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Well, I think we've seen a lot of fraud and manipulation and other problems for
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two reasons. One is it is an unregulated sector largely and it's also easy to
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enter. You can be, you know, 18 or 20 years old and in college and create a token or create an app and launch that
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and make a lot of money at it. But you also therefore have a lot of people as you do in any kind of area of financial
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activity who are looking to make a quick buck and often not through the most ethical means. And so you have pump and
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dump schemes. You have a lot of wash trading on platforms. Wash trading is where people essentially trade with
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themselves to push up the price or to make it appear there's more interest than there is.
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>> It's surprising from the point of view of you know our current markets some of
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the most visible parts do not appear to be rife with fraud. Now that's I think
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in part because of our securities regime going back to the 30s. But the point is
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people forget that that's protecting us from what would otherwise be probably
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rampant fraud in traditional securities as well. So crypto developed and it didn't really have this backing. Part of
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the issue is that we don't have the regulations. But you know there's plenty
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of fraud in the sort of dark corners of the equity markets too with very small equity securities that don't trade on
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exchanges.