What is the SEC's take on this crypto market structure bill? How do you how are you thinking about it? Well, Scarlette, thanks for having me. And, you know, I think that this is a it's a big job. I worked in the Senate before and I know how difficult it is to get legislation like this done. And so I think there are a lot of pieces of it that people are focusing on, but we're excited to see that move forward and provide everyone a basis on which we can then build the regulatory framework. Well, speaking of that regulatory framework, as we just heard from our policy analyst Nathan Deal and a couple of the hang ups, he described them as two of the four. I want to talk about one of those, and that has to do with the CFTC's role versus the SEC's role. Obviously, as an SEC commissioner, I'm sure you have a view on what should be regulated by whom. Where do you fall on that? Well, I mean, I think we want to have things in our space that are in our space already. So securities are already in our space. And if you tokenize them, they're still in our space. And I think that that is to be expected. We are at a point now where we are working very well with the CFTC and we want to see this industry regulated well. And so for things that are commodities, they should not be regulated at the FCC. And that's that's really not where we want to spend our time, and that's not where our expertise lies. So just to clarify, you're you believe that the FCC should regulate the tokenized certain tokenized assets, but the CFTC should be in charge more of the crypto side of things? Well, so we're a lot of the time and interest is being spent now is is thinking about how traditional securities can be tokenized and whether they should be and what that looks like. And that is very much within our bailiwick. You can also take anything that's not a security and you can sell it as part of an investment contract. And that also is one of the enumerated securities in the securities laws. So that's an area where we would have something to say as well. But there are many crypto assets. I would say most crypto assets now are not securities and do not fall within our regulatory ambit. So does that mean if companies offer tokenized stocks like Coinbase, for instance, should they be subject to the same rules as those offering traditional shares? Well, I think that the basic rules apply, but you have to think about how the technology changes that. There are aspects of this technology that I think require us to rethink some of the existing rules. And Congress gave us the ability to use executive authority to do that. And so that's that's something that we're working through now and thinking about how the existing rulebook applies, where it makes sense to make some adjustments. Sure. Should there be the same standards for disclosure for trading, for settlement on tokenized equities as traditional equities? Well, I mean, I think certainly you want to have disclosure the same way that you do with with traditional securities in terms of trading and settlement. There are some aspects of the technology that may change the way trading and settlement happen. And I think the the rulebook needs to reflect that. We obviously want to have one market where tokenize the same security. If one version of it's tokenized and one is and you want to have a unified market so that they're not trading in two separate markets effectively. But again, these are things that we're working on where we're talking with people who are trying to experiment in this area. We recently issued a no action letter for DTC, which is which is sort of experimenting with this and others we expect to do to do so as well. I just want to ask one more on on the market structure, Bill, and just get your view as an FCC commissioner on if you think it should move forward in this current iteration. Well, again, that's above my pay grade. I think that there are a lot of really smart people in the Senate working on on moving things forward. We're excited to see it move forward. It is important to get to get all the pieces right. There are a lot of very difficult issues here that people have have been trying to figure out how to deal with. And I think it's good for people to take their time and figure that out, but excited to see the bill move forward. So so too, for those people who are watching right now, for those people who will watch this later, for those people listening, what is your message to them about the right way to move it forward? Well, as I've been trying to do during the years that I've been working on these issues, we really need to have conversations about those difficult questions and we need to figure out how to to resolve those, whether it's related to DEFI or whether it's related to something more standard like like offering an investment contract. What does the disclosure look like in this area? And so talking these things through, getting a diversity of opinions on them and then figuring out how to get. To a good place. It's hard work, but but I think that that work is worth doing. Your term ended in June 2025, and under Senate rules, you can stay on until the start of the next Congress. So that's about January 3rd of 2027. But really, it's up to you how long you're going to stay. So I'm curious whether the now murkiness of this crypto market structure, Bill, how that affects your departure time from the SEC. Oh, well, I mean, I'm excited about seeing a replacement for me as well. So I think that's another another thing that I look forward to in 2026. I think that there'll be someone wonderful who comes into the SCC and, and is able to pick up on the rulemaking in the crypto area and other areas as well. And, and so I don't think the fact that I'm here or not here is, is a big deal. Our colleague, Commissioner Catherine Dougherty, reporting that the New York Stock Exchange is building a venue using blockchain tech to allow for trading tokenized stocks and exchange traded funds 24 seven, completely around the clock. Good idea. I think there's been a lot of a lot of interest in 24 seven trading and in crypto maybe is forcing that a little bit because it is it is a crypto native thing to trade all around the clock. But this is something that we've been hearing from traditional participants as well, and it will allow people in other parts of the world to to trade on our markets. And I think that's that's a good thing. There are certainly operational questions that have to be answered in connection with that. I think we have to think carefully about, again, same with crypto, right? How does the rulebook work in a 24 seven world? You know, oftentimes if there is some sort of crisis or like a big movement in equity, you see a pause due to volatility. Oftentimes during bouts of volatility, there's this collective, oh, it's nice to kind of take the weekend to take a breather. Traders collect themselves. Is that gone in a world of 24 seven trading? Well, it's certainly different in a world of 24 seven trading. And I think that's one of the things we have to think about. What, you know, what do we do if do we need a certain amount of time for everyone to to sit down and collect themselves? If so, is it 24 seven or is it is it something short of that or is there some other way that we can handle these issues? Before we let you go, Hester, I just wanted to ask about the role in enforcement under the second Trump administration. We know Washington is a lot friendlier toward crypto than it had been during the Biden term. Is the SEC still digging into bad behavior, bad actors when it comes to enforcement in the crypto space? Of course. And there obviously is a lot of that activity in the name of crypto. And and that's something that if it's within our jurisdiction, we are eager to pursue it there. We don't have we don't have omnipotence, we don't have jurisdiction over everything but where it is within our jurisdiction, we will pursue it. And I think part of the goal of writing clear rules is to say, if you don't abide by those rules, you are going to face an enforcement action. But it's it's it's a much better approach to write the rules first and then enforce them as opposed to what we were doing before, which is making up the rules on the fly and enforcing them. And that's extremely unfair. What specific areas in crypto do you think crypto enforcement is needed? Can you be, you know, give us specific examples? Well, I mean, I think it's always when you have intermediaries involved and there are intermediaries in some areas in crypto, you worry about the same kinds of things that you would worry about with any intermediaries. You worry that they'll be careless, you worry that they'll run off with people's money and you worry that they won't tell people what they're doing with their money. And so those are the, you know, the basic principles of securities regulation need to be applied in this areas as any other area.