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00:00Fran, thank you so much for joining us. You recently made this big interesting bet as a centralized exchange on decentralization a year or so ago, you know, decentralization was a big worry for traditional financial players, but more so now. There are a lot of concerns about the space. So what is the case for traditional financial players to care about defy? Yeah, we're definitely excited about defy Coinbase and we want to make sure we help build the future of this technology here in America. Actually, a lot of traditional financial services firms are integrating this technology. I mean, everybody from, you know, JP Morgan, Visa, MasterCard, Franklin Templeton, they're all have they have projects and teams internally working on how to integrate crypto into their services. And I think the reason for that is that, you know, 80 percent of Americans are not happy with the current financial system as it is today. They think it's too slow. The fees are too high. It doesn't serve everybody equally. And a lot of the technology was built 40 years ago. The laws were 100 years ago. And so people are really excited about how crypto as a technology can help improve and update the financial system. And that's why that's why we're here at Coinbase. We want to make sure that we enable that as well. There are still near-term challenges, which are the biggest among them. Are they the idea of hacks and any vulnerabilities in the system or is it the regulatory environment in the United States? Yeah, I mean, my number one priority this year is the policy environment. So we need to make sure that that gets to a good place in the U.S. You know, that the rest of the world has actually embraced crypto. We've seen all the major financial hubs, Singapore and Hong Kong and London and the E.U. just passed comprehensive crypto legislation. So really, what I believe should happen in the United States is that we need a clear rulebook so that this industry can be built here. You know, we don't want it to be like 5G or semiconductors that went offshore. It's actually a matter of national security. We get the future of the financial system built here inside the United States. And so I've been spending more time in D.C., here in New York, but in D.C. in particular, where we're trying to meet with the relevant folks that could help draft legislation so Congress can come in and pass comprehensive legislation.

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Coinbase CEO Says Crypto Needs a 'Clear Rule Book'

Coinbase CEO Brian Armstrong says crypto can help improve the American financial system. He also talks about working with lawmakers to come up with a "clear rule book" for the industry. He speaks to Bloomberg's Sonali Basak. (Source: Bloomberg)

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