 So in the last couple of weeks, there's been three separate different statements from U.S. regulations. And all of them are three when it comes to tokenization or tokens in general. Some saying it's a currency, some saying it's a securities, and other people saying you need MSP money as a service provider. And so right now the ICO space is an interesting conundrum when it comes to regulation. I think they actually think it's a good thing. I think any ecosystem that has pressure and has people poking and prodding it to find holes in it creates a better anti-fragile technology and creates a better anti-fragile mindset. But also the reality is, I've been telling you guys this forever, for the most part we're in like Netscape times. Most of the majority of these tokens are useless. The technology is still naive and new. We have maybe two years to go to scale, like full scalability. And then the big elephant in the room is these new business models, right? What are these business models of tokens? I don't own equity, I don't own rights, I don't own royalties, I don't own dividends. And so basically what do you own? You really don't own anything. You don't have voting rights, but there are new proposals coming out. They're like the Dow stack, etc. And so even though a lot of people are hating on these regulations and I'm a firm believer that regulations kills innovation, I actually think this creates a better anti-fragile ecosystem for everybody in the space. Because if we look at osmosis with water, what does water do? Water goes where there's least resistance, right? And so you're going to see individuals that don't want to play ball with these new regulations, so pretty much stopping US investors, Canadian investors, Australian investors in some other countries. They will go maybe jurisdiction such as Singapore or Switzerland and Crave Foundation. Now, is that a good short term? Maybe. Is that a good long term? I really don't know. At the end of the day, I think we're going to see a very interesting evolution. We'll probably have two sides of the world. We're going to have regulated security tokens, which I'm still not sold on, tell you the truth. I don't see the incentive models don't make too much sense to me as an angel investor. And one of the reasons is this, which is kind of scary for me, depending on the clauses of the security. A, it's very easy for me right now to just get a term sheet drawn out from any lawyer under 500 bucks and signing with somebody and I still get liquidity between investors of that business. And so for me, I look at technology of these security tokens. A, we're not ready from a technological aspect. There's no standard from there. And like if you look at smart contract programming, there's a new research paper that just came out. They show like 40% of all smart contracts hoated are vulnerable to certain attack systems. So for me as an investor having tokens in these certain smart contracts is, it scares me, tell you the truth. But that being said, like I said, we're super early. And so going back to the issue of securitized token that's not related to technology is this incentive model. So for me, when I invest in a startup, I have skin of the game. I'm in it. I'm locked in for five, six years. I want that asymmetrical risk-reward ratio for me where I'm getting that 20x, 30x reward. But I'm more or less an active partner in that company. The problem with a lot of these securitized tokens, depending on the clause they have inside of it, is incentive models are skewed. Some of these investors will go in depending on what kind of tranche they go into and they may liquidate within a year or so. It's not a good incentive model when you have constant liquidations for startups. Startups need both incentives. Incentives for the founders to give it all they have. And incentives for the investors to give it all they have to create this entity, this new organism. And it's difficult to create a startup. Like they say, 9 out of 10 startups fail. So incentive models are skewed and I'll just leave it at that for that. And then we have the other world, which is unregulated, let's say utility tokens, where people are trying to create foundations, more or less charities, foundations. And where that token acts as a security measures, acts as a reputation system, acts as gas, acts as an intricate part of this total ecosystem. And there's very rare use cases when it comes to a token like that. And I think as time progresses, most of these use cases will be filled in. But that's a very interesting world. And then when you map up on top of that centralized exchanges and decentralized exchanges, you're literally going to have two parallel worlds where you have the old school world, where you have regulations and this box where you can only do their rules. People will go into there. And then you have this other world where you're going to have decentralized exchanges, open protocols, utility tokens, and one that actually makes sense and accessibility for everybody. And I think they both have a place and I think they're good that both of them exist because they can counteract each other, right? It's laissez-faire capitalism, right? And the more growth we have on both sides, the more they can compete against each other. And one for me, I kind of lean towards this one, per se, because at the end of the day, even though I invest in companies, I hate the fact of being credit investor. So you have the right to gamble. You have the right to buy lottery tickets, but you don't have the right to invest in a company. So this prices out, this regulation prices out all other people from becoming rich. So only accredited investors have the right to invest and get richer. So only VCs have the right to invest and get richer. My mom can't invest $10,000. Oh, God forbid. We've got to protect regular people because they're too fucking stupid or something like that. It really hurts my mind when I see these very specific rules to make rich people richer. Tell you the truth. And I'm a capitalist. I'm a firm believer. And everybody, caveat, enter, right? Buy or beware at the end of the day. If you want to buy something, be aware of what you're buying. If you lose out, you lose out. There should be no government agency telling you, well, you know what, you're not an accredited investor and you can't invest in this. And so that's where we're at. We're at a very interesting time in the ICO regulation space. We're at a very interesting time for the technology of blockchain. And we're at a very interesting time for real use cases of the blockchain. Where will it be in the next year? Who knows? The space moves very fast. I will try to make more updates about this. But I'd love to know your thoughts about the recent regulations and where you think tokenization will head into the future. Leave a comment below this video, guys. Peace.