mr. rosenbloom had touched on that after he got challenged i think it was by mr. sherman again or maybe it was mr. scott about sort of, well, do we really need this, right? and clearly mr. rosenbloom was arguing yes in the full 45 seconds or whatever he was allotted to answer it. and mr. sherman basically as i interpreted what he was saying was, no, we don't really need this. we've had third party assessors in this already, bank tellers and people who know how to actually handle currency. it continues to warrant some exploration and conversation is, okay, how is this different than an apple pay or a technology that utilizes a commonly recognized and utilized currency, hard currency, central bank currency versus creating a cryptocurrency or any kind of, you know, fiat currency like that. and that's what i was sort of getting at on the very last question i had was, okay, so ultimately is this going to be fully integrated unless there's some sort of central bank system, whether it's, you know, theoretically it could be switzerland, and i think switzerland looked at t

mr. robert rosenbloom, partner at a law firm and peter, director of research for coin center -- each of you will be recognized for five minutes to guy an oral presentation of your testimony. having read the testimony, there is far more than five minutes of information in each one of yours, so good luck as you consolidate that down. but we will then have a question period and we will, without objection, put your written testimony into the permanent record and part of the record as well. so with that. you are recognized for five minutes. >> thank you. good morning, chairman. ranking member maloney and members of the subcommittee. thank you for the opportunity to address this important topic at a significant time. my name is mike lempres and i'm the chief legal officer at coin base. i commend you for holing this hearing on a technology that could transform capital formation, innovation and our economy. it has tremendous potential. to fulfill that potential, we believe that responsibly regulation is required. but the technologies' incredibility benefits could be stifled by regulatory or legal m