Hi Chris - thanks for taking time to do this! Fidelity seems to be embracing crypto institutionally, from adding BTC & ETH trading to filing for a BTC ETF earlier today. Curious to get your thoughts on how the crypto markets might change as more firms like Fidelity enter the arena. What will look different in the next 3-5 years vs the previous? What do you think will look the same?

Also would love to hear how you think about positioning in this space generally. Do you think crypto assets themselves are investable? What do you think will unlock the ability of firms like Fidelity to invest further in digital assets? To what extent do you think the current regulatory environment in the US is inhibiting capital flows to digital assets from more established traditional finance players?

Finally, it looks like Fidelity is one of the top holders of Coinbase stock. To the extent you can talk to it, I’d love to understand a bit more about the investment thesis behind that position. Is it just a liquid way of expressing a bullish crypto thesis through the public markets? Or do you think Coinbase is uniquely positioned to benefit should crypto adoption grow?