and we are very much a budget travel option for people and generally bnbs and they're cheaper than aber, when people do like for like averages and there are multiple bedrooms versus onhotel room. they might be trading down more likely than what they might be doing, and and the biggest expense is if you're going far, and my anticipation and you will see international travel to domestic travel and going somewhere nearby, but we'll have to see what are you doing with your employee base? are you at all tweaking repricing equity are you -- are you doing anything different even with how you're bringing people into the office or off-sites to engender better culture cohesion >> we're not doing anything differently, people get an nul st every single year. some years the price will be different and a couple of years ago they got pre-ipo equity that did very, very welcoming up next year they'll be priced differently so it all balances out over the long term and we don't make major changes unless there's been major change and the stock has dropped and there's not been something dramatic as far a

tomorrow the amounts can become much larger, alexander lukashenko from the bnb team talked about honesty and openness. you can say the brand of our president, so even uncomfortable questions. the first responds clearly and to the point. for example, the situation with price regulation. will there be empty shelves in stores. you don't have to worry about shortages. we control this issue. if the president said well, well, you know, i will demand that they look at how we there yes some we will throw and go kudysty, where to go is inferred, before going. you call poland as a fugitive and there is a place to go to lithuania. we're going to quit. here are the members of the government, some control this process, if only someone. defiantly as if ipshnik zavmak or what? someone will quit working on headphones right there, why. because you are trying to destabilize society in this way. you came to work in the store. work you wanted to build a store. we allowed you and helped you, gave loans and other things, as you will now give up and leave, the basis should be justice, not an economic category,

we when i first became governor, one of the first things we did was fight back against air bnb who wasiscriminating against israeli jews and we won that fight against airbnb. we provided record financial support for security at jewish day schools in florida and we've authorized emergency services with united hat sala. we've enacted enhanced and robust holocaust education standards because we know how important that is that. we never forget we sign legislation combating anti semitism, we are not going to allow the universities in the state of florida to become hotbeds of anti jewish sentiment like they have all across this country. and we signed that bill on a trade mission to israel at the american embassy in jerusalem. and on that trade mission which we did the biggest trade mission florida has ever done. we were the first statewide elected official to do public events in judea and samaria because we understand history, we know those are thousands of years of connection to the jewish people and i don't care what the state department says, they are not occupied territory, it is dispute

that's the silver lining in a big republican wave. bnb. look, i can't disagree my colleagues, right? i mean, i think the republicans had the winded their backs right now. i don't know that there is enough of a compelling case when you think about was pushing people to show up on tuesday or early voting. right. and we know that inflation, right, we know that is pushing people and they are really deeply unhappy. people feel uncertain, people feel insecure and we know that usually plays well for public policy. quite frankly, we're going to get into that in a minute. but i think the bigger question for, especially for an international audience is what president biden's insane prime time speech, democracy, the fate of democracy is on the line at this election. is it and how so? we'll look. i mean, i think we're young democracy. i think people think about our democracy is beginning when our country began, but it really didn't begin until 1955. so we are very young. you were to play 1950 . yes. up. sorry. so the voting rights act of 1965 really i

we have always kept bnb separate. >> i know you guys did release some and the thought of being transparentsome of this last week. the analysis of it, the $75 billion of some of those coins you have, 40% are your own branded stablecoin and native coin, 6.4 billion in the binance coin how much of those were floating? what were the last tranches that were out it sounds to me like ftx was using money and giving it to other people and telling them to turn around and invest in his coins that gave them a ridiculous markup on those where do you get those valuations how confident are you that those marks are real >> i think you're confusing a couple things which might be a common misconception out there the assets we disclose are 100% user assets. it means users were holding that on our platform. we don't do any conversion it's just -- it's just how it is we don't have any reserve issues we don't have to cover back and forth. and also, busd is not issued by binance. it's issued by paxos it's a regulated entity in new york. >> how much do you hold again? you said it's about 30% you were just saying

confident that it can be the bottom how can you be confident of that, what do you know about cz, aboutme bnb, how do you know that it is not leveraged? we just had someone from another exchange who hasn't even published their board of directors, you invested in ftx and that wasn't a wise choice. under you did due diligence, but clearly it unit wasn't enough. >> you know, no, i mean, look, it was a terrible investment 100% and i lost my money i get it i'm a diversified investor i make mistakes. this is one of them. but it won't happen again. if i'm going to put serious capital to work in a broker dealer, in an exchange, it will be one that is regulated and has transparency and the same rules of test that every other exchange that deals in stocks and bonds has. because, you know, everybody is saying the same thing. it is great to be a retail investor and trade in crypto so good for them but every snufgs oougs al instr will say i'm going to wait for the s.e.c. or whoever it will be, the fed or whoever to regulate this stuff. this is actually a turning point for this industry. it is a maturation

seeing the scams on a variety of blockchains including tron and bitcoin and ethereum and polygon and bnbrauds based on indicators on advertised returns and profits and pyramid like structures and operators the scheme and the web site meta data itself. it is not naming the organizations behind the alleged frauds to not interfere with any ongoing investigations the firm has communicated whati there is no telling if they see the money back or if they ever will back to you. >> thank god for your new beat, eamon. >> a lot going on out there, joe. people piled into the asset thinking it will go up and up. off to the moon. all the memes. when the water recedes, it can be ugly. the question is where is the safe harbor. the report from trm shows a lot of things out there that are still yet to go belly up a lot more danger on the horizon. we with will see whether there are safe harbors in crypto for anybody. we are uncovering more and more fraud. >> leverage. the "l" word the under lying asset and if there was no leverage associated, would we be in the same boat? i'm not sure >> the human cycle, j