have again, we spoke with sei, the secret service, dea, ice, fbic, occ, irs, the federal reserve, ncua -- >> and they all have sophisticated mean sns. >> yeah. >> we did consult from the consumer perspective. we've consulted with all of them as we can. this is developing an innovative arena and we were lucky to be able to cover it under pre-existing regulations. as we talked to our counter person, as well, with the last portion of your question, there is great interest by fellow regulators as they're trying to get their heads around what is this and what does it mean, our german counter parts, like us, and other coup tris, thus far, have been asking us what we see and financial aspect pass ports which is aml, standing setting bodies in an international community plans to take us this topic. >> in answer to your first question about the level of regulation, that's exactly what the states are trying to do with states and local regulators to make sure we have an appropriate level of oversight and supervisan

issue, we spoke with fbi, the secret e, service, d.e.a., ice, fdic, occ irs, the federal reserve, ncua -- and -- ticate >> andd they all this sophisticated opinions? >> now, that i'll let them answer. but we did consult with -- including cfpb from the consumer fraud perspective. but you know, we've consulted with all of them as we can. this is a developing and innovative arena. we were lucky to be able to cover it under our pre-existingi ralss. as we talk to our counterparts abroad which was the last portion of your question there is great interest in federal s regulators abroad as they try ts get into what is this and what does this mean p. our german counterparts like usl had fairly flexible regulations in place that they could fit this within pre-existing regulations. so they've done so. and other countries thus far have been asking us to see whats we're doing and why. and finally i understand the financial action task force, ps which is the aml standard-setting body for the p international community plans to take up this topic. >> mr. cotney? >> in answer to your first question abo

have again, we spoke with sei, the secret service, dea, ice, fbic, occ, irs, the federal reserve, ncua -- >> and they all have sophisticated mean sns. >> yeah. >> we did consult from the consumer perspective. we've consulted with all of them as we can. this is developing an innovative arena and we were lucky to be able to cover it under pre-existing regulations. as we talked to our counter person, as well, with the last portion of your question, there is great interest by fellow regulators as they're trying to get their heads around what is this and what does it mean, our german counter parts, like us, and other coup tris, thus far, have been asking us what we see and financial aspect pass ports which is aml, standing setting bodies in an international community plans to take us this topic. >> in answer to your first question about the level of regulation, that's exactly what the states are trying to do with states and local regulators to make sure we have an appropriate level of oversight and supervision and if we have the tools to protect and prevent illegal activity. in terms of you

and issue, we spoke with the fbi, secret service, dea, i.c.e., fdic, occ, irs, the federal reserve, ncua -- >> they all have sophisticated opinions? >> yeah. [laughter] that, i'll let them answer, but we consulted with, and cftb from the consumer fraud perspective, but we've consulted with all of them as we can. it's a developing, innovative arena, and, again, lucky to cover it under preexisting regulations. talking to counterparts abroad, the last portion of the question, there is great interest by fellow regulators abroad, and they are trying to get their heads around what is this, what does it mean, and our german counterparts like us have flexible regulations in place to fit this within preexisting regulations, and so they've done so, and other countries thus far ask to see what we're doing and why, and the financial task force, the aml standard setting body for the international community plans to take up the topic. >> in answer to your first question about the level of regulation, that's what the states are trying to do by working with our colleagues, state and federal regulators,