The transcript below is auto generated by an AI. Although the transcription is largely accurate, in some cases it is incomplete or inaccurate due to inaudible passages or transcription errors. Please excuse any tpyos.

Lee A Schneider
Welcome everybody we have a great panel today on this owl explains hootenanny we're going to be talking with senior people at some of the major trade associations dealing with blockchain crypto assets and web 3 I'll let each of our panelists introduce themselves but before they do I'm Lee Schneider on the general council here at avalabs and 1 of the hopefully wise owls behind owl explains. We're very excited about our hoot nanny today and especially because we have such terrific folks. Allison why don't you start off introducing yourself.

Alison Mangiero
Sure. Thanks Lee I'm very excited to be on today. My name is Allison Mangiero I am the executive director of the proof of stake alliance which we often call posa posa is an action oriented nonprofit alliance that basically is laser focused on. Staking and proof of stake ecosystems and the public policies that affect them. We are hoping that we can help to foster some innovation. Um and keep that innovation here in the us and globally and to do that. Basically we bring together industry leaders, legal experts. Um. And other industry participants to help fight for fair regulation and allow these proof of stake ecosystems to flourish.

Lee A Schneider
Um, great Kristen over to you.

Kristin Smith
Yeah, thanks Lee my name is Kristen Smith I'm the Ceo of blockchain association which is a trade association representing more than a hundred companies who are working in the crypto ecosystem ranging from software developers to wallet providers to exchanges to early stage investors. Ah, we're based here in Washington Dc and primarily work on federal policy both in terms of developing the industry's positions but also advancing those positions with congress regulators in the courts.

Lee A Schneider
Um, awesome. Okay Marina you're up.

Marina Markezic
Hi everyone. My name is Marina and I'm a co-founder and a director of the european group initiative which is an independent advocacy group based in Brussels we were born at the time where the markets incry assets regulation was issued. So. We're really much focusing on that in the last two years working with different institutions and regulators in this area and we continue to respond and engage with regulators when it comes to regulation that does affect. Crypto assets blockchain and other entities.

Lee A Schneider
Um, great and Tomaso last but not least.

Tommaso Astazi
Thank you Lee! Thanks everyone and it's great to be here. My name is Tommaso Astazi I'm the head of regulatory affairs at Blockchain for europe which is one of the others Brussels -based trade association representing the blockchain and crypto sector. Um I guess. Ah, we also do some of the things that my fellow panelists mentioned here just before me. Of course we are very much involved in the legislative making process in the european union when on everything that touches upon the blockchain in crypto sector and of course we are helping and regulators understand what we are trying to build in this sector everything that is great about web 3 and making sure also that the industry understands the policymakers as well. So it's great to be here and be part of this conversation.

Lee A Schneider
Really terrific. Well I am fortunate to know all 4 of you pretty well and have had great interactions with all of you over the course of the last number of years so thank you very much for joining us today. Let's start off with a question about policy priorities. Ah, for each of your organizations are sort of the 3 main policy priorities for the rest of 2023 maybe I'll mix it up a little bit instead of going in alphabetical order marina why don't we start with you this time and we'll ah well. Play fast and loose with the order now.

Marina Markezic
Yes, of course, thank you so much Lee so as you well know in the eu there is a lot of things happening this year so we're trying to cover most of it. But the most important thing is we'll have. The final voting on the marketing group justice regulation this week on the twentieth of April what means is that after this voting and even now it's started already. There's a secondary technical process within our agencies asma. And Eba so the european securities agency and european banking agency that is working on the so-called technical aspects on the secondary phase of Nia so that's definitely something that is quite important and there's going to be a lot of. Regulator regulatory guidance and standards issued by these bodies and they might be as important as as as the regulation that has been finalized right now. The second part is I'm I'm sure that ah tomao I see his nodding ah and will add similar topics. But. The most important I would say is at the moment in Europe is the Aml package which is confirmed with the aml regulation the ml directive and also the ammo agency regulation a part of it of course is covering for to us and so this is extremely important. For everyone in the industry and the third one is I would say a mix of regulations and laws that are impacting the product and also the I would say developers in the space. So we're talking about the data act that might be mentioning smart contracts on. Dlt we're talking about a product liability directive or cyber resilience. So those are all laws that might be also very very important for developers or software developers in this space. So.

Lee A Schneider
So great. Thank you marina let's ah switch over to the us Kristin what are what are the folks at Blockchain Association focused on 3 3 priorities.

Kristin Smith
Well we have we have more than 3 priorities. Unfortunately here in Washington but I think the 3 the top 3 I'm most most excited about the first one is stablecoin legislation. You know the us we've had.

Lee A Schneider
So top 3 is all we need.

Kristin Smith
People within government and within industry call for the need for a federal regulatory framework for stablecoins I think this is an issue area where congress and treasury and the white house have done a lot of work to try to identify the gaps. And we see the house financial services committee in congress holding hearings and advancing legislation. So this is one that I do think actually has a chance of becoming law this congress and one that we're working on and supporting that effort here at Blockchain Association I think number two is what we're calling market structure legislation right? That's figuring out what is the appropriate who is the appropriate federal regulator you know which agency and what should that structure look like and I think by doing this market structure legislation. We can also answer this critical question about how to classify different. Crypto assets whether they're security or a commodity. So I think that legislative effort is something that is starting to get started. Um, you know there needs to be more hearings. There needs to be more education on it. But I think moving the ball forward on that issue is probably our second priority and then the third. Priority is quite frankly one that really didn't exist at the start of the year but it's something we're watching very closely and that is this issue of the debanking of crypto companies in the United States um the issue has seemed to subside a little bit but when around the collapse of Silicon Valley bank and then signature bank as well as. Closure of silvergate. It's been challenging and there's been a scramble for crypto companies to open bank accounts so that they can pay their employees and pay you know their taxes and whatnot and so that's an issue that we're watching closely we're trying to gather more information We have a tip line open on that front and so. You know that might be an issue that sort of solves itself and goes away or we may find that there is ah you know sort of a broader government led effort against crypto going on in which case you know we would look to see just a different policy levers to see if we can address that issue So those are probably our top 3.

Lee A Schneider
So that's great. Thank you Kristen ah, let's head back over to Europe tommasso. Ah, any problems with debanking that in Europe that that you all are facing.

Tommaso Astazi
ah well yeah that is ah obviously ah a very important issue that we are keeping an eye on I think the banking is obviously an area where we may see a lot more of potential issues coming up so that is also discussion that is happening at the European Union level indeed. Um, but probably is not as formed as it is in the us already so that it's ah something that in any case is good to keep an eye on in terms of the other policy priorities I have to say I'm I'm glad to hear as usual that you know we are in alignment obviously with marina and the work that they're doing at the Uci because obviously. I really touched upon 2 of the 3 priorities that I wanted to to mention today being of course the aml regulation discussion which remains quite important because we are still trying to tackle how to potentially introduce kwac requirements and other aml. Ah, rules on to this new sector of the cryptoos and markets of course policymakers try to introduce rules as they know them as they've been applying them so far but obviously that doesn't always work in new innovative markets. So aml regulation remain obviously a great priority. And the work of the level 2 legislation as marina was mentioning from the different european supervisory authorities will be critical to define really what the future regulatory framework for cryp to us. It's in Europe will be but then maybe I will mention something else which of course I know also the uci and everyone here. Is ah very much involved and working on is of course the potential idea of how to regulate defi right? So as we know at least the European Union decided to keep defi outside of the regulatory scope for now there is still some questions that need to be addressed on the actual scope of application of the rules. But that doesn't mean that regulators and policymakers in Europe and elsewhere will not of course try to potentially regulate defi and we know exactly of course what is happening now in the Us but in Europe at least we have the understanding from the european commission that they are happy to first understand. Um, the device sector properly before actually proposing rules. So right now we are operating space in this window of time and basically are coordinating the input from the industry to try and put forward some ideas some proposals that policymakers could actually be using them in their future. And suggestions on how to actually regulate defi so I will stop myself there but I think those are already a few important points that we will be looking on for 2023.

Lee A Schneider
That's great. Thank you very much tomaso. So Allison over to you and back to the us obviously proof of stake alliance is a little bit more focused on layer 1 protocols proof of stake issues. Let us know what are what are sort of the 3 top priorities that you all are looking at right now.

Alison Mangiero
Right? So I think in terms of our priorities for 2023 mean first of all, as Kristen said, there's there. There are many many priorities that one would have um or could have but I think in terms of our focus. Ah 3 things first and starting broad. Um, we're still very focused on general education on what staking is and what it is not We're seeing a tendency to conflate staking with lending which worries us a lot or just lumping staking in with other what some people call yield generating activities I wouldn't even classify staking rewards as being. Something akin to those other activities. But I think we still have a ways to go in terms of educating lawmakers regulators and the general public about what proof of stake is and what staking is because I think that term has even been co-opted amongst. Some of us in the industry to mean things that it traditionally has not meant in terms of securing a protocol. So I think just going back to basics step one. Let's kind of take a step back and explain what these proof of stake blockchains are how they function why staking is crucial in order for them to continue to function in the future. And then we can kind of go from there so that would be priority number one second priority is ensuring that staking as a service providers are viewed as providing the technical services that they're actually offering and not viewed as offering financial services or investment contracts. Um, we're seeing some kind of troubling language about this. This is something that post has been working on actually since 2019 producing legal opinions about what the actual activities of these staking as the service providers are so there's a lot of talk and and again we're obviously very focused on market structure as well. But there's talk about. Whether something is a security or a commodity. We've heard comments that by virtue of ethereum transitioning to proof of stake that somehow turned you know ether into a security which obviously we fundamentally disagree with so I think we have a ways to go in terms of. Um, arguments about particular staking arrangements maybe being securities or implicating the securities laws and also just getting the word out about these underlying tokens and what should be used in that analysis right? So that's a second priority for us and then third um apropos of tax day today um is tax and focusing on. Appropriate taxation of staking rewards and of receipt tokens in liquid staking protocols and ecosystems so those are the main things that we're focused on. Obviously we're keeping an eye on everything else that's going on. But um, that's those are our main focuses.

Lee A Schneider
That's great. So it sounds like um, everybody's working on similar things. But there are differences and nuances to what's going on the other thing that that impressed me about all of your answers is the breadth of things that are at issue here right. We're talking about securities versus commodities. We're talking about anti-money laundering issues. We're talking about. You know what would wallet providers have to do what are staking providers doing what does staking mean. So it. It sounds like the world is is using blockchain in in many different ways. Um the next question that I had for all of you was ah do you have a recommendation for policymakers or regulators of sort of a. Easy thing that they could focus on this year get it done and it's something that would make some real incremental progress. Um, let's see I think marina I started with you last time. So. Why don't we let tomasso go first this time and then and we'll take it from there. So.

Tommaso Astazi
Sure? Thankfully and I hope not to steal the you know the point from marina this time but I think the one at least in Europe the 1 issue that we have right now in front of us and that could be potentially easily solved is actually on the data act. Right? So the data act as we discussed and marina was mentioning is an important file that however didn't really wasn't really meant to be super important for the crypto sector and the blockchain sector is ah the data act is a file that is basically creating a new framework for data sharing. Between participants in the iot industry and other seminar industry where there is supposed to be data sharing between different companies for example and the problem there is that the european commission decided to use the terms mar contract for describing something that is more akin to. Data sharing agreements ah through potentially Apis or other tools like that and they decided to use the word smart contract because they realized that they actually wanted to give a role or to identify a role for smart contracts to ah automate. Potential economic relationships data sharing agreements and other activities like that. So Obviously we were happy to see the fact that the European commission sold. Ah this innovation of smart contracts as an interesting tool that could be used also from the traditional industry. But then at the same time. The European commission thought that for the traditional industry to trust Smart contracts. They should have ah these smart contracts used in this very specific context right of the data data sharing agreements should have complied with certain requirements and these requirements. Are meant to be safeguards. Basically for the participants of these data sharing agreements to be using these smart contracts safely and trusting the smart contracts the problem here. This sounds all nice and fine right? until you actually end up reading the requirements and the requirements themselves. Unfortunately. Are to ah for smart Contracts Developers. So for Developers developers of this of the software to actually make sure that these have for example, Adsys mechanism or the so-called Kill Switchches. So ah, tools to interrupt the sharing of data in that Case. So. Obviously the industry got quite worried about this and together actually with the Uci we are looking at this issue and we will be um, doing more of an advocacy push right now on this important piece of legislation. But the main point here is that we only want to see clarification. That this file this data act and these requirements for smart contracts are not meant to apply for any smart contract developed in Europe or deployed in Europe or used on permissionless public blockchains. So that's really the the substance of everything of this of this point. So. This is why we think that is actually something easy to to achieve because the policymakers involved in Europe in this discussion. They only simply need to clarify this intention that they never really meant to regulate smart contracts more widely more broadly than that. So we're not. We don't think we're asking too much. But at the same time. It's something very important because we want to see this final legal tax that clearly states what these requirements should be applied to so that we actually can reassure the blockchain industry the wider ecosystem. That they will not have to comply with this requirement that not that not every smart contract out there will now need to comply with these requirements if to be used in Europe because that's not the case.

Lee A Schneider
So great. Thank you very much tomasso. Maybe we'll we'll stay in Europe and marina if you have anything you want to add to what tomaso said about the the data act issue. But also what is your ah 1 easy thing that you think. Policymakers or regulators could be focused on this this year and

Marina Markezic
Yes, I absolutely agree with what tomaza said and just I think he explained it very very nicely I think there is there is this thing about terminology and I know that you have already mentioned it and thought about it in your 3 section. I know we're going to discuss about it later but it's um, even our explains is is of course very much aware. The terminology is important and I think that many times we come from in a way our point of view so we are using smart contracts of course in this industry in a specific way. Um, maybe the term is not the best it not really representing what it is because it's just again lines of code but at the same time there are other parts and other industries that can be seen as again smart contact more of a descent more of a. Yeah, digital contract. Not really in in the sense that we're using it. So that's definitely something that we need to keep in mind. Also going forward. Maybe what I would say is that in a way it seems easy but but it might be a little bit more complicated. Um. It's again, continuing with this legacy that we have from Mika. So again Mika is finalized politically agreed upon we have all these rules written in the last in the last version It's also public so you can all access. It. But what is happening again now is with asthma and other national competent authorities. How are they going to interpret the rules that we have today. So as you know the way homika defines crypto assets is that we have different kinds of crypto assets. We have. Sayable coins. It can be e moneyi token or message reference tokens. We're also speaking about non-fungible tokens for example and those are excluded from the from the regulation which is I would say a pretty good news. But again, um. We need to understand what are the non-fungible tokens they are defined in the in Mika. But at the same time we don't know really where is the mind. So what token is a non-fungible one how many can we issue in a badge etc can be very I would say simple. Um, but at the same time again looking into into how the guidance from asthma is going to be finalized but I would say that also ideally what would happen is also in way coordination and communication between national conbant authoritiesities because those are going to be. Really really important later on when we're going to basically apply apply for licenses or even just um, send white papers for them to looking to before so before issuing tokens. So. Again, Secondary level of of me kind limitation.

Lee A Schneider
That's great. Thank you very much Marina Kristen let's head over to the us and anything easy. You think that we can do in the US that policymakers can do in the us this year

Kristin Smith
Yeah I think the easy thing policymakers can do is not overreact I think what we are seeing right now are a lot of efforts that are sort of ah a response to some of the events of 2022 I mean we're pretty far into 2023 now, but you know between 3 arrows capital and terraluna and particularly the sort of spectacular collapse of ftx I think there are a lot of policymakers both in congress and at the regulatory agencies in the Us. . feel like they have a little bit of egg on their face because they were very close with ftx. They're very close with Sam Bakman freed and they they were duped right? I mean it turns out that whole thing was a fraud. So I think that as a result we're seeing a lot of particularly on the regulatory side but now in congress as well. Lawmakers that are trying to jump in to crack. Down on crypto and they're putting forward legislative proposals that don't have a true understanding of what defi is or what self-custody is or even the regulatory framework that already exists for centralized exchanges and so my my 1 thing is you know don't do anything until you've had a chance to you know first. Ah, really understand the technology and have actually accurately identified the risks that we need regulation for like we don't have regulation for regulations sake. We have regulation to address specific risks. In an ecosystem and so that my one easy thing is to to take a deep breath don't overreact and take time to learn about this this growing technology exactly.

Lee A Schneider
So yeah, that's great and they can always go to theowlexplains.com website to learn a lot and where we we are very pleased to be part of that educational process. Um, and by the way they probably shouldn't overreact to the quote unquote banking crisis either. So.

Alison Mangiero
With.

Lee A Schneider
Everybody was ah was fond of bashing what was going on in crypto and Blockchain. Um, and then all of a sudden along came the traditional financial system which is supposed to be incredibly stable and well-run and give us a little bit of a little bit of run for our money there for a little while. Beginning of this year Allison over to you.

Alison Mangiero
Well, you know that was supposed to be our fault too Lee but we'll we'll bracket that discussion for another day in terms of the way that that's being framed. Um, yeah I I agree with everything that Kristen said um I think the the.

Lee A Schneider
And indeed indeed.

Alison Mangiero
Mood in Washington and the way that people are describing crypto and the the facts that people feel like they need to do something is a big problem. Um, that said I think there are a couple of maybe potentially easy things that could be done and one I think. There's some hope for sensible stablecoin legislation and I know that you know Kristen and her team have been working very hard in terms of education on that front and the other thing I think could be an easy thing that could potentially get done or maybe easy things that could potentially be done are small fixes. Like you know finalizing the the broker fix for the infrastructure bill. Um, one of the issues that we've been working on is this taxation of staking reminding and mining rewards. You know, just small wins I think it's better for us to focus on here this year and continuing the education so that there isn't anything that is. Done that we might regret later so that's that's what I think would be the easy thing to do.

Lee A Schneider
That yeah, that's terrific again. A nice diversity of answers because a nice diversity of different things that are going on. Um, before we wrap up I kind of plug ah owl explains initiative that we have ongoing called the tree of web 3 wisdom. You can find it on theowlexplains.com website and I know I gave all of you a chance to take a look at our thinking there we do have 5 main branches for the tree and then explanations of each of those branches just quickly the first branches understand the technology. The second branch is beware of misconceptions. The third branch is classify tokens sensibly the fourth branch is enact context-appropriate regulation and the fifth branch is think global. Um, and by the way we've got our owl sitting on the second branch I don't know why we decided to have him sitting on the second branch. But maybe we'll have him moving around to different branches to show off the different. Ah the different branches as important at different times. Um, but would love to get reactions. Ah from each of you as to you know was there one branch that stood out to you and if so why was that? um Allison maybe we'll start with you. Okay.

Alison Mangiero
So I Think there's a reason why the owl is sitting on the second branch because I I Honestly think the most important one for us in the work that we do is this beware of misconceptions and of course you obviously have to. Folks on the first branch and understand the technology if you are going to correct those misconceptions and use appropriate terminology. But I think so much of the uphill battle that we face is that one I think the vast majority of the general public still does not understand the technology and to the extent that they've heard about it. There are these pervasive misconceptions. So I I think for us the most important thing that we can possibly be doing is focusing on the second branch of that tree. They're all they're all important and all wonderful, but but I would say our particular focus is saying like. Who are these base layer participants. What is a proof of stake Blockchain I mean we need to really really go back to basics and reclaim some of the terminology that I think has been co-opted which is the line of everything I've said thus far so perhaps unsurprisingly I would say we're we're largely focused on the second to the second branch.

Lee A Schneider
Okay, well, that's terrific I'm glad the owl was prophetic in in where in where it was sitting. Ah Kristen how about you.

Kristin Smith
Yeah, no I mean listen all of them resonate with me because I think this is you know, kind of outlines the process that we need in order to get good regulation. Not just here in the yeah us, but but all around the world I think you know. For me the the first branch about really understanding. The technology is probably the most important and I think that's why this effort is I think so wonderful because you know a lot of people you know in the policy community they like to skip to. Ah, you know, kind of figuring out what the solution might be or you know getting people kind of riled up and calling in congress and and the reality is there's actually a tremendous amount of work that has to be done for policymakers to have the amount of knowledge that they need to make good policy and this isn't something. That can be done in with 1 explanation or with one 20 minute meeting this is really new and for policymakers it's hard right? I mean I know I've been in the industry for about five and a half or six years now and I'm still learning about things every day right? and it's my full-time job. So. Um, the the education work is maybe not as glamorous. It's incredibly time consuming and it requires meeting the policymaker where they're at and so constantly going back having conversations not just with the same 10 or 20 policymakers who've expressed interest in this space but really working to like. And that group I think you know is is really important and so understanding the technology to me I think is the very appropriate first step and and one that is going to be ongoing for some time.

Lee A Schneider
So that's great marina over to you.

Marina Markezic
And those were very very interesting comments and I agree with all of them I might use another animal metaphor that we're using in the space which is a duck. Um, so many times we're saying if it quarks like a duck and it walks like a duck then it's a duck. Which um I would say the lawyers and regulators are kind of used to that metaphor but many times we need to explain it to maybe somebody that has a more technical background or software developers and going back to I would say the first second and also the fourth um part of of the tree of wisdom. Is understanding the technology understanding the misconceptions but really understanding the risks. So how are the risks different for example between different applications between centralized applications versus decentralized applications and that is especially important as tomaso mentioned before. With the upcoming potential defi. Um, at least I would say regulation or taking into account how defi works um say within Europe but also globally and really understanding. What could be the technical equivalent of the regulation that we have today. So if there is. Specific policy goal that was achieved in the past by writing something now on a paper. Can it be achieved by using a technical aspect of what we are using today to basically come up to the same solution but in a war I would say automatized or digitalized way. So that's the hope. Ah, would save for the future of policy regulation and.

Lee A Schneider
That's great marina and as a bird watchter I I really actually don't like it when people use that walks like a duck quacks like a duck analogy because by golly it could be a Red Breastted Merg answer you don't know because you're not a bird watchcher. So i. Totally reject that that that idea as that's how we should figure out how to regulate things. Um, tomaso why don't you bring us home. So.

Tommaso Astazi
Sure happy to and I have to say of course it's tough to disagree with anything that was said by my fellow panelists today but also in general with the with the wisdom of web tree sorry the the trio web free wisdom I think in general those are exactly those 5 areas are I think it's. Exactly how we see our work at least I'm I'm sure I can talk on the behalf of the other associations as well. Those are exactly the 5 key principles that we try to integrate into our work right? So obviously as Kirsten was saying the education piece is probably the most important one because there is still a lot of education work to be done. And both ah for the policymakers that are working to regulate our sector but also generally speaking everybody needs to actually educate to be educated on this topic. It's a new technology for all of us and we even though we like to think ourselves as adspers as we're saying we're learning something new every day. I just learned a lot of new things in this 30 minutes of conversations so obviously education remained the most important thing but then I would also agree I would say with Allison that misconceptions are than what is actually. Slowing down our efforts probably so fighting those misconceptions talking with with the with the wider public with the industry on you know, making sure that everybody really understand what is happening and what is not happening what is true about this sector.

Tommaso Astazi
And I can think of a lot of examples. But for you know, 1 of the most recent one that we've been working on is the sustainability of this sector right? So and the sustainability of this sector is and obviously ah, a super important issue because climate change is ah a fundamental issue that we should all be focusing on. But there is so many misconceptions about the energy impact of our sector First of all but also on the initiative divs that are being developed within the sector to improve on that aspect and then finally I think the most important and interesting aspect. There is how can we actually use blockchain technology. To achieve those sustainable sustainable objectives climate change mitigation initiatives and things like that right? So that's the kind of work that I think we should all continue to be doing to showcase that this technology can really help us in achieving the other policy objectives. That we already have and I'll conclude just by saying that the global aspects the the global dimension is obviously still critical because obviously we are happy to see how the European Union moved in that space with the marketing crypto assets regulation. This idea that we now have a comprehensive regulatory framework that will probably attract even companies to come and and and work and develop in Europe and I would be actually interested to to hear from our colleagues in the us if what they think about that. But so you know even though the european union may have.

Tommaso Astazi
Done something Good is not going to be enough if the rest of the world doesn't somehow also move in the same direction with different approaches for sure, but with some common standards and understanding that is the only way that this global sector can actually operate effectively. Ah, in a regulated way and complying of course with important policy objectives that policymakers and regulators around the world will set but without stopping innovation at the national Borders right? because in the end we are all looking at this from a very global perspective and I think I would like to Just. Ah. Thank once again, Li and the olets playing team for this initiative because this is exactly what we need to do to achieve that that continue talking between the Us the Eu and the other stakeholders all over the world to really see a comprehensive common regulatory approach to this sector.

Lee A Schneider
Well I will say I was very excited to get all of you on the same podcast together and you exceeded my expectations. This was a really terrific conversation. It's great to hear all of the different things that people are focused on. Plus the similarities and the common themes that we heard today amongst all of you so much appreciation and look you all are doing great work and ah we at avalabs and owl explains appreciate everything that you all are doing so. Keep up the good work. We will continue to support and help and be part of the conversation. Thank you all.

Tommaso Astazi
Thank you so much.

Alison Mangiero
Thanks Lee.

Kristin Smith
Thanks Lee.

Marina Markezic
So thank you.