened in terms of events at the end of Q3 and Q4 and how the market does recover from DAX itself. The gap from the FCX moment has been sealed and the markets is OK. This is beyond us. We kind of understand what the consequences of this market that this market events and we can look at it a bit more unbiased way. So who are the buyers right now? Is it institutions that are feeling brave enough to get back in or is this mostly retail activity that has been driving such a strong month? So I think historically I couldn’t share. You can see we saw a very strong drive and drove over from since 2015 from the retail. But over the years, we saw the quality of the furniture or the people enjoying being more and more institutional. And we can see more and more institution like coming back to it and doing their homework and are getting very, very open. UTI doesn’t say internally about isn’t the time for investment. And if you are invested, you’ve had to ride quite a rollercoaster over the last year. Of course, a large part of that, the collapse of RTX and frankly, bankruptcies that came before that. A lot of assets now out there floating. Are you looking to acquire anything? Are you interested in M M any activity at this point at coinsurance? Well, I think as we disclosed in our Q3 earnings call that you could share because the company was looking at a number of same bankruptcy estate. If we remember where we come from, actually. Couldn’t she have started by the Sprint acquisition in the bankruptcy estate of a mining company in Sweden? So it’s a bit of a reputation for us or for Junior. We know very well we know how to look at these distressed assets. We know how to take a position if we need to. We just close and we’re looking at sell shoes. We disclosed we’re looking at of wager. We took both Newberry, not earnings call. That’s kind of stuff which I’ll be honest. And nothing further would suddenly emerge from that. But we are looking at stuff which are also probably not yet on the market and we have a strong in to us as well. You know, I learned my lesson about exposing my private key to the public 10 years ago now. A lot of other people are learning a lesson don’t keep your assets on the exchange or have learned it in 2022. Why should they trust COIN shares in your exchange traded product? Yeah. Well, first of all, the Erik Schatzker product is the ultimate tool. If you are not a professional and you don’t really know how to secure these keys, you know, I’m quite sure we’ve been working in these digital assets industry since 2013 and we have built an expertise around key management and also all the cyber security forces around that. You know, as early as 2017, we realize the need for custody because of the industry and within business, within the mirror and ledger as a French security company to correct the course that you project, which was supporting the further country. I wanted to be best in class, wanted to be, you know, almost run the kind of action in an industry which was very much in its infancy. And we have been doing that since then. So I think, if anything, the single consumers and business since 2014 is a digital assets industry and being a listed company in this closing statement is causing financial difficulties to the company. All that constitutes, I would say, trust and transparency, which are not discrete points. No, like we talk about of reserve earlier on this year of the exchanges. This is not for that we’re doing. We are every single day showing a function to the market and coming out every quarter. There’s no chance, essentially, that you take a whole bunch of customers, funds and exchange traded products and then use them to try and generate yield in other investments. No, it’s just set up. So that’s not possible for you to do that. Do you think that business model is dead? Well, that’s really the extended business model. That’s a different business model is not an exchange. Can’t share customer funds are completely ring fence when it come to our consumer digital securities and physical physical products that we are making. That’s in a very negative way. It’s part of the legal framework. We haven’t run this. So it’s not something we can be content? Well, we are content with the way we are doing it. We never go the ways exchange Yvonne Man stuff. So I think it would change a ways of running to be able to transform and strike. You mentioned legal framework. Let’s talk about regulatory frameworks as well, because obviously Quinn Shares is one of the largest players in the space in Europe, which arguably is far ahead of the US in many ways. How do you see that taking shape as you’re going to maintain its lead, as U.S. regulators and lawmakers seem that they’re still dragging their feet, trying to lay the rules of the road here in the states? I think it’s you need the political will first. Everywhere you see in Europe, where you have a strong footprint in the regulation, you’re the political will. So if you look at France. France was very driving the European legislation. But before France starts to drive Amanda Lang push for a low in 2017, which ends up being translated into regulation through the euro, which followed. And you can see those wailing on chrome. You can see there is a country where the regulator, the regulatory framework has been built because of political will. Was there first in the US because we saw last year as a presidential office making some decision and pushing the narrative in that direction. But if there is legislation, stop moving towards that, then I think the agencies would be able to figure out who is in charge. And we’ve looked in shock. Well, it just so happens we’re going to speak with a legislator here in a couple of minutes, Representative French Hill, who is heading up the subcommittee on Digital Assets in the House. If you had one question for him and his fellow lawmakers about the policy landscape here in the U.S., what would it be? Well, you know, we will ask him your question. Yes. It will not be over open questions that we would love to know who we can regulate crypto between the CFTC and the S.E.C.. Enough clarity. So what then? Products like the ETF, which need to come to the US, can find the house because until there is clarity between the insurgency is very difficult to find the right framework. So surely they’ll both regulate it. Surely they’re going to try and divide it up in some ways. Do you expect an ETF to come into the U.S. in the next in the foreseeable future? I would love to see DCF come into the US. I think it would be good for the it would be good for the industry in itself. Sure, we’d love to be able to offer that as well. In the US, if we if we have a chance to have a product at one point in the US, but more importantly, I think even the CFTC takes a lead like you still. For instance, in the US, the U.S. markets back in 2006 when the loans were first US oil ETF, then it’s FTSE. I mean switching the product and irrigating the product. So so you can see things happening where, yes, they work in concert, but there is no clearly which rebuilds they have on on the product underlying the product. And finally, we have seen very various different players, including at grayscale, which of course has GTC, which is what tried to turn into an ETF in the first place. And so many different areas of the industry. We are starting to see a pulling back of the work force layoffs seemingly announced every week. What are you doing with your workforce that COIN shares? We’ve been very fortunate that kosher to not hire in kind of crazy way, so we hired a very focused way. So we have been integrating our team through different ways of hiring and we never really end up into overstuffed positions. So we are lucky enough to not be in a position to have to let a lot of people go. And, you know, the only reason we had difficulties for performance, not for financial reasons.
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