 Is it possible for DeFi to exist without KYC-AML? Yes, not only is it possible, Mike, it wouldn't be DeFi if it had KYC-AML. No doubt, some people are going to try to hijack the whole concept of decentralized finance in order to introduce KYC-AML. But of course, KYC-AML really doesn't really fit into decentralized finance. Let's think about it. Know your customer. Who's you? Who's your customer? In DeFi, I'm not anyone's customer. And I don't have any customers if I've built a DeFi platform. The platform has customers and it doesn't really need to know anything about them because the trust doesn't depend on knowing the customers. And anti-money laundering regulations require the platform to behave without neutrality, without neutrality to source destination purpose and amount. And without neutrality, you're starting to centralize the power dynamic again because those who decide which purposes are permissible for every jurisdiction, those who decide who is vetted and who isn't vetted to participate in the financial services environment act as centralizing forces in the system and accumulate power. Of course, that will result in fragmentation because in different jurisdictions, different things are legal and illegal, which means that the system can no longer be borderless. Because you have to vet participants, that means the system can no longer be open. And of course, because you have to not permit certain types of activities, the system can no longer be censorship resistant. And of course, at that point, it's no longer DeFi. It's C-Fi. You've just recreated the banking system using a very complex programming language that few people today understand on an immature infrastructure. And the worst part is that you've reduced the actual functions of democratic oversight that you would have within free countries. So is it possible for DeFi to exist without KYC, AML? I would argue that it is not possible for DeFi to exist as DeFi with KYC, AML. But I bet you that is definitely a controversial opinion. I think one of the biggest functions of DeFi, especially for unbanking all of us or banking the impact, if you like, is the ability to remove the legacy mechanisms of exclusion, such as KYC, AML, that ultimately do not functionally serve the purposes they claim to serve, but result in untold misery for billions of people who are pushed outside of the financial system in order to offer a vague sense of safety to the uninformed and an enormous amount of power to those who control the levers of finance. KYC, AML is worse than useless. And introducing it into DeFi makes DeFi worse than useless also.