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    Francisco Gimeno - BC Analyst Interesting discussion. What is coming in US with the SEC and White House guidelines things are going to change a lot. For Fed all tokens except BTC are securities, and should be regulated not just registered. This is going to be a long process and many will just come out from the US market. But companies and exchanges will have to register. The issue of decentralisation will probably come to a peak during this transformation. Short term we are not very sure if SEC really want to regulate and allow development and growth or wants to regulate to put bureaucratic hurdles to protect traditional finance or protect the future CBDC of the country against any other coin or tokens.