New Regulations on Cryptocurrency Custodians

Last year, before I reported anything to do with these binance tokens being underbacked and before this action came out against Paxos, Circle had discovered all of this stuff the same way we had. They'd noticed that this had been going on with binances tokens. And so they, as a compliance concern, notified the New York Department of Financial Services in case there was anything that needs to be looked into. There's actually a proposal that the SEC put out Wednesday that would essentially place new restrictions on companies that want to act as custodians for hedge funds or private equity firms.