Brian Armstrong

But long term, I think it turned out to be an incredibly positive decision for the company. I do think there's a lot of companies in Silicon Valley right now and probably elsewhere, is that, you know, the CEOs and the management team almost feel like they're being held hostage by employees.

Now, the US has actually been pretty forward thinking on this. I'd say every year we get more and more clarity. ... the Biden administration put out an executive order recently kind of asking all the different agencies and departments to come back with a clear plan. And they did recognize the potential innovation in crypto in that executive order, which I was really pleasantly surprised to see.

Well, we're not participating directly, but we support as many assets as people want to use. And that is one of the ones that we've supported people to deposit and withdraw in Coinbase. ... I'm not an expert on Tether. My understanding is that there have been some investigations and enforcement actions which have required them to go in there and clean up some things. And our digital asset listing group kind of looked at a lot of this in depth and made that judgment call that where they were and where they are now.

Now, I think stable coins like DAI and others, they've been able to create these relatively complex systems that have sort of one asset, which is intended to be stable, but another one, which is sort of the collateral. ... And you could imagine various black swan events where, you know, the peg would get broken and things like that. But it really hasn't happened yet in DAI, and it's shown a lot of resiliency, which I've been very impressed by.

because, frankly, you know, the dollar is seeing a lot of inflation. You guys have talked about it many times on this show. So do you really want to have a stable, quote, stable coin that is inflating 8% a year? ... they're basically looking at the consumer price index and they're trying to basically have flat purchasing power and assume that the dollar and various fiat currencies around the world are actually going to go through more inflation.

So Coinbase is now a very regulated financial service business. I can go through the whole list. We have a license from the CFTC, a federal regulator, we acquired some broker-dealer licenses, which the SEC regulates. We have money transmission licenses. We're a bit licensed in New York, et cetera.