Mr. Gerry Cross:

For us, the absolute requirement is that whatever activities are taking place in this jurisdiction, they are well regulated and the activities are effectively overseen. The Senator said that crypto is only speculation, but it is important to say that certain types of crypto are only speculation. As the Central Bank Governor, Mr. Makhlouf, mentioned earlier, there is a range of some crypto that are backed one-to-one by currencies, and they are used for payment purposes and are used within the virtual worlds, for example, for gaming and so on. There is such a range. The issue around the energy consumption is now a very heightened concern and one sees that evolution to a proof of stake and other ways of getting around some of those energy problems. It is important, however, to go back to that point about there being a differentiated context, without taking away from the importance of the risks that the Senator has identified.