1) Changing the dialogue

2) For a long while, relations between the crypto industry and regulators were... not great.

The negative interactions and frustrations way outweighed the productive discussions.

Partially this was because of a lack of clarity. Partially, the industry didn't try to cooperate.

3) And that led, among other things, to a really negative impression of crypto in DC.

But things are starting to change, at least in the US.

4) Partially it's just natural progress, and partially it's competition from other jurisdictions (e.g. The Bahamas).

But also, for the first time, the crypto industry has come to the table to work constructively with lawmakers and regulators.

5) I've spent a good fraction of the last year there, answering questions and learning as much as I can about the regulatory pathways in the US.

That's dwarfed, though, by the expertise of @MarkWetjen, @zachdex, @_Ryne_Miller, @Brett_FTXUS, and the rest of the FTX US team.

6) And constructive conversations between industry and regulators can lead to great outcomes for everyone--the customer, the financial system, and the industry.

Things like this would have been hard to imagine a year ago:

7) But more than anything else, this progress wouldn't have been possible without the support of the industry.

And I was worried that we would end up in DC without industry support, with the rest of the industry fighting against regulatory progress.

But that didn't happen.

8) Instead, the bulk of the crypto industry--and the bulk of the community--has been supportive and excited; that regulatory oversight, *as long as it's thoughtfully done*, is the right thing for the world.

9) I don't want to make uniform statements. Not all of the industry has been supportive, just as not all regulatory efforts are appropriate and thoughtful.

But, by and large, when everyone's come to the table willing to talk, the discussions have been fruitful, at least in DC.

10) And as part of the world looks like it might have its stability tested, hopefully--well, really, hopefully everything turns out fine. But if it doesn't, hopefully digital assets can provide international financial access to those who need it in a time of crisis.

11) Anyway, a huge thanks to the community for its support, and to the regulators and lawmakers who are engaging constructively and carefully.

And to those who helped make February a historic month for the industry:

12) Finally, a reminder that you can find our policy papers and information at ftxpolicy.com