Thank you, Mr. Chair, and thank you all for being here and for your testimony.
I'm going to start with Mr. Kemper. I'm paraphrasing you a little bit, but you talked about regulations not going too fast and suffocating the development of the technology moving forward, which I can certainly understand. Regarding Mr. Clark's testimony too, the opportunities for blockchain technology are certainly interesting. I think from governments to private sector, everyone's very interested in what this can mean.
My specific question is around the type of regulation that maybe other governments or places around the world have gone too far, too fast with. I say this notwithstanding Bitcoin, because I think there are other issues in that regard; but in terms of blockchain technology, do you have specific examples where you're concerned about regulations that will stifle its development?