The Uncertain World of Bitcoin

In the world that you imagine, Ethan, where the SEC rushes into the breach, regulates this large industry in the absence of anybody else, Congress or another regulator doing the job, we're going to wake up in a couple of years. And there is actually an alternative out there to using the wrong regulator to regulate this stuff. We are already seeing the market clean the stables, as it were, of the Bitcoin industry. But a few mopes lose their money now. They will be disillusioned. And Bitcoin will go the way of beanie babies and cabbage patch kids. That is the outcome we should be hoping for here,. Not securities regulation of something that's not a security.