 Do you see any restrictions or regulations coming for the US in the next six months? I think it is unlikely we will see anything happening in the next six months. If anything, we might see some regulations or policymaking around, perhaps, ICOs. But in terms of regulating exchanges or the use of Bitcoin, I don't expect much to change. The vast majority of those regulations are applied on a state-by-state basis in the US. On a federal level, what really has application is the SEC, FinCEN, for crime enforcement, and of course the IRS. One of the regulations I would very much like to see, which would be useful, is that at the moment, if you do transactions with cryptocurrencies, no matter what the amount you have to do, capital gains reporting, and that is just ludicrous. If I bought some cryptocurrency for a dollar, and then I buy a cup of coffee, and in the meantime, that cryptocurrency has appreciated in value to a dollar or five cents, I have to report five cents of capital gains. The problem isn't the reporting of five cents of capital gains and paying 20% tax on five cents. But for these tiny, ridiculous amounts, you could end up spending hundreds or thousand dollars in accounting and reporting costs to produce these monster tax returns full of tables or transactions, which are completely useless to everyone, just to report a hundred bucks in capital gains. There is a proposal to introduce an exception to the law that says any transaction under, say, $600 does not require capital gains reporting. That would be smart, but I'm not holding my breath for governments to do smart things. Oh, very good. Someone actually mentioned that the bill for the capital gains $600 exception is HR3708. In 2014, you told the Canadian Senate Committee on Banking and Finance to hold off on regulation for five years. What would you say to them, and regulators generally now? First of all, I still have two years, so one and a half years, let's say. What I would say to them is, continue to wait. There are places where regulation is necessary, and the places where regulation is necessary are places where companies are offering services around cryptocurrency that are not decentralized, that in fact are highly centralized, and custodial in nature. That means they hold keys on your behalf. And there's a reason we have regulations for people who have custody of money. And the reason is that eventually, in almost every case, they try to run away with the money. Theft, embezzlement, Ponzi schemes, and things like that happen in banking every day, and they happen in cryptocurrency exchanges that have custodial control over funds. So if someone's holding money and they're not doing cryptocurrencies in a decentralized fashion, that represents a risk towards consumers. And I think those entities should be regulated. They should be regulated from the perspective of information security, capital reserves, insurance, etc., just like banks are. I don't believe in KYCAML regulations, but unfortunately that's not up to me. So I would say there are areas where regulation can protect consumers from custodial systems that put their money at risk. But beyond that, this is still a very early and developing space, and regulating without understanding how this technology works is going to suppress the technology. If anything, I would say Canada has benefited tremendously by having a sensible and light-handed approach to regulation, which has caused the ecosystem of developers, innovators, creators, as well as companies and startups to flourish in Canada. With that came a lot of jobs and investments. Banks are increasingly refusing to work with, meaning wire, money to exchanges and brokers. How do you think that will play out in 2018? The funny thing is that boycotting your competition in an industry that is rapidly changing is not a very good idea. Sitting in the sidelines, covering your eyes and ears, and going, I can't hear you. That kind of approach to competitive innovation historically doesn't work out for the incumbent. What happens if banks cut off the on-ramps and off-ramps to Bitcoin exchanges? Do the exchanges go away? Do they stop operating? Does Bitcoin stop operating? No, not really. What happens is a lot of the interactions move to other places. They move to over-the-counter exchanges, where, for example, people don't wire money to the exchange, but instead they set up an escrow payment with Bitcoin, and then wire money to each other. How do you stop people from wireing money to other people? How do you know that money is for Bitcoin? You don't. Effectively, by banning exchange traffic and closing down the accounts of exchanges, the banks are encouraging over-the-counter trades where the wire transfers are happening, from the buyer to the seller directly, not via an exchange. Ironically, it encourages the development of decentralization platforms, decentralized exchange platforms, with escrow, things like BISC, but also local bitcoins and various other platforms that allow you to escrow Bitcoin while you wait for a wire transfer. That's one aspect. The other aspect is that when banks cut off these wires, they usually also make it difficult to withdraw money from exchanges. That means you can't easily convert your Bitcoin into fiat. Unknowingly, what they're doing is they're encouraging more of a hold attitude by the buyers. They're also encouraging the buyers to seek out ways to either hold on to their Bitcoin or spend it directly without converting it into fiat. If you cut off the on-ramps and off-ramps, and someone's really enjoying driving on the freeway, they're going to stay on the freeway, and pretty soon you're going to have drive-through businesses setting up on the freeway to serve them there instead of waiting for them to get off and convert into the other currency. To mix my metaphors a bit, what that does is it encourages more and more people to operate within the economy, rather than treating cryptocurrencies as an intermediary currency. They treat it as their main currency in many cases, and they stop converting. It also encourages those who are investors to simply hold for the long term. When they do want to get out, they'll find less liquid, less convenient ways, like over the counter markets.