From the transcript

Yeah, those are great questions. One thing I will say is after the enactment of the Genius Act, the amount of institutional interest in forming and supporting and investing in permitted payment stablecoin issuers was remarkable. And in my mind, what that shows is the power of having purpose-fit legislation to foster investment and innovation. And so I think if there were to be further development in federal payments licensing and chartering, I think you would see similar interest from companies that were created in the United States and also are entering the United States from outside the United States. And I think figuring out the details of that framework is obviously critically important and, and one of the considerations will be the effect it has and the differences between that framework and the effect it has on the banking sector and the differences between that framework and a banking framework so that you can, you know, address those differences and those effects.