let's bring in owen lau, senior analyst at oppenheimer. owen, it's great to have you. it's interesting that coin bases down 5% today. what explains that? >> sometimes it's hard to talk about it day by day, and if you look at the last three months, coinbase and bitcoin has been up a lot. partly extreme on a daily basis, but over the one week, the stock and the bitcoin is up a lot. >> why do you think, not just bitcoin, but all of the exchanges could renovate from the rumored s.e.c. chair we are hearing about? >> i think it comes from the trump administration. the perception right now is, trump will be -- will provide more clarity to the industry on the regulation. whatever he picks on the s.e.c. chair, the person will execute his vision, so that is point number one. trump is widely perceived to be pro-bitcoin, crypto and blockchain industry. i do think that administration and policy will go down to the whole industry and enefit the whole industry, because of clarity, and that will bring more capital to the space. >> one question on crypto and one on the traditional exch