I think it's a very rosy point of view, Nick. It assumes that Tether as an institution remains if the people who are running Tether are subject to criminal arrest. The thing that shocked me about FTX was, well, yeah, the finances were meth and just the lack of any corporate governance structuring or oversight. And so if you're in a situation where somebody has control of the assets and there's weak governance structures preventing them from trying to protect themselves then they no longer will have access to the institution.

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