Thank you.
As Madame Bouchard said, crypto has seen the appearance of new intermediaries. I think two are particularly important for achieving trust in the ecosystem. Those are exchanges, or virtual asset service providers, and stablecoin issuers.
In the case of exchanges, it's particularly important to ensure that appropriate supervisory regimes exist around the segregation of customer assets. One reason the failure of FTX was so challenging was the commingling of FTX assets and customer assets in inappropriate ways.
With respect to stablecoin issuers, it's critical that the stabilization mechanism underlying that stablecoin be effectively monitored to ensure that the stablecoin is appropriately collateralized, either by being wholly collateralized by bank deposits in the case of an e-money type of stablecoin, or by being issued by a bank institution in the case of a tokenized, deposit-style stablecoin.
Thank you.