Will Bitcoin become legal tender in the U.S.? Plus, why crypto isn’t waiting for CLARITY

Will Bitcoin become legal tender in the U.S.? Plus, why crypto isn’t waiting for CLARITY

CoinDesk

Mon, September 21, 2026 at 9:48 PM GMT+3

On this episode of CoinDesk's Public Keys from the New York Stock Exchange, host Jennifer Sanasie is joined by Strike CEO Jack Mallers, who explains why he stepped down as CEO of Twenty One Capital, makes his case for bitcoin as "the most American money," and unpacks the launch of Strike Private. Zero Knowledge Group Founder and CEO Austin Campbell breaks down the CLARITY Act's failure to advance in the Senate, why the GENIUS Act has already reshaped the regulatory landscape, and how crypto has become caught in a broader fight over congressional ethics heading into the midterms. Plus, Christian Lopez, Managing Director and Head of Blockchain and Digital Assets at Cohen & Company Capital Markets, on the Fed's rate hike, how Anthropic's looming IPO is soaking up market liquidity, and why the tokenization of real-world assets is pulling Wall Street into crypto.

0:00 spk_0

On today's public keys from the New York Stock Exchange, Bitcoin is a bullish bounce post Fed rate hike. Jack Maller's vision for a financial system powered by Bitcoin, the Clarity Act falls short in the Senate. What happens to cryptos policy push as Washington heads towards the midterms and anthropic pushes its highly anticipated IPO to November. I'm Jensen. Let's get into it.Happy Monday, everyone. Let's take a look at what's going on in the markets. Bitcoin rocketed past $85,000 this morning as risk assets started the week higher. S&P 500 futures were up over 1%, with Nasdaq 100 futures gaining roughly 1%. Dollar little changed. Oil also in focus. Brent fell for 1/4 straight session as markets weigh Middle East supply risks against diplomatic efforts to ease tensions between Washington and Tehran. President Trump told Fox News he would probably be open to meeting Iran.And President Masoudian at the UN General Assembly this week. Lower oil prices could help ease inflation pressures, while investors are also looking ahead to Thursday's meeting between Trump and Chinese President Xi Jinping in Washington. Trade, artificial intelligence, and Iran are expected to be among the issues on the agenda, and Anthropic is now targeting November for its IPO, later than the October debut. Investors had expected. The Wall Street Journal reported the extra time.Anthropic to show investors' 3rd quarter financials as it competes with OpenAI following the launch of Astra earlier this month. All right, let's get to our first guest now. Jack Muller has recently stepped down as CEO of 21 Capital, the Bitcoin treasury company. He helped the public to focus full time on strike. The Bitcoin financial services company he founded. Now he's expanding strike into lending and payments while charting an independent path. Joining us now is strike CEO Jack Muller. Jack.Hey, how are you? I'm doing well, how are you doing? I'm great. Well, it's awesome to see you. It's been a while since we last spoke, and a lot has changed for you. I just wanna start here. I know you've spoken about it before, but not on this show. Talk to us about the decision to leave 21.

2:09 spk_1

Oh, for me it's pretty simple. Uh, when the board and I disagree on a strategic path forward, I shouldn't be the CEOO of the business. Uh, and so tether deep close friends of mine, and then also we align, I think strategically with our worldviews, decentralization, hard assets, global inclusive products, but when it came to 21, there was a disagreement and I think the best path for me.And for 21 and for Strike is uh I will continue to chair and lead Strike and build financial products for Bitcoiners, and the board at 21 will drive the direction that they think is viable for the business and everybody wins. So I think 21 has an incredibly bright future, unfortunately it doesn't involve me, but I think.I think that's OK, and we're all on Team Bitcoin, which at the end of the day is my true purpose and what I think ultimately matters to everybody, including 21 and strike.

3:00 spk_0

We've got to talk about Bitcoin in just a second, but I've got to ask you, are you able to provide any more insight into the strategic disagreement that happened at 21?

3:11 spk_1

No, I, I, I, I mean, listen, uh, Bitcoin is to be defined by nobody. Uh, it's in the eye of the beholder, it's a utility that anybody can use for whatever they want. And so I think Tether and I, my co-founders, we view Bitcoin 99% of the same, but when it came to the opportunity in the direction within the capital markets, I mean, mind you, when we started 21.The world and the capital markets and Bitcoin treasury, all of everything around us was entirely different than by the time we got approved, you know, we got approved almost 12 months later, and by the time we got approved, the markets were expecting of us a different strategy, and when Teather and I sat down, we're like, OK, well, what's the path forward, unfortunately there were very different realities, and that, that's ultimately, it's, there's so much to do in Bitcoin, there's so much value to provide, this is such a big optimistic, hopeful technology.And I think it's very reasonable that really bright, passionate friends can disagree on the path forward, and um so there are many, many, many ways to win in this industry and provide value and help people with this new technology, and we're going to help people and push Bitcoin forward, but under wearing two different hats, so to speak.

4:24 spk_0

Alright, I want to talk about uh what you're getting up to at strike, but first we got to talk about Bitcoin. Last time I checked, just a few moments ago, Bitcoin had almost hit $86,000. Talk to me about how you're watching the assets and your outlook for the rest of the year.

4:38 spk_1

Oh, higher, but uh you know.Rest of the year, rest of the week, rest of the month, rest of the decade, I don't know, right, I hold, I, I think life is complicated, uh, enough. So I, I land on principles of earn more than you spend, don't take on too much leverage, find a way to get along this technology because I'll tell you what, everyone knows that the purchasing power of fiat currency is going down. Everyone knows that hard assets are a winner. Everyone knows that the world is fairly chaotic.Everyone knows that you want to be on the right side of optimism, of hope, of technology. The hard thing is finding that trade, is finding that purpose, is finding that technology, and I think for those of us that understand Bitcoin, we found it, and so it's hard enough to, well, how do I short the dollar? How do I get on the right side of currency debasement? How do I monetize chaos? How do I spend my time and energy and profit off of hope, off of inclusion, off of decentralization.And then I, I would say that the fact that you figured that out is hard enough. Um, don't, don't mess with leverage. Uh, don't, don't exceed your means, uh, earn more than you spend, just stay along Bitcoin, and who cares, uh, the week, the month, the year, performance, over time, this thing's the best performing, so I think it's always going up, and it has always gone up, but that's because I have a low time preference and I don't day trade with leverage. That would be my advice to everybody and that's always my price predictive look.

6:08 spk_0

I mentioned in my teaser at the beginning here, you know, the focus of this show and the focus it looks like on, on Wall Street is, you know, AI, the Clarity Act, and Bitcoin when it comes toYou know, Wall Street looking at the crypto industry. I want to ask you about clarity. Of course it failed to advance in the Senate. I mean everything that you're that you've just said actually isn't really impacted by clarity at all, but just talk to me about, you know, how you're watching that. Does that impact how you're looking at the development of strike and what should institutions who are watching the crypto space be taking away from the not the advancement of clarity.

6:49 spk_1

I mean, you're gonna laugh at my answer, but my answer is no, no, no, no, no. I mean, Satoshi Nakamoto didn't need Congress's approval to release the white paper and mine the first block. I don't think this asset needs nonsense crypto policy. Does it impact strike? No. Does it impact Bitcoin's 21 million hard cap? No. Does it impact the debt to GDP that the governments are trying to wrestle with as we live through a sovereign debt crisis? No.So do I care? No. Do I think I should focus more on it? No. Do I think that I need to spend my time marching outside of uh political establishments and getting Congress to agree with um my regulatory moat? No. Um, I don't care. Uh, you know, everyone knows what I would advise the government to do because I already did it in El Salvador, and my advice would be.Some against all these debasing IOUs that we call fiat currency and make it legal tender so that you bring about the most inept, capable engineers, entrepreneurs that are building the future of finance. You want them local and you want them building on your soil, creating jobs and creating a better life for your citizens. That's the advice I gave El Salvador. That would be the advice I give the United States. Do you, I think that.You need to wrestle with, which companies are you going to deliver a regulatory moat for? Is it the big banks? Is it Coinbase? Is it uh the prediction markets? I don't, I could care less. I wish them all well, but it has nothing to do with Bitcoin and how I see the world becoming a better place over the next 50 years.

8:20 spk_0

Do you think Bitcoin will become legal tender in the United States?

8:25 spk_1

Someday, absolutely, because, by the way, because it's the right thing to do and it's in the best interest of the United States of America. Now I think Bitcoin is the most American money in the world today. It's far more American than the dollar, and I, when I say American, I mean American ideals, freedom of speech, freedom of coming and going, freedom of expression, inclusion, hope, optimism, uh, openness, uh, decentralization. I mean, our founding fathers warned against the dangers of central banking.And here we are sitting and watching a guy like Kevin Warsh determine the price of money, which is effectively human time and energy and effort. That's the most un-American thing if you take a look at the founding of this country and the ideals and why people migrated from European land to create what we now call freedom, the leaders of the free world.So I think it's very American. I think it's in our best interest as the world reserve currency issuer that just we, we by policy and by choice have to pile on debt after debt after debt after debt. At the end of the day you gotta own something hard. We have gold, a strategic reserve pile of gold. I think Bitcoin is obvious as well, so.No, I, the world bends towards an arc of decentralization, hard assets with enough time, and, and Bitcoin is clearly becoming a part of that story. So when they do it and how they do it, I don't know, um, but I think it's in their best interest and it makes sense.

9:50 spk_0

Talk to me about what's going on at strike. I know you've launched a private client desk recently, but just talk to me about the latest there. It's been a while since you and I spoke. I mentioned that before. Who's the customer? Talk to me about the size of the relationship and what's next on your roadmap.

10:04 spk_1

Yeah, I mean, Strike has evolved over, I've, we've been in the market for about 5 years and we've very quietly become the primary Bitcoin bank, Bitcoin financial account, a Bitcoin financial institution for our customers, so I would say.If you are looking to predict what the weather is going to be tomorrow, or predict when Trump is going to stop this war in the Middle East, or predict if Caleb Williams is gonna be out for 2 weeks or 1 month after his hamstring injury yesterday at the Chicago Bears game.You're never gonna be my customer. I do not want to provide degenerate speculation on our platform. If you want very high quality Bitcoin financial services, if you need to buy a lot of Bitcoin, sell a lot of Bitcoin, custody a lot of Bitcoin, borrow against your Bitcoin, if you need a Bitcoin line of credit, if you need credit, credit against Bitcoin, where there's no possibility to get liquidated,That's what we sell. We are the highest quality Bitcoin financial services in the world, and that business has slowly but surely grown into a profitable machine. Strike Private is really us productizing what we now do, high white, uh, high client, high value, white glove.Concierge type service. So you know if someone needs to open a $50 million loan, we open a client a $100 million credit facility against Bitcoin, they don't want to do that on a mobile app. They want to call somebody. They want to talk on the phone. They want to ensure they want their collateral held segregated in a special place that's unique to them or special to them.And so again, I, if you want to bet on the weather, if you want to buy Dogecoin, you're never gonna be my customer. If you need high quality financial services for the future of money, for the best performing asset that we've ever conceived, then you call us, and that's who we've become, and that's what Strike Private is, is now a, a product line that we can invest in because we've just seen enough demand for it.

12:00 spk_0

Jack, it's always a pleasure chatting to you, we gotta wrap it there. It was nice seeing you and hopefully our next conversation can be a longer one.

12:07 spk_1

Totally, likewise, thanks for having me.

12:10 spk_0

Awesome, that was Strike CEO Jack Mullers. We're gonna take a quick break, we'll be right back.Coin desk widgets are coming your way. Life prices, top gainers, and the latest news right on your home screen. Stay on top of every cycle. Update the Coin Desk app, and add yours today. Welcome back to Coindesk's public keys from the New York Stock Exchange. The Clarity Act failed to advance in the Senate last week, leaving the US without a comprehensive crypto market structure law and plenty of questions about what comes next. Joining us now is someone who spent years helping firms navigate.Regulatory uncertainty. Austin Campbell is the founder and CEO of Zero Knowledge Group. Austin, welcome.

13:28 spk_2

Thank you, Jen. Nice to be here. Yes,

13:30 spk_0

thank you so much for joining me down at the stock exchange. Now we're talking about clarity. Everyone was talking about will clarity pass or not pass. We had this procedural vote in the Senate. It didn't pass that. Just quickly lay a foundation for us. Where are we and can this be picked up after midterms?

13:47 spk_2

Can it be picked up after midterms? Technically, yes, in practical terms, probably not. Right? Like, what happened with clarity was the Senate attempted to have a vote to move it onto the floor to attach more amendments and see if they could pass the bill, and the answer from the senators was a resounding no.Usually that means it's not ready. There's deep disagreements about it. Clarity's got 3 different problems the law enforcement questions, the bank yield fight, and the ethics problem. I don't know that anything after midterms specifically solves any of those. I think we're in for a very long road here. Well,

14:24 spk_0

what does this mean for industry, right? I have two sets of guests who I usually talk to. They are folks who are institutional builders and folks who are building more in the DFI ecosystem.The ones in the DI ecosystem say nothing in clarity actually applied to us anyways, and the institutional side say we're going to keep trucking on. We've made so much progress and haven't had clarity. Talk to me about from your perspective, what this means for these two groups and what you expect to see.

14:51 spk_2

So, I actually don't think it's that bad for the industry that clarity didn't move forward for either of those two groups. So number one is genius already passed.So now the US regulators, banking regulators, securities regulators, the CFTC have to start engaging with the concept of a blockchain because genius stablecoins are going to be out there and going to be moving around and going to be used by financial participants. The whole Gensler era blockade of all things blockchain is dead, and it's dead because of genius. 2.We have regulators who are now doing their job pretty effectively. The SEC is promulgating a bunch of rules. The OCC, the FDIC, the Federal Reserve are working on rules in this space around genius stablecoins. Things are moving. Would clarity have helped around the margins? Yeah, probably. Would clarity have fundamentally changed the playing field, given that all of these things already happened? No.

15:49 spk_0

All right, so we talked about what could potentially happen or not happen after midterms, but how do you, how do you see the events of last week impacting midterms and where some of these PACs are spending money?

16:02 spk_2

So.There's gonna be a natural inclination from the crypto industry and from the PACs to pick a fight with the Democrats in particular over the result. I think some of them will try to do that. I think it will also turn out to be a strategic mistake to do so. There are many Democrats who are working on this bill, right? Like, Gillibrand has been a long-term supporter of this industry, but you had Gallego, you had also Brooks, you had Cortez Mastro, you actually had.A surprising number of people who are willing to move things forward, if and only if the ethics thing could get solved. And the reality is there's two layers of fights here. One is what's in the bill from a do we like how this regulates crypto, tokenized activities, financial crime.But the other layer is what is going on with ethics as it pertains to the government writ large. I would tell you crypto is sort of a unwilling captive participant in the ethics fight that is sort of spilling everywhere, and let me be clear.The concerns are much bigger than crypto. We're talking about congressional stock trading. We're talking about what is permissible for regulators to hold and own. We're talking about disclosures, and it pertains not just to the president but also say Nancy Pelosi is a lightning rod on this issue. And so.I think we've just hit the point where it's going to be hard to move a lot of financial legislation of any sort, crypto or otherwise, without starting to fix these issues. And it would be a mistake for crypto to think this is just about them. This is a meta-conflict, and you need to decide whether you're going to back away or have a position on, say, congressional stock trading.

17:42 spk_0

Uh, the industry is a little bit egotistical, I will say, you know, often the industry thinks it is all about them, but like you've pointed out, there are more issues at play here. Now, um, around this argument, we have a lot of folks saying, well, the SEC and CFTC have come out with their rulemaking. There is guidance for, uh, firms to move forward.And there's an argument that I'm, I'm hearing people say is is serious and is maybe not serious, and that is when there's another administration, what are the chances that some of these rules get changed, they get overturned because we don't have that legislation to fall back on. I'm hearing a lot of people saying, you know, the cat's out of the bag. There's already so much progress that's been made, it can't completely be undone. And then I'm hearing some say it is a serious concern. Where do you stand?

18:34 spk_2

I'm kind of between those two groups, and the real answer is what happens with commercial deployment over the next, call it 3-ish years, because even when a new administration comes in after 2028, it will take time to do things, and I doubt this will be priority number one, given the other things going on in the world.So what I mean by that is if 2 or 3 years forward we have DTCC and major broker dealers using this technology under the hood, the ability of the SEC to come in and just rip it all out is close to zero because now you're disrupting the orderly functioning of US securities markets. It would be like an administration coming in in 2028 and being like, no more NASDAQ, right, that's just not a thing.On the other hand, if nobody builds anything that's really being used, it's much easier to rip these rules back out. So the answer to the industry is you kind of need to be the change you want to see in the world on this one, you have to actually build the things you want and have people adopt them, which has been a challenge for crypto in the past. But if you do that, it's gonna be very hard to unring the bell.

19:39 spk_0

Alright, and before we go, I just gotta ask you, what are you watching? What's the narrative that you think is gonna drive us through the end of the year and into 2027?

19:47 spk_2

So I think the understated one, everybody has jumped to clarity because that's where all the action is right now, but I want to remind everybody, Genius was passed a year ago and rules had to be implemented, usually about one year forward. We're starting to see a bunch of people getting charters and moving forward. Obviously world liberty was a hot button issue with the Clarity Act itself, but you're seeing much more regular way applications go through, like Bastion just got approved last week.The implementation of US dollar stablecoins is the leading force that will pull the other things along behind it. So I think everybody is kind of focused on the 2nd and 3rd car in the train, and you should be paying more attention to the 1st car.

20:29 spk_0

Allright, we've got to leave it there. It's always a pleasure seeing you, Austin. Thanks for coming down to the stock exchange, joining me.

20:35 spk_2

It's nice to see you

20:35 spk_0

too. That was Zero Knowledge Group CEO Austin Campbell. We're going to take a quick break. When we come back, we'll take a look at ETF flows.Coins widgets are coming your way. Life prices, top gainers, and the latest news right on your home screen. Stay on top of every cycle. Update the Coindesk app, and add yours today. Welcome back to Coindesk's public key at the New York Stock Exchange. Bitcoin ETFs saw just $6 million in net inflows last week, a deceptively quiet number that masks a brutal midweek swing after.Pulling in $160 million on Monday, funds shed $450 million Tuesday when the Clarity Act failed in the Senate, but the sell-off didn't last. Thursday and Friday brought back nearly $600 million combined, salvaging the week for Bitcoin bowls. Ether ETFs weren't so lucky last week, posting $140 million in net outflows and snapping a four-week inflow streak. The damage was done Tuesday.When the 30 Acts failure in the Senate sent ether funds bleeding alongside Bitcoin, 3 straight days of outflows midweek proved too deep to recover from despite modest buying at the start and the end of the week. Joining us now to unpack more of what we can expect for the markets in the week ahead is Christian Lopez. He's managing director and head of blockchain and digital assets at Cohen and Company Capital Management. Hello.

22:33 spk_3

Hey, how are you doing?

22:34 spk_0

I'm doing well. How are you doing?

22:37 spk_3

I'm doing great. Bitcoin's up and the market's feeling good rightnow.

22:40 spk_0

Bitcoin is up. There's a lot of green across my screen when I go to Coindesk.com. I've got to ask you, I usually start this segment off with, what are you watching this week? Talk to me about what you're watching from a macro level and how that might inform what happens this week.

22:57 spk_3

Yes, absolutely. I mean, I think the biggest thing that we were watching recently was where the Fed was going to land with rates. The market had anticipated a rate hike, obviously that increased as we got closer to the date, um, you know, and that 25 bits rate, I think, was was somewhat priced in andGave the market the confidence that, hey, you know, Warsh and the Fed um are trying to ah curb inflation and are trying to manage, ah, you know, our economy right now, and so with that, I think came um the the massive inflow, as you just mentioned on the ETFs and and Bitcoin and broader risk assets.

23:33 spk_0

Talk to me about how that's going to impact risk assets and crypto moving forward.

23:40 spk_3

Listen, I think the, you know, Bitcoin is digital gold, and um if you believe that the Fed is not gonna be able to manage the balance sheet, um, the Treasury is going to continue to, you know, issue, um, you know, debt to manage the US economy, um, where is that capital gonna go? Where is that gonna flow? And it's gonna flow into the most scarce assets.That are out there, you know, gold, commodities, um, energy, and then of course, Bitcoin. You know, we're still early in, in Bitcoin's journey, although, you know, it's a topic that we talk about every single day. You have to remember this is only a 15 year old asset. Um, once the sovereign nations start getting comfortable with Bitcoin as a, as a store of value, as a digital store of value, I think you're gonna see a, a violent swing to the upside.

24:29 spk_0

Just recently we were watching capital flow out of Bitcoin and the rest of the crypto markets and into the AI trade. I mentioned at the top of the show that anthropic now targeting an IPO in November. Talk to me about how you're watching the anthropic IPO and how that might impact how investors are looking at crypto assets. Do you think we're going to see something similar to what we've seen in the past?

24:53 spk_3

Yeah, I mean it's really interesting, right? The way that the capital markets are somewhat managed, the bulge bracket banks, you know, they have a queue of potential issuers to go public, and they're going to focus on the highest quality, largest deals that are out there, you know, the biggest one recently, SpaceX, and now we're looking at, you know, Anthropic and OpenAI.And data bricks and several of these really large mega scale deals are coming to the market. What does that do from a technical standpoint? It kind of, it sucks up a lot of the capital that's available for these new issues out there, and it forces other issuers, uh, other companies that are looking to go public to potentially wait on the sidelines until that capital becomes available.So, you know, how does that impact the broader markets? Well, from a retail standpoint, it doesn't really affect it, right? Retail doesn't necessarily participate into the initial, um, you know, the the initial offering, they they kind of come in afterwards, but it does suck up liquidity, and as these investors that invest in the IPO market, they are starting, they're starting to prepare right now for their, you know, allocations into the anthropic uh IPO and some of these others that are coming down the pipeline.What it does is it somewhat limits their ability to participate in the broader market because it's going, I mean we're talking about a mega scale IPO here. Um, they're gonna be shoring up a ton of capital as they did with the SpaceX IPO in order to participate.

26:22 spk_0

Q3 earnings are kicking off mid-October. Talk to me from a crypto equity perspective, what you're looking out for and what investors should be watching for.

26:33 spk_3

Yeah, it feels like we just got done with uh with Q2 and we're we're starting to kick off against. It's a, it's a fun cycle. Um, the, the crypto market, um, from, from a public standpoint, the companies, the operating companies that are out there, they've, they've obviously struggled along with the digital asset that's behind it.Um, what, what the crypto industry needs to do is really find, um, product market fit at a large scale in order to become, you know, companies that investors can have faith in. There's been somewhat underperformance from these companies for a variety of reasons, but much of it is because they're very much flow-based businesses, transaction-based businesses, and there was no flow kind of in the first three quarters of 2026.That's starting to come back to the market, but where we're focusing and where we're kind of telling our clients to focus is, there's a massive real world asset market out there, right? We're talking trillions of dollars in equities, in treasuries, and debt instruments, and all of those are going.to be tokenized. These markets are, it's happening in real time right now from, you know, NASDAQ, NICE, South Korea, you know, these large asset managers that are starting to tokenize their funds, they're starting to tokenize treasuries. This is where we need to participate as a crypto industry.Is bring that underlying technology to your customers in order to actually get that flow. Now, will crypto, like the traditional, you know, DG crypto, if you will, be around for a long time? Sure, like people like to gamble, people like to take risks for more esoteric long.assets, that's not where the majority of flows are. And if the crypto industry wants to generate large amounts of operating income, revenue, etc. and cash flows and give back, you know, shareholder value, they need to participate. They need to go where the market is, and that market is really in equity.

28:29 spk_0

Yeah, you mentioned searching for product market fit. I think tokenization has really served as that product market fit when we when we look at how some of the more traditional institutions are integrating the technology.

28:43 spk_3

100% and you're starting to see real time more and more job postings. Like I've never seen more job postings from folks like Morgan Stanley and and Fidelity and the insurance companies and Citi and all the banks, all the insurance companies. You're starting to see roles for head of digital assets, product manager for crypto, tech for crypto. It is really.Interesting to see the shift, you know, in the traditional financial industry really lean into the crypto industry, and that's because they know they have to compete. The technology is there. People want to participate in 24/7 markets. They want to be able to use decentralized finance. And if the Crad 5 players, the traditional finance players,Don't, you know, don't participate in the market, they're gonna lose market share to the crypto industry, the folks that we were just talking about. So it's a really interesting competitive market that's going on right now. My, my view is the Trad 5 folks have an advantage because they have the balance sheet and they have the customers, but they don't have the speed. So they are starting now finally to, you know, add the capabilities, add the technology in order to actually compete in that in the subsector.

29:52 spk_0

All right, Christian, we gotta leave it there. Thanks so much for joining the show. We hope to have you back sometime soon.

29:58 spk_3

Thanks, John.

30:00 spk_0

That was Christian Lopez, managing director and head of blockchain and digital assets at Cohen and Company Capital Management. That's it for Coin desk's public keys at the New York Stock Exchange. I'm Jennai. We'll see you next week.