 Biden's ATF submitted a new rule last year, targeting unregistered ghost guns. Before we get into the content of that rule, let's just take a look at what Biden had to say about the threat of ghost guns as justification for the ATF's actions. This is the gun. It's not hard to put together. A fellow in a terrorist, a domestic abuser, can go from a gun kit to a gun as little as 30 minutes. In fact, the ATF reports that they've been able to trace less than 1% of ghost guns reported by law enforcement. And we're acting today. The United States Department of Justice is making it illegal for a business to manufacture one of these kits without a serial number. Illegal! What's your reaction, Cody? I'm immediately reminded of Dr. Steve Groll, played by John C. Riley in his famous sushi skit. Check it out. He says, it's not hard to let other people from different countries talk to you. He sounds exactly like Dr. Steve Groll. It's maybe that's a deep cut, but I feel bad for the president. And that was a great moment for Paul in our 80s because of course, Joe Biden's rule was workshopped for him by every town in Gifford. To target what had become a very popular type of at-home kit, DIY kit for making concealable unregistered handguns, the Polymer 80 kit. That was its great moment. So yeah, it's fun to see you again. Yeah, and so we're everyone's kind of on the same page about what we're talking about here. These are examples of 80% lowers and frames. And so basically, the government wanted to, the ATF wants to classify these as something that had to be registered. I talked with you last January, shortly after this rule was first published by the ATF. And I'm just going to play a quick clip from that conversation because it quickly explains kind of the mechanics here. And then we can discuss, you know, how things have progressed since then. If the rule is adopted in the coming weeks, it means the federal government will require gun part kits sold on the internet by defense distributed and its competitors to bear the same serial numbers as do fully manufactured firearms, which has the potential to put the entire industry out of business. So how is Wilson responding? Meet the 0% receiver. Anything on its way to being a gun is now considered a gun. So say I, Uncle Joe, and this would be smart. You would think if you're a wine mom or a lawyer who now controls the ATF, you know, this is Gabby Gifford's grand achievement to end kit guns in the mail. But that's just it. This was only a reaction to kit guns in the mail. Our equipment, our software, 3d printing and CNC milling can take raw materials, blocks of metal, things in their primordial state and take them from nothing and turn them into guns. Wilson and his team tweaked the code to the latest model of the ghost gunner. It used to be the customers would purchase partially fabricated lower receivers using the ghost gunner to finish the job of turning them into functional gun parts. Wilson said that defense distributed is the only DIY gun company pivoting in the face of this new regulation. So the real impact of the law will be to drive out his competitors. With this rule that Biden's pursuing, he's giving us, though the nation's premier ghost gun company, I would say a monopoly of the market. So how has it played out since then, you know, in terms of adoption? Because when we're talking about going from something that's partially finished to something that's a raw material, I imagine that's a little bit more work. Have people been ordering these and making things out of the zero percent receiver blocks or non receiver blocks? Thank you. Yeah, since our piece and your piece, thankfully, was a big part of adoption, our centerpiece, yes, we did about a solid year's worth of business with the AR0 and it was cool. We took it to SHOT Show, UNSSF SHOT Show, lots to say about that organization right now, but people got it. Yeah, people bought a lot of it and they got it. But what's so interesting is like at the time that I spoke to you, we were predicting a more effective rule that would actually ban entirely most 80% receivers or receiver kits. And certainly the language at that time suggested as much. And by the time the final rule was published, we were all surprised that most 80% receivers survived. And so you ended up getting these pieces like in the New York Times and all these gun controllers came out with buyers remorse saying, well, actually the rule wasn't what we thought it was. And so to some degree in that next year after that piece, AR0s or 0% receivers didn't become necessary because the monopoly wasn't required. The industry survived and in fact began to abuse the rule in different directions. So it's awesome and hilarious that we didn't have to go that way. So the new conversation, the new zero we have today, I can show you it has a retrospective point of view instead of this predictive one that we had with you at that time. That's one way to answer your question. Could you just explain what it is that you are launching and how that fits into kind of the progression of defense distributed? Yeah, you showed a video of Joe Biden holding up a Polymer 80 kit and the Polymer 80 kit is a Glock type gun that you can basically order in the mail. Nearly finished, you finish it yourself with hand tools and you know, being you got a Glock. So his rule was about stopping commercial kit guns in the mail. And if you could try to go after 3D printed Glocks, which some other states have done, but I was like, I was thinking, well, okay, now the rule is kind of failing. Let's do another version of a way to do a Glock at home. Okay, so you can print a frame, everyone's done that. But what if this is no longer a frame? Sorry, I'm not good at holding this up. What if this is no longer the regulated part? What if this is the regulated part? This is a chassis. You know, people in the gun world are familiar with like the Sig P320 and cassette style triggers. And anyway, the ATF is forced to observe that the metal component that holds the fire control parts is the firearm. And then the combination, then this what would have been a frame in a Glock is no longer regulated. So it's like a, it's like a doubling down against the ATF rule. They can't regulate blocks of metal. Anyway, they said they couldn't low carbon steel, by the way. And you know, this is, I think this is one of our 4140 frames. Yeah. So we've been testing 17-4, 4140, 303 stainless, you know, what's machineable, what's affordable. The point is this is, this is as good as a Polymer 80 kit or a Glock itself, if anything, we've taken trends in 3D printing and kit blocks, combine them, recombine them, remix the Glock itself in stark defiance of the terms of Biden's ghost gun rule and said, hey, good job on that rule. It was already, you know, it was already falling. It's pushed, a judge will disable it. And yet here's another way of doing it. It's an, it's ultimately, you know, addressed to the ATF. Hey, thanks for watching an excerpt from our conversation with Cody Wilson. You can watch the full conversation right here or another clip from that conversation right here and tune in next Thursday at 1pm Eastern for another reason live stream.