Is Early Regulating Better Than Late Regulation?

I want to ask Chris about the timing of regulation. Do you start to regulate early or late while there is a significant innovation in the market? You speak about this in the book and many of our network countries actually ask this question. I wonder if that view has changed a little bit given the FTX battle, which of course does happen from the community happens. It's more a function of the people involved rather than the technology as you explained. Nevertheless, FTX has passed a very long shadow on the industry and we put the industry back by several months. And I think it's not a year and I wonder if earlier regulation might have somehow avoided that.