Jim Yaro

could you comment on the status of the CLARITY Act? How do you expect this bill to evolve? And what are your latest views on the impacts to the business?

Do you think we're heading into another crypto winter? How long until the cycle could begin to recover?

Could you help us think through the impacts of the crypto liquidations on October 10 on markets as well as on the various market participants?

Could you help us think about the interest-bearing dynamics within stablecoins? The GENIUS Act does not permit it, but rewards appear permitted.

Perhaps you could just speak to some of the logic behind Binance being added into the USDC partnership along with Circle and what this means for the USDC TAM?

any views on when crypto volumes and prices could stabilize at a high level

Where do you see or what are the best markets in which you plan to invest? How do you compare and contrast the attractiveness, the opportunity set in those markets

Does this result in fragmentation of liquidity across the equity market? How do you expect this market to develop? And how would you make these tokenized stocks interoperable?

Maybe you could just talk about the advantages of building this for real-world assets

what that acquisition could mean for the way you route your crypto orders in terms of internalization as well as the crypto take rate?

What role do you expect U.S. banks to play across both retail and wealth versus institutional crypto?

I wanted to return to a topic discussed on last quarter's call on your focus on accelerating marketing spend

there has been discussion among U.S. brokers and banks recently around potential AI-enabled cash optimization tools

I was hoping, Thomas, you might be able to just update us on the institutional adoption of prediction markets so far. How you plan to cater to this client set specifically

I was hoping you might be able to touch a little bit on the aspirations for a European banking license. And if so, where you are in the process of looking to get one of those?

Could you just walk us through recent geographic client acquisition trends in your view? And then specifically, the regulatory environment in China around account opening has weighed on and will co...

Could you just update us on the extent there's anything new on your aspirations in digital assets and especially any update on the 30% limit

the tokenized equity products that we are seeing across a variety of brokerages and crypto firms for European customers

the execution cost differences that you are seeing on your platform in overnight versus during market hours

any change in the appetite for US stocks since the tariff news began

the impact of retail pressure on equity market levels on your business in April, has there been any notable deleveraging

If there's deregulation of the bulge bracket prime brokers, which the market clearly expects

Your adjusted margin did rise to best-in-class 75.6%. Can it continue to rise off of these levels