RUSH TRANSCRIPT Want to ░░░░░░░░ to the fallout of ░░░░░░░░ and Sam Bankman Fried ░░░░░░░░ comments stablecoin also serious ░░░░░░░░ tether lending its own ░░░░░░░░ to customers Joining us ░░░░░░░░ the co founder of ░░░░░░░░ so many questions are ░░░░░░░░ raised in the aftermath ░░░░░░░░ the failure of FTX ░░░░░░░░ want to get so ░░░░░░░░ the questions around stablecoin ░░░░░░░░ if the whole idea ░░░░░░░░ crypto was about trust ░░░░░░░░ at least creating trust ░░░░░░░░ do you think this ░░░░░░░░ does to the long ░░░░░░░░ sense of where this ░░░░░░░░ is going Well that ░░░░░░░░ a great question because ░░░░░░░░ den realization is a ░░░░░░░░ tenet of what blockchain ░░░░░░░░ it increases the difficulty ░░░░░░░░ use the platform centralized ░░░░░░░░ such as FTX and ░░░░░░░░ exchanges that make it ░░░░░░░░ to use There s ░░░░░░░░ customer service number for ░░░░░░░░ to call when you ░░░░░░░░ centralization things like this ░░░░░░░░ happen so we have ░░░░░░░░ like this that can ░░░░░░░░ So let me ask ░░░░░░░░ as it relates to ░░░░░░░░ About the trust issues ░░░░░░░░ you will because I ░░░░░░░░ there s skepticism questions ░░░░░░░░ think the questions that ░░░░░░░░ sort of come from ░░░░░░░░ fallout of FTX have ░░░░░░░░ put on to tether ░░░░░░░░ about tether for a ░░░░░░░░ time two sentences from ░░░░░░░░ Wall Street Journal Tether ░░░░░░░░ is incorporated in British ░░░░░░░░ islands doesn t publish ░░░░░░░░ completebalance statements leaving outsiders ░░░░░░░░ an incomplete picture of ░░░░░░░░ company s health there ░░░░░░░░ a gentleman the president ░░░░░░░░ crane data said I ░░░░░░░░ been skeptical that they ░░░░░░░░ can get away with ░░░░░░░░ of disclosure and limited ░░░░░░░░ if you have reserves ░░░░░░░░ don t you show ░░░░░░░░ so I ll ask ░░░░░░░░ the question why don ░░░░░░░░ you In the last ░░░░░░░░ years of tether s ░░░░░░░░ history they always redeemed ░░░░░░░░ token for one dollar ░░░░░░░░ principles have continued to ░░░░░░░░ that in my opinion ░░░░░░░░ the absolute best of ░░░░░░░░ ability and with the ░░░░░░░░ risk mitigation tactics in ░░░░░░░░ industry So why do ░░░░░░░░ think then the questions ░░░░░░░░ as they do as ░░░░░░░░ s really going on ░░░░░░░░ what s really backing ░░░░░░░░ stablecoins Tether does offer ░░░░░░░░ its website proof of ░░░░░░░░ reserves or actually audits ░░░░░░░░ few months on where ░░░░░░░░ that cash is currently ░░░░░░░░ how it s being ░░░░░░░░ right now people still ░░░░░░░░ it and these questions ░░░░░░░░ okay and the industry ░░░░░░░░ a whole is going ░░░░░░░░ be become more and ░░░░░░░░ transparent due to these ░░░░░░░░ failures of FTX and ░░░░░░░░ other companies that s ░░░░░░░░ good for the industry ░░░░░░░░ forward So you think ░░░░░░░░ stablecoin or rather I ░░░░░░░░ say tether will be ░░░░░░░░ be forced to disclose ░░░░░░░░ backs these coins Let ░░░░░░░░ see how these regulations ░░░░░░░░ out right now with ░░░░░░░░ house controlling rep controlling ░░░░░░░░ house it s going ░░░░░░░░ take time also leading ░░░░░░░░ charge in what it ░░░░░░░░ like to offer up ░░░░░░░░ of reserves I want ░░░░░░░░ go back to idea ░░░░░░░░ think the industry is ░░░░░░░░ at self policing A ░░░░░░░░ number of failures in ░░░░░░░░ last two weeks and ░░░░░░░░ the blowup of FTX ░░░░░░░░ the big headline you ░░░░░░░░ that the industry has ░░░░░░░░ a great job of ░░░░░░░░ policing I think about ░░░░░░░░ the venture capitalists who ░░░░░░░░ money in I don ░░░░░░░░ think they did any ░░░░░░░░ self policing ze may ░░░░░░░░ self policed this The ░░░░░░░░ did a pretty great ░░░░░░░░ of of breaking the ░░░░░░░░ An excellent point the ░░░░░░░░ industry doesn t have ░░░░░░░░ government or anything else ░░░░░░░░ bail it out In ░░░░░░░░ to survive the long ░░░░░░░░ it has to do ░░░░░░░░ better job of self ░░░░░░░░ we ll have to ░░░░░░░░ together to provide consumers ░░░░░░░░ confidence they need and ░░░░░░░░ do that in the ░░░░░░░░ it will lead to ░░░░░░░░ decentralization mean less trust ░░░░░░░░ these centralized actors because ░░░░░░░░ s going to be ░░░░░░░░ in code So do ░░░░░░░░ think long term these ░░░░░░░░ and I m thinking ░░░░░░░░ FTX was one of ░░░░░░░░ finance is another one ░░░░░░░░ is publicly traded company ░░░░░░░░ in the United States ░░░░░░░░ as a result probably ░░░░░░░░ most regulated of that ░░░░░░░░ Yeah absolutely I do ░░░░░░░░ that s why coinbase ░░░░░░░░ the companies that are ░░░░░░░░ in the U S ░░░░░░░░ have to meet a ░░░░░░░░ bar they have to ░░░░░░░░ much more than these ░░░░░░░░ offshore companies so as ░░░░░░░░ especially in the U ░░░░░░░░ If that makes you ░░░░░░░░ comfortable absolutely follow the ░░░░░░░░ that follow that that ░░░░░░░░ more regulate dmrd were ░░░░░░░░ in shock over what ░░░░░░░░ at FTX I think ░░░░░░░░ whole industry was in ░░░░░░░░ even believe sbf was ░░░░░░░░ shock now he has ░░░░░░░░ shoulder that burden he ░░░░░░░░ responsible because he was ░░░░░░░░ CEO so he either ░░░░░░░░ gross negligence terrible management ░░░░░░░░ one of those should ░░░░░░░░ you up in jail ░░░░░░░░ concerned should people be ░░░░░░░░ using these exchanges there ░░░░░░░░ coinbase as we discussed ░░░░░░░░ was FTX us we ░░░░░░░░ see what happens there ░░░░░░░░ a lot of fol ░░░░░░░░ unfortunately using vpns and ░░░░░░░░ things that are going ░░░░░░░░ So to utilize the ░░░░░░░░ that s not so ░░░░░░░░ the risky part is ░░░░░░░░ your money on the ░░░░░░░░ people are using these ░░░░░░░░ as a bank account ░░░░░░░░ of people had all ░░░░░░░░ their deposits their entire ░░░░░░░░ net worth on the ░░░░░░░░ so in the industry ░░░░░░░░ s been known since ░░░░░░░░ one don t keep ░░░░░░░░ coins on the exchange ░░░░░░░░ want