WEBVTT 1 00:00:00.040 --> 00:00:04.040 We want fair regulation. There's a lot of unfair regulation 2 00:00:04.200 --> 00:00:06.519 on the industry. Now we're seeing a lot of good, 3 00:00:06.679 --> 00:00:10.359 common sense regulation and it's leading to some amazing things. 4 00:00:10.480 --> 00:00:14.720 Secure closed loop system means that funds, whether it's USD 5 00:00:14.960 --> 00:00:18.359 or crypto, can only be sent by you, and those 6 00:00:18.399 --> 00:00:20.960 funds can only be sent back to you. 7 00:00:21.039 --> 00:00:23.960 We see this tokenization race that's happening with big firms, 8 00:00:24.000 --> 00:00:26.359 and they're looking to tokenize money market funds, thocks and 9 00:00:26.399 --> 00:00:29.320 so forth. As that market matures, will I Trust look 10 00:00:29.440 --> 00:00:39.200 at possibly integrating some of these tokenized assets unequivocally. Hey, folks, 11 00:00:39.240 --> 00:00:42.000 welcome into the Thinking Crypto Podcast. I'm your host Tony 12 00:00:42.119 --> 00:00:44.759 Edward and joining me is Jared Felman, who is the 13 00:00:44.880 --> 00:00:48.359 SVP of Operations at I Trust Capital. Jared, great to 14 00:00:48.359 --> 00:00:48.719 have you. 15 00:00:49.479 --> 00:00:51.320 Thanks for having me. It's really nice to be here. 16 00:00:51.359 --> 00:00:52.079 Happy Friday. 17 00:00:52.520 --> 00:00:55.320 Yeah, Happy Friday, Jared. Big news this week with I 18 00:00:55.359 --> 00:00:57.600 Trust partnering with Coinbase, and I want to dive into 19 00:00:57.640 --> 00:00:59.200 all the details there and all the great things you 20 00:00:59.200 --> 00:01:01.640 guys are doing. Let's quickly start with your background. Tell 21 00:01:01.679 --> 00:01:03.679 us a bit about yourself and how'd you end up 22 00:01:03.719 --> 00:01:05.200 in working at I Trust. 23 00:01:05.400 --> 00:01:09.120 Absolutely for those of you who have not heard of us. 24 00:01:09.280 --> 00:01:13.920 I Trust Capital is a platform for investing in digital 25 00:01:13.959 --> 00:01:16.280 assets as well as precious metals. 26 00:01:16.319 --> 00:01:18.560 We have physical gold and physical silver. 27 00:01:18.959 --> 00:01:21.319 I'm happy to get into all the details about the 28 00:01:21.359 --> 00:01:25.359 company during the course of this conversation. For me, Jared Feldman, 29 00:01:26.280 --> 00:01:30.959 SVP of Operations, I help oversee various things at the 30 00:01:31.000 --> 00:01:35.239 firm from client experience. I help out on the marketing side, 31 00:01:35.319 --> 00:01:39.400 business development. I interact with the product and engineering team 32 00:01:39.439 --> 00:01:45.480 as well. And we are our company that have a 33 00:01:45.560 --> 00:01:48.879 lot of interesting people with a lot of interesting backgrounds, 34 00:01:49.400 --> 00:01:52.120 a lot of folks from the alternative assets space and 35 00:01:52.159 --> 00:01:55.239 the gold and silver space. For me personally, I came 36 00:01:55.239 --> 00:01:58.840 from the financial advising world, so it was amazing to 37 00:01:58.879 --> 00:02:01.040 be able to get an opportunity need back in twenty 38 00:02:01.120 --> 00:02:03.640 twenty one with I Trust Capital to be able to 39 00:02:03.719 --> 00:02:08.280 merge and marry my traditional legacy financial planning background with 40 00:02:08.479 --> 00:02:09.759 the digital asset space. 41 00:02:10.879 --> 00:02:14.120 Yeah, and I trust offers a unique way to invest 42 00:02:14.240 --> 00:02:17.840 in assets like precious metals and crypto Tell us about 43 00:02:17.960 --> 00:02:21.199 the investment products you have and the benefits of using 44 00:02:21.759 --> 00:02:22.960 I trust is services. 45 00:02:23.599 --> 00:02:27.319 The biggest difference between an I Trust Capital and any 46 00:02:27.400 --> 00:02:32.039 of those mainstream exchanges that people usually download and app 47 00:02:32.080 --> 00:02:34.960 for and get referred to and hear about. Is that 48 00:02:35.039 --> 00:02:38.319 we really put security first and this is at the 49 00:02:38.319 --> 00:02:41.240 request of our clients. A lot of people who are 50 00:02:41.280 --> 00:02:44.879 in the crypto space, whether they're novice, new investors or 51 00:02:45.000 --> 00:02:49.960 experienced ogs and crypto, they feel very vulnerable on exchanges. 52 00:02:50.199 --> 00:02:54.439 They feel very vulnerable even performing self custody. And that's 53 00:02:54.439 --> 00:02:56.000 not to say that we don't have a lot of 54 00:02:56.039 --> 00:02:59.080 respect for the exchanges and don't have a lot of 55 00:02:59.120 --> 00:03:02.759 respect for people that do self custody. And we firmly 56 00:03:03.319 --> 00:03:07.360 believe in folks that want to have the not your keys, 57 00:03:07.879 --> 00:03:10.280 not your crypto mindset, and we have a lot of 58 00:03:10.319 --> 00:03:12.560 respect for that, and there is a lot of merit 59 00:03:12.639 --> 00:03:13.000 for that. 60 00:03:13.439 --> 00:03:14.719 But the truth is is that. 61 00:03:14.639 --> 00:03:18.800 Most folks, especially new folks in crypto, do not have 62 00:03:18.919 --> 00:03:22.560 the ability to manage their own keys, and even folks 63 00:03:22.560 --> 00:03:25.560 that do have that ability, they don't want to do 64 00:03:25.639 --> 00:03:28.560 all the self custody by themselves and they like having 65 00:03:28.599 --> 00:03:31.719 the opportunity to outsource some of the key management to 66 00:03:31.759 --> 00:03:37.639 other parties. And I Trust Capital utilizes institutional storage providers. 67 00:03:37.719 --> 00:03:42.319 We leverage coinbased prime fidelity digital assets as well as 68 00:03:42.360 --> 00:03:46.759 fireblocks to ensure that funds aren't directly held on exchanges 69 00:03:46.879 --> 00:03:50.080 and have that sort of vulnerability that people are afraid of, 70 00:03:50.639 --> 00:03:53.919 and we have been doing it for retirement accounts for years. 71 00:03:54.240 --> 00:03:56.759 We can get into some of the features of the 72 00:03:57.240 --> 00:04:02.120 tax shelter capabilities of retirement accounts during this conversation as well, 73 00:04:02.319 --> 00:04:05.719 but people wanted to see that same level of security 74 00:04:05.879 --> 00:04:08.680 in a non retirement account, and that's why we came 75 00:04:08.759 --> 00:04:12.000 up with our Premium Custody account, which is a non 76 00:04:12.080 --> 00:04:16.240 retirement account that has the same secure closed loop system 77 00:04:16.399 --> 00:04:20.439 that our retirement accounts have. What does a secure closed 78 00:04:20.480 --> 00:04:23.759 loop system mean. It just means that funds, whether it's 79 00:04:23.839 --> 00:04:27.920 USD or crypto, can only be sent by you, and 80 00:04:27.959 --> 00:04:31.360 those funds can only be sent back to you. And 81 00:04:31.399 --> 00:04:33.639 that's just a feature that we have and if people 82 00:04:33.680 --> 00:04:36.279 really want that emphasis when they're investing in the digital 83 00:04:36.279 --> 00:04:37.079 asset space. 84 00:04:37.399 --> 00:04:38.560 We also couple that. 85 00:04:38.519 --> 00:04:42.120 With really good customer service, which sets us apart from 86 00:04:42.160 --> 00:04:45.879 a lot of those aforementioned mainstream exchanges. People can call 87 00:04:46.000 --> 00:04:50.399 us seven am to five o'clock specific on weekdays, and 88 00:04:50.600 --> 00:04:54.319 we feel that's a huge differentiator in the crypto marketplace, 89 00:04:54.399 --> 00:04:57.079 and we couple that with over ten thousand four to 90 00:04:57.160 --> 00:04:59.639 five star reviews on Google and trust Pilot. 91 00:05:00.120 --> 00:05:02.319 That's really great. I love the customer service. And as 92 00:05:02.360 --> 00:05:06.319 you mentioned, your custodial services are institutional grades. So you 93 00:05:06.639 --> 00:05:09.560 mentioned Coinbase Prime, the likes of black Rock and other institutions. 94 00:05:09.600 --> 00:05:12.600 You're using those platforms, so that's really great. I've often 95 00:05:12.639 --> 00:05:16.399 stated that second to let's say self custody. You know, 96 00:05:16.800 --> 00:05:19.639 I personally believe in self custody, but this is a 97 00:05:19.720 --> 00:05:23.759 great option. It's it's top tier custodial services. And then 98 00:05:24.319 --> 00:05:26.600 that's for digital assets, but like for precious metals like 99 00:05:26.639 --> 00:05:29.240 gold and silver and so forth, how are you custoding 100 00:05:29.279 --> 00:05:29.920 those assets? 101 00:05:31.079 --> 00:05:34.040 The physical gold and the physical silver is a really 102 00:05:34.399 --> 00:05:38.040 really unique program, and a lot of sophisticated precious metal 103 00:05:38.040 --> 00:05:42.120 investors often ask us since I've even been starting working 104 00:05:42.160 --> 00:05:45.079 here in twenty twenty one, they ask us, how are 105 00:05:45.079 --> 00:05:49.920 you offering such competitive fees for physical gold and physical 106 00:05:50.000 --> 00:05:54.399 silver that can even be taken delivery on our clients 107 00:05:54.439 --> 00:05:57.720 who have retirement accounts can actually take retirement income in 108 00:05:57.759 --> 00:06:01.000 physical gold and physical silver if they choose to do so. 109 00:06:01.399 --> 00:06:06.040 And it's a very unique program offered through Kitgo kit COO. 110 00:06:06.279 --> 00:06:09.319 They are a precious metals dealer and they work with 111 00:06:09.439 --> 00:06:13.199 a program that's referred to as vault Chain, and there's 112 00:06:13.199 --> 00:06:17.160 also another component to it called the trade Wind platform. 113 00:06:17.279 --> 00:06:20.279 And what this program does is it takes the physical 114 00:06:20.319 --> 00:06:23.160 gold and silver which are held in huge like four 115 00:06:23.240 --> 00:06:28.560 hundred ounced bars that are guaranteed and backed up by 116 00:06:28.600 --> 00:06:31.759 the Royal Canadian Mint. They take those bars and they 117 00:06:31.800 --> 00:06:36.560 break them up digitally onto a private blockchain and subledgered 118 00:06:36.759 --> 00:06:40.600 onto a private blockchain. So these are actually real world assets, 119 00:06:40.680 --> 00:06:45.399 physical real world assets that are stored and accounted for 120 00:06:45.560 --> 00:06:49.639 and ledgered on a private blockchain. And that blockchain technology 121 00:06:49.680 --> 00:06:53.560 allows for twenty four to seven liquidity buying and selling 122 00:06:53.600 --> 00:06:58.279 for gold and silver, instantaneous settlement, and a lot of 123 00:06:58.319 --> 00:07:02.920 cost efficiency. And it's a really really unique capital efficient 124 00:07:03.000 --> 00:07:05.680 program that we offer on our platform. 125 00:07:05.800 --> 00:07:09.079 That's amazing on multiple fronts. I love the blockchain aspect 126 00:07:09.120 --> 00:07:12.759 that it's essentially the tokenized right where you can track it. 127 00:07:12.800 --> 00:07:14.600 And if you said traded twenty four to seven. 128 00:07:15.279 --> 00:07:18.279 It's these are they are tokenized real world assets. You 129 00:07:18.319 --> 00:07:21.439 hear so much narrative about real world assets and what's 130 00:07:21.439 --> 00:07:24.120 going to be you know, the first real world asset 131 00:07:24.199 --> 00:07:29.199 and what will be tokenized besides dollars through stable coins, 132 00:07:29.240 --> 00:07:30.920 and we see a lot of different things that are 133 00:07:30.959 --> 00:07:35.120 being tokenized. There's treasuries and money market funds are really 134 00:07:35.199 --> 00:07:38.120 highly liquid that they can be tokenized. It is harder 135 00:07:38.600 --> 00:07:43.439 to tokenize hard physical assets like real estate. But gold 136 00:07:43.480 --> 00:07:47.120 and silver is very, very unique because it has more 137 00:07:47.160 --> 00:07:49.360 of like a static nature to it. It's just it's 138 00:07:49.439 --> 00:07:55.240 a physical a physical thing and a piece of metal 139 00:07:55.839 --> 00:07:59.360 that can actually be just stored in one place. It 140 00:07:59.399 --> 00:08:03.639 doesn't generate income, it doesn't have all those complicated hoops 141 00:08:03.680 --> 00:08:06.600 to jump through like real estate. It's just a really simple, 142 00:08:06.720 --> 00:08:10.959 straightforward thing to tokenize. And we're we just always had 143 00:08:10.959 --> 00:08:13.519 people that have been interested in gold and silver on 144 00:08:13.560 --> 00:08:17.240 our platform because there's a ven diagram between the ideology, 145 00:08:17.560 --> 00:08:22.439 macro economic views and just perspective on government spending that 146 00:08:22.519 --> 00:08:25.959 crypto investors have with gold and silver investors. There's a 147 00:08:26.000 --> 00:08:28.519 lot of overlap there, and that's why there's always been 148 00:08:28.639 --> 00:08:31.759 inherent interest in gold and silver, coupled with the crypto 149 00:08:31.839 --> 00:08:34.000 on our platform and the fact that we can do 150 00:08:34.080 --> 00:08:36.759 it and not gouge people like a lot of these 151 00:08:36.799 --> 00:08:40.600 other gold and silver companies do and charge extra erroneous, 152 00:08:40.759 --> 00:08:41.559 unfair fees. 153 00:08:41.759 --> 00:08:42.879 It gives us a lot of pride. 154 00:08:43.639 --> 00:08:46.559 Yeah, that's awesome. And to your point, investor is having 155 00:08:46.600 --> 00:08:51.159 these two acid classes, which is essentially the debasement trade. Right, 156 00:08:51.360 --> 00:08:54.639 these acid classes have been outperforming other assets. So you 157 00:08:54.679 --> 00:08:57.200 have crypto, you have gold and silver. So talk to 158 00:08:57.279 --> 00:09:00.679 us a bit about the IRA setup and the tax 159 00:09:00.759 --> 00:09:03.519 benefits and things like that. In going this rep. 160 00:09:04.799 --> 00:09:09.240 Most trading in the United States for all asset classes 161 00:09:09.399 --> 00:09:14.240 occurs within retirement vehicles. Why is that because people want 162 00:09:14.279 --> 00:09:16.879 to be able to buy and sell in a tax 163 00:09:17.039 --> 00:09:17.879 sheltered way. 164 00:09:18.120 --> 00:09:20.480 It's a lot more capital efficient and. 165 00:09:20.480 --> 00:09:24.399 It goes really really well with people's financial planning strategies 166 00:09:24.440 --> 00:09:27.039 when they're thinking long term. And I can give you 167 00:09:27.039 --> 00:09:30.960 an example of what tax sheltering really means. If you 168 00:09:31.039 --> 00:09:36.120 purchase ten thousand dollars of bitcoin, for example, or XRP 169 00:09:36.440 --> 00:09:39.879 or ethereum, and you purchase ten grand in a regular 170 00:09:40.159 --> 00:09:43.799 non retirement account, and that ten thousand dollars in value 171 00:09:43.840 --> 00:09:46.639 grows to thirty thousand dollars in value, and you need 172 00:09:46.720 --> 00:09:50.000 to sell the thirty thousand because you have to pay 173 00:09:50.120 --> 00:09:53.960 for your kid's education, or you need to do some 174 00:09:54.000 --> 00:09:57.559 sort of renovation to your home. The twenty thousand dollars 175 00:09:57.600 --> 00:10:01.360 in profit thirty minus ten is twenty thousand dollars in 176 00:10:01.519 --> 00:10:04.879 profit is going to come with a capital gains tax. 177 00:10:05.360 --> 00:10:08.759 If you held that bitcoin or other asset for less 178 00:10:08.759 --> 00:10:11.399 than twelve months, you're going to get hit with short 179 00:10:11.519 --> 00:10:16.159 term capital gains, which is the same tax bracket as 180 00:10:16.360 --> 00:10:19.279 ordinary income tax that you would pay through your job 181 00:10:19.360 --> 00:10:22.200 on your paycheck. If you held onto that asset for 182 00:10:22.240 --> 00:10:25.279 more than twelve months, it's long term capital gains, which 183 00:10:25.360 --> 00:10:28.559 is a lower tax rate. Irrespective of that, you're going 184 00:10:28.639 --> 00:10:31.320 to get hit with taxes one way shape or the other. 185 00:10:31.639 --> 00:10:35.360 In all likelihood if you make that profitable transaction, If 186 00:10:35.399 --> 00:10:38.240 you made that same transaction and took that same profit 187 00:10:38.519 --> 00:10:41.320 in a retirement account, it's all tax sheltered. You're not 188 00:10:41.360 --> 00:10:44.519 even reporting those trades or those gains to the irs. 189 00:10:44.960 --> 00:10:47.679 And that's just one of the incentives the government creates 190 00:10:47.720 --> 00:10:51.320 for people for saving in a retirement account. Another example 191 00:10:51.519 --> 00:10:55.519 is staking, right we have ethereum staking Salona. Staking people 192 00:10:55.600 --> 00:10:59.559 can earn rewards not the same level of risk, but 193 00:10:59.600 --> 00:11:02.360 a simil learn dynamic to earning interest in a in 194 00:11:02.440 --> 00:11:07.559 a bank account. And when you earn staking rewards through 195 00:11:07.600 --> 00:11:10.480 those protocols and you do it in a retirement account, 196 00:11:10.519 --> 00:11:14.159 the staking income is actually tax sheltered as well, which 197 00:11:14.200 --> 00:11:16.799 is a really powerful mechanism for people that are saving 198 00:11:16.799 --> 00:11:17.480 for retirement. 199 00:11:18.080 --> 00:11:20.399 Yeah, this is such a great option, and especially if 200 00:11:20.440 --> 00:11:23.759 you have that long term view. And yeah, I mean, look, 201 00:11:23.799 --> 00:11:25.919 I've cashed out crypto in the past and yet a 202 00:11:25.919 --> 00:11:29.279 capital gains tax man. I wish it was, you know, 203 00:11:29.320 --> 00:11:31.120 if I didn't have to take the profits, it was 204 00:11:31.159 --> 00:11:33.840 a different way to avoid those taxes. But you can't 205 00:11:33.840 --> 00:11:37.240 write unless you do something like this more long term. 206 00:11:37.440 --> 00:11:40.039 But this is such a great option. Now, there was 207 00:11:40.120 --> 00:11:43.159 news this week that you partner up with the folks 208 00:11:43.200 --> 00:11:46.080 at coinbase to offer bitcoin yield. Tell us a bit 209 00:11:46.120 --> 00:11:46.519 about that. 210 00:11:47.679 --> 00:11:50.840 Our clients have always held spot. We have a lot 211 00:11:50.919 --> 00:11:54.759 of clients that you know, are active traders. They're doing 212 00:11:54.799 --> 00:11:59.519 self trading all the time, daily, weekly, monthly, et cetera. 213 00:12:00.039 --> 00:12:02.600 And we don't provide any sort of financial advice, right, 214 00:12:02.639 --> 00:12:04.480 That's just something that I always have to say, and 215 00:12:04.519 --> 00:12:07.080 it's a big part of our platform because our clients 216 00:12:07.080 --> 00:12:11.159 are really motivated, self directed people. At the same time, 217 00:12:11.519 --> 00:12:13.759 for all of our clients that trade. We have many 218 00:12:13.759 --> 00:12:17.279 clients that do not trade. They're just classic hoddlers. They're 219 00:12:17.320 --> 00:12:20.039 holding on for dear life and they're doing so happily 220 00:12:20.320 --> 00:12:22.639 because they believe in the asset class. They believe that 221 00:12:22.639 --> 00:12:25.919 bitcoin is a store of value and its modern gold. 222 00:12:26.360 --> 00:12:29.440 They think Ethereum is going to financialize the global system, 223 00:12:29.559 --> 00:12:32.320 and same thing for Solana. A lot of our clients 224 00:12:32.360 --> 00:12:34.399 believe that XRP is going to play some sort of 225 00:12:34.519 --> 00:12:37.320 role in the future of the financial system and so 226 00:12:37.399 --> 00:12:40.279 on and so forth. And for those people holding Spot 227 00:12:40.399 --> 00:12:43.320 is great. At the same time, they would love the 228 00:12:43.360 --> 00:12:47.519 opportunity to be able to have yield or some sort 229 00:12:47.519 --> 00:12:50.600 of income on the crypto that they hold. And for 230 00:12:50.679 --> 00:12:54.679 accredited investors on our platform, we've reached a deal with 231 00:12:54.799 --> 00:12:59.000 Coinbased Asset Management to partner with them to offer a 232 00:12:59.080 --> 00:13:03.480 managed strategy to produce yield on bitcoin. 233 00:13:03.840 --> 00:13:04.320 This is a. 234 00:13:04.279 --> 00:13:07.639 Program that's offered through Coin Based Asset Management. They're a 235 00:13:07.759 --> 00:13:13.360 us SEC registered investment advisor. I Trust Capital is merely 236 00:13:13.399 --> 00:13:16.120 a software platform and we work with a trust company 237 00:13:16.159 --> 00:13:19.080 and we're able to serve as a conduit for people 238 00:13:19.120 --> 00:13:22.519 to have these sort of opportunities made available to them. 239 00:13:22.799 --> 00:13:25.679 But ultimately our clients self direct into them, and for 240 00:13:25.840 --> 00:13:29.399 credit investor clients, they will have the opportunity to onboard 241 00:13:29.679 --> 00:13:32.879 into the coinbased asset management fund to be able to 242 00:13:32.919 --> 00:13:38.480 generate yield on their bitcoin. I'll kind of punt right 243 00:13:38.519 --> 00:13:41.960 now on discussing exactly how the yield will be generated. 244 00:13:42.000 --> 00:13:44.440 That'll be part of a future conversation as we get 245 00:13:44.480 --> 00:13:47.600 closer to rolling out the offering during during Q four 246 00:13:48.639 --> 00:13:49.279 it's exciting. 247 00:13:49.960 --> 00:13:52.679 And then for folks who have an existing IRA or 248 00:13:52.720 --> 00:13:55.159 four one K, can they roll that over to I 249 00:13:55.279 --> 00:13:56.919 Trust's self directed IRA. 250 00:13:58.159 --> 00:14:01.720 Yes, there's three ways to fund a retirement account with 251 00:14:01.759 --> 00:14:02.600 I Trust Capital. 252 00:14:02.879 --> 00:14:05.879 You can do a four to one K rollover. People. 253 00:14:05.960 --> 00:14:08.200 Let's say you were at Coca Cola and you took 254 00:14:08.200 --> 00:14:11.200 a job over at Pepsi. You can move that four 255 00:14:11.200 --> 00:14:14.159 oh one K from Coke to Pepsi. Or you can 256 00:14:14.240 --> 00:14:17.799 roll over into an individual retirement account. People do this 257 00:14:18.159 --> 00:14:20.240 in order for them to be able to self direct 258 00:14:20.279 --> 00:14:23.440 and choose the assets within which they invest. So if 259 00:14:23.440 --> 00:14:25.120 you roll over a four to one K to I 260 00:14:25.200 --> 00:14:28.600 Trust Capital, you are empowering yourself to invest in any 261 00:14:28.639 --> 00:14:31.879 of the eighty six digital tokens that we have as 262 00:14:31.879 --> 00:14:34.120 well as the gold and silver, you can also do 263 00:14:34.159 --> 00:14:37.120 an IRA transfer. For folks who have already rolled over 264 00:14:37.200 --> 00:14:40.039 a four to one k into an IRA in the past, 265 00:14:40.399 --> 00:14:42.960 or people who have put cash into an IRA in 266 00:14:43.000 --> 00:14:45.799 the past, they can do an IRA transfer to US. 267 00:14:46.039 --> 00:14:48.720 If you have crypto in a retirement account, you can 268 00:14:48.720 --> 00:14:51.519 also do an IRA transfer to US. And then finally, 269 00:14:51.559 --> 00:14:53.720 the third way that people can fund is merely with 270 00:14:53.759 --> 00:14:57.480 a cash contribution. You can do seven thousand per year 271 00:14:57.720 --> 00:15:01.200 max into an IRA if you're under fifty, eight thousand 272 00:15:01.879 --> 00:15:06.600 if you're fifty years old or over. And those are 273 00:15:06.639 --> 00:15:09.240 the three ways within which you can fund a retirement 274 00:15:09.279 --> 00:15:12.480 account with US. We also have the Premium Custody Account, 275 00:15:12.480 --> 00:15:15.000 which is our non retirement account, and you can fund 276 00:15:15.080 --> 00:15:17.440 that with either cash or digital assets. 277 00:15:17.759 --> 00:15:21.279 Jared, Recently, we've seen the Trump administration open up for 278 00:15:21.519 --> 00:15:23.639 one ks and retirement acounts to be able to invest 279 00:15:23.679 --> 00:15:26.759 in different assets classes such as crypto. So it seems 280 00:15:26.799 --> 00:15:29.440 the trend is to open up retirement to invest in 281 00:15:29.480 --> 00:15:32.399 a lot more asset classes and much more. What are 282 00:15:32.399 --> 00:15:34.960 your thoughts on this and how this may play play 283 00:15:34.960 --> 00:15:35.639 out over time. 284 00:15:36.399 --> 00:15:40.840 Historically, I think that there were two main types of investors. 285 00:15:41.200 --> 00:15:44.799 There were people that were really really self managed. They 286 00:15:44.879 --> 00:15:47.720 just traded their own money and they were super responsible 287 00:15:47.759 --> 00:15:50.600 for deploying their own financial plans. And then there were 288 00:15:50.679 --> 00:15:54.039 people that always worked with an advisor, always had some 289 00:15:54.080 --> 00:15:58.960 sort of financial planner or tax professional build their entire 290 00:15:59.039 --> 00:16:03.279 investment thesis and strategy and deploying it for them. I 291 00:16:03.279 --> 00:16:06.919 think over time there's a lot more people that are 292 00:16:06.960 --> 00:16:09.639 doing self direction. I think a lot of that is 293 00:16:09.679 --> 00:16:13.080 like skepticism of the legacy financial system. A lot of 294 00:16:13.120 --> 00:16:16.399 that started happening in two thousand and seven, and a 295 00:16:16.440 --> 00:16:19.039 lot of people want to take more ownership and have 296 00:16:19.200 --> 00:16:23.519 autonomy over their finances. And because of that and people 297 00:16:23.519 --> 00:16:27.120 are doing more self direction. In general, it's only natural 298 00:16:27.159 --> 00:16:30.559 that alternatives are going to be part of people's portfolio. 299 00:16:31.279 --> 00:16:33.360 We see it happening right now with gold and silver, 300 00:16:33.720 --> 00:16:36.240 We've seen it happening over the last ten years with 301 00:16:36.360 --> 00:16:40.039 digital assets. People want more control, and when they control 302 00:16:40.120 --> 00:16:44.679 their own destiny, they go into alternatives. And that's a 303 00:16:44.720 --> 00:16:47.200 big part of why the Trump administration is putting an 304 00:16:47.200 --> 00:16:52.200 emphasis on alternatives real estate, private investments, crypto and being 305 00:16:52.200 --> 00:16:55.840 able to own those through retirement accounts. Because people are 306 00:16:55.840 --> 00:16:58.519 just more independent, they're doing more self direction, and when 307 00:16:58.519 --> 00:17:02.759 they do more self direction, they naturally gravitate toward alternative assets. 308 00:17:03.480 --> 00:17:05.960 Yeah, and that helps. Seeing makes sense. You know. One 309 00:17:06.000 --> 00:17:08.279 of the things we talked about earlier was tokenized gold, 310 00:17:08.319 --> 00:17:11.319 and we see this massive move or this tokenization race 311 00:17:11.359 --> 00:17:14.000 that's happening with big firms like black Rock and others, 312 00:17:14.279 --> 00:17:16.720 and they're looking to tokenize money market funds, stocks and 313 00:17:16.759 --> 00:17:20.200 so forth. I'm curious as that market matures, and you know, 314 00:17:20.200 --> 00:17:22.200 we figured out all the ins and outs well, I 315 00:17:22.240 --> 00:17:26.960 trust look at possibly integrating some of these tokenized assets unequivocally. 316 00:17:27.359 --> 00:17:30.440 It's the number one initiative that I have right now 317 00:17:30.799 --> 00:17:34.680 is to create these sort of new age opportunities for 318 00:17:34.799 --> 00:17:39.160 our clients. You see it with the coin based asset 319 00:17:39.200 --> 00:17:43.759 management bigcoin managed strategy product. That's a huge part of 320 00:17:43.799 --> 00:17:46.200 what we're trying to accomplish. But that's only the beginning. 321 00:17:46.519 --> 00:17:50.720 We're looking into other similar opportunities for different tokens on 322 00:17:50.759 --> 00:17:56.200 our platform. Those opportunities will be created for fiat, they'll 323 00:17:56.200 --> 00:17:59.359 be created for stable coins. People on our platform will 324 00:17:59.400 --> 00:18:01.799 be able to take fiat and put it into stable 325 00:18:01.880 --> 00:18:07.799 coin sort of yield interest bearing opportunities. Getting rewards on 326 00:18:07.839 --> 00:18:10.759 their stable coins. We're very much looking into that. And 327 00:18:10.799 --> 00:18:13.759 then there's so many different opportunities that are going to 328 00:18:13.759 --> 00:18:17.519 proliferate with real world assets. You see so many companies, 329 00:18:18.359 --> 00:18:22.480 whether it's Googenheim with their digital commercial paper product, you 330 00:18:22.519 --> 00:18:27.640 see Franklin Templeton have their real world asset products. And 331 00:18:28.319 --> 00:18:31.400 when you look at a platform like XDC network, I 332 00:18:31.440 --> 00:18:34.960 mean there's just unlimited companies that are going to be 333 00:18:35.039 --> 00:18:37.759 proliferating over the course of the next five to ten 334 00:18:37.880 --> 00:18:41.079 years that are going to offer real world asset opportunities 335 00:18:41.079 --> 00:18:42.640 and we want to be at the forefront of that. 336 00:18:43.039 --> 00:18:45.400 Yeah, it's exciting to see what's happening. And you know, 337 00:18:45.440 --> 00:18:47.000 one of the things a lot of folks are waiting 338 00:18:47.039 --> 00:18:49.559 on is the Claritiact to pass the market structure bill 339 00:18:49.799 --> 00:18:53.279 that's currently sitting in the Senate and some folks anticipating 340 00:18:53.400 --> 00:18:55.680 may pass by the end of Q four. You know, 341 00:18:56.039 --> 00:18:58.039 what do you think that means for the market and 342 00:18:58.119 --> 00:19:00.960 even for your business As the acid cloud continues. 343 00:19:00.599 --> 00:19:04.839 To grow, People in crypto have always been asking for 344 00:19:05.000 --> 00:19:09.079 fair regulation, right, we don't want to not be regulated, 345 00:19:09.119 --> 00:19:12.079 and that's a misconception about the industry. People think we 346 00:19:12.160 --> 00:19:15.519 don't want regulation. There's nothing that could be further from 347 00:19:15.559 --> 00:19:19.200 the truth. We want fair regulation, and if you look 348 00:19:19.240 --> 00:19:24.960 at the previous SEC administration, there's a lot of unfair 349 00:19:25.000 --> 00:19:27.680 regulation on the industry and now we're seeing a lot 350 00:19:27.680 --> 00:19:30.960 of good, common sense regulation and it's leading to some 351 00:19:31.079 --> 00:19:33.480 amazing things and we're going to see the market open 352 00:19:33.559 --> 00:19:37.480 up in so many ways. And the Genius Act certainly 353 00:19:37.640 --> 00:19:39.920 was a good first start for us to be able 354 00:19:39.960 --> 00:19:43.200 to get some actual legislation in the space. But I 355 00:19:43.240 --> 00:19:46.720 think the Market Infrastructure Bill is going to be next 356 00:19:46.799 --> 00:19:49.319 level and it's going to create a framework that will 357 00:19:49.400 --> 00:19:54.400 allow so many different companies, credit card companies, banks, non banks, 358 00:19:54.480 --> 00:19:58.440 FinTechs to be able to participate in the space in 359 00:19:58.480 --> 00:20:02.599 a compliant way. Give more people access to crypto. Why 360 00:20:02.640 --> 00:20:06.000 is it important for people to get access to crypto? 361 00:20:06.720 --> 00:20:09.920 I was at a luncheon last week where there was 362 00:20:09.960 --> 00:20:13.960 a macro economist, a macro economist who was speaking about 363 00:20:14.680 --> 00:20:16.720 all sorts of things going on in the economy. He 364 00:20:16.759 --> 00:20:19.279 was a very smart guy, and then at the end 365 00:20:19.319 --> 00:20:21.319 someone asked about crypto and he was like, well, it 366 00:20:21.400 --> 00:20:26.079 creates no value. And for me, that's like twenty eighteen 367 00:20:26.160 --> 00:20:31.640 called then wants its narrative back because there's so many 368 00:20:31.720 --> 00:20:37.680 just inherent value propositions for crypto, and the main ones 369 00:20:37.759 --> 00:20:42.440 are that it creates more transparency and democratization in all 370 00:20:42.519 --> 00:20:48.079 sorts of financial markets. It creates instantaneous liquidity and settlement, 371 00:20:48.440 --> 00:20:51.880 and it creates lower costs for getting into markets. Right, 372 00:20:51.920 --> 00:20:55.680 so not just transparency, but lower costs and faster settlement. 373 00:20:55.960 --> 00:21:00.759 And companies like Fidelity, black Rock, multi billion and trillion 374 00:21:00.799 --> 00:21:05.279 dollar companies, they spend billions of dollars every single year 375 00:21:05.720 --> 00:21:10.400 on facilitating settlement and clearing, and crypto allows you to 376 00:21:10.440 --> 00:21:12.960 do that at a fraction of the price. And just 377 00:21:13.079 --> 00:21:16.200 that in itself creates a lot of value for people, 378 00:21:16.400 --> 00:21:20.079 and that value will I think naturally it'll be passed 379 00:21:20.119 --> 00:21:23.400 back down to users of these institutions. And I think 380 00:21:23.559 --> 00:21:26.759 just that alone creates a lot of value proposition for 381 00:21:26.799 --> 00:21:29.359 people that are in the crypto space. And that's why 382 00:21:29.400 --> 00:21:30.519 we want good regulation. 383 00:21:31.279 --> 00:21:33.880 Yeah yeah, well said. And you know, I love the 384 00:21:33.920 --> 00:21:36.480 transparency and we actually just had a great example of 385 00:21:36.519 --> 00:21:38.599 it this week. You know, some people were talking about 386 00:21:38.640 --> 00:21:41.240 on social media, but for example, the folks at Paxos 387 00:21:41.279 --> 00:21:45.960 accidentally minted a little extra for the PayPal sable coin 388 00:21:46.200 --> 00:21:49.079 about three hundred trillion, But guess what, within thirty minutes 389 00:21:49.079 --> 00:21:51.680 it was resolved. But the important thing is we all 390 00:21:51.799 --> 00:21:54.519 saw it at the same time on the pards of 391 00:21:54.519 --> 00:21:57.279 the blockchain data. We saw, hey, something, what's going on here? 392 00:21:57.319 --> 00:22:00.240 Why is this much of that stable coin minted? And 393 00:22:00.279 --> 00:22:02.519 then you know, they announced, hey, an errow is made, 394 00:22:02.519 --> 00:22:05.039 and we saw when it was burned. You can't have 395 00:22:05.039 --> 00:22:07.319 that transparency at a bank. There's no way you would 396 00:22:07.440 --> 00:22:07.680 know that. 397 00:22:09.200 --> 00:22:12.079 I think those kind of things happen all the time, 398 00:22:12.519 --> 00:22:16.160 not necessarily at the scale of three hundred trillion, but 399 00:22:16.200 --> 00:22:21.440 I think that there's a lot of manipulation and not 400 00:22:21.519 --> 00:22:26.799 necessarily rule breaking, but rule setting activity within the legacy 401 00:22:26.839 --> 00:22:32.920