Wednesday, 25 March 2026
Stablecoins are no longer experimental; they are becoming a core part of global finance, raising new questions about regulation, monetary sovereignty, and the future of financial infrastructure. In this episode of Macro Matters, Heath Tarbert joins Emily Slater to discuss the rise of stablecoins, the evolving regulatory frameworks, and how global approaches—from Washington to Singapore—are shaping the next phase of digital finance. As the financial system begins to move onchain, what will it take to build the infrastructure and coordination needed to support it?
Heath Tarbert is the President of Circle and a member of BWC’s Advisory Council. He previously served as Assistant Secretary of the Treasury for International Markets as well as Chairman of the Commodity Futures Trading Commission (CFTC) and Special Counsel to the Senate Banking Committee.
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Transcript:
Slater: All right. Well, I’m really excited to be at Circle’s new headquarters here in New York City. Heath, thank you so much for having BWC and recording this episode of Macro Matters at your new office. This space is amazing.
Tarbert: My pleasure. It’s wonderful to be here with you, Emily.
Slater: I am, as I said, so excited to join Mr. Heath Tarbert today, who is the President of Circle. And Heath and I actually got to know each other; I think maybe when you were on Senate Banking Committee?
Tarbert: Yeah, a while back.
Slater: A while back, but certainly during your time at US Treasury when you were Assistant Secretary for international markets and we did a lot of work then on the World Bank Capital increase at that time. Yeah, I think that’s really where we got to know each other. But you also were the former Chairman of the Commodity Futures Trading Commission. You’ve had a range of positions in US government. And now of course our President of Circle Financial and have been doing a lot of work leading this really exciting growth explosion I’d really say of digital assets and stablecoins.
Tarbert: It could be a new Bretton Woods.
Slater: That’s, that’s right. That’s right. A great connection. I should say, you’ve been a member of the Bretton Woods Committee for many years.
Tarbert: I have. I think 15 years, though it was interrupted because when I became Assistant Secretary, I was told that I needed to resign.
Slater: We kicked you out.
Tarbert: You kicked me out. So during my period of, but I had joined as a I think right after the Senate Banking Committee.
Slater: Yep.
Tarbert: And then was in it and then left during my government times, but returned when I’m back in the private sector. So, it’s an honor to be part of it again.
Slater: Yeah. And happy to have you back and have you as part of BWC’s leadership team on our Advisory Council. So, really delighted to have you involved and have you more involved and really excited to dive into some of these issues today, because as I said we got to know each other working on some of BWC’s core IFI World Bank issues, but now both BWC and you are working on much different issues that we’re going to dive into today. So, why don’t we just start, a little bit of a state of play, as I said, digital assets stablecoins explosion of growth the last you know few years really becoming you know I think we’re past experimentation we’re into you know more mainstreaming of these technologies. So, give me just a little bit of sense of how you see the state of play in terms of the technologies where you see the most exciting sort of business opportunities. You know, where is Circle focusing right now?
Tarbert: Yeah, well, I mean, what what you’re seeing is a real revolution in and I would say it’s it’s not crypto. Yes, crypto is part of it and obviously we’re talking about blockchains, but what we’re really talking about is taking the monetary system and putting it on the internet for the first time. Similar to when we put video, for example, on the internet. It used to be that we all watch television through cable. Now we stream. And essentially, we’re doing that with money. And it’s blockchain technology that enables us to transfer value over the internet just like we used to, just like we currently transfer information, data and other things. And so it’s really an upgrade of our global payment system. And at Circle we, sort of, we basically describe it as the internet financial system. That the financial system that we know of today will ultimately migrate on chain to the internet-based financial system and we’ll see lots of that movement. We are in the very, very early stages, but as you said, stablecoins and other use cases are starting to take off. So while things are, we’re still in the beginning, in some ways it’s the end of the beginning with the GENIUS Act and with the world acknowledging that this is, in fact, very much the future.
Slater: So, let’s dive in on GENIUS because Circle has been, you know, a really strong advocate for there being a really responsible regulatory framework for these technologies and has been really instrumental in, I think, pushing especially the US towards that framework and now we’ve got a bit of a framework. So, tell me, from your point of view. Kind of, where do we stand with GENIUS implementation? We’ve got the kind of guard rails. We’re still sort of writing the actual regulations. Where do things stand? How are you navigating that here in the US?
Tarbert: Yeah, so it’s always been important to Circle since day one. And Circle is not an overnight success. Circle was actually founded close to 13 years ago. With Jeremy Allaire, our chairman, co-founder, and CEO’s vision.
Slater: I remember a BWC event in 2015.
Tarbert: Wow. Okay, yes.
Slater: With Circle just being very nascent.
Tarbert: Yeah. And, and while Jeremy and others who founded the company I think really understood the technology, they also understood which I think makes them marketly different from many entrepreneurs that we’ve seen successful ones and unsuccessful ones. That, for this really to work, not only did you need to have the best technology but, it also needed to comport with laws and regulations and it needed to be a trusted form of money. And so alongside the technological development, Circle has, has been pushing for sound regulation. That’s one of the reasons that attracted me to this company. Having, been a regulator myself, the idea was if, if this is actually going to take off and we are going to transform the financial system, we’ve got to do it in the right way with the right safeguards. So, of course, we found ourselves advocating for many of the standards that Circle had applied to itself over the years. But to be enshrined in law, the GENIUS Act, it was passed in July of last year, 2025, and now we’re in the rule writing implementation phase. So, we’ve taken that statutory text of, you know, under 100 pages, and now we’ve got hundreds of pages of proposed rules of commentary to really make sure that it’s implemented well and all of the gaps are filled in.
Slater: What do you see as some of the gaps in the act? Some could say and I would say that some of BWC’s view on this is it’s a really important first step. But there are still some gaps in the GENIUS Act and maybe, you know, needs to go further in some areas. Kind of, what are your thoughts on the, the framework as a whole? What’s left to be addressed?
Tarbert: I think the framework is very sound, it’s kind of like a house. You’ve got solid, your solid bone so to speak. But then the question is, okay, there’s needs to be capital standard there’s needs to be supervision, there needs to be interoperability, how do you actually define in detail what those rules are? That’s where we are now. We’re filling in the drywall. We’re putting in the windows and all that is really, really important. So, I think again there’s no major pieces of the GENIUS Act that I think require change. But, when Congress passed the law, it did so at a high enough level of generality that it still requires implementing regulations. And so, some of those issues and, even things like reporting. For example, transparency, monthly reporting, the attestations, all of that’s really important. But, well what are the forms for that? How do you make sure that stablecoin issuer A and stablecoin issuer B are reporting the same information, and consumers can compare between the two? All of that’s going to need to be enunciated in the regulation. And then, for example, there are other parts that the banking regulators are, are not even dealing with, but rather, FinCEN, as well as the Treasury Department on reciprocity. So, there are a bunch of gaps that need to be filled in. But again, I think this GENIUS Act is a strong framework that I think gives the government everything it needs, so we can actually implement it and put it into practice.
Slater: Sort of, what is the time horizon for all of this, right, in terms of GENIUS Act implementation, all the specificity. Where are we at?
Tarbert: We’re doing pretty well. We have a proposed rulemaking or notice of proposed rulemaking out there. So, I think things are running its course, but obviously by 2027, 2028 this statute should be fully implemented.
Slater: Yeah. Great step forward. The other piece of legislation that’s out there in the US right now is the CLARITY Act.
Tarbert: Yes.
Slater: And there’s a little bit of drama around the CLARIY Act if I can, if I can use that word. What’s your take on this? Right, for some of us from the outside, it seems to be setting up a little bit along sort of, you know, fintech and new player lines versus traditional banking industry lines and a little bit of a clash. So, you know, how do we reconcile this issue, the issues with the CLARITY Act around sort of yield and jurisdictional issues? What’s Circle’s take on what would be a good outcome for this piece of legislation?
Tarbert: Absolutely. And maybe just take a step back. Well, the GENIUS Act dealt with payment stable coins.
Slater: Yep.
Tarbert: And pretty, pretty narrow area, but in some ways that base layer of money on the internet financial system. What does the CLARITY Act do? Well, the entire ecosystem involving digital assets beyond payment stablecoins is what the CLARITY Act is attempting to address. Digital commodities versus digital securities, exchanges, intermediaries, custody, all of those other missing pieces we need to build out that international; that internet financial system is what the CLARITY Act is addressing.
Slater: Broader market structure, yeah.
Tarbert: Broader market structure. We very much support getting CLARITY Act across the line because we think this is what we need for the United States to advance. And again, the European Union passed MiCA years ago. Other countries have come on board and so we really need that regulatory clarity, and we need it in law. We need it in an act of Congress, as opposed to regulation. The regulators can ultimately implement, like they’re doing with the GENIUS Act, but having that legal standard adopted by Congress is important. So, what are the issues there? Well, the issue that you signaled is we still have a stablecoin issue. What the GENIUS Act said, very clearly, is that a stablecoin issuer should not pay interest, yield, etc. solely in connection with the holding use or retention of a payment stablecoin, the issuer. What it didn’t say is that what other people do with payment stablecoins. So, it’s very clear that Circle, for example, can’t pay yield on our payment stablecoins for folks that are just holding USDC. But we of course have large-scale distribution agreements with exchanges, with banks, with all sorts of folks around the world. And then the question is, what do they do when they have their customers who are using USDC? That is what the CLARITY Act will attempt to address. And here, you have the concerns between, I think, the exchanges on the one hand and the banks on the other hand. The exchanges have been offering rewards on payment stablecoins including USDC for some time now. I think Circle’s position is that is a good and healthy thing. The banks are worried about deposit flight. I think when you look at the data, we don’t see deposit flight. If anything, our general view is that more and more money is coming into the US financial system. We’ll probably talk about this a little bit later, but many of the people that are actually purchasing USDC are not in America.
Slater: Yeah.
Tarbert: Right. They are overseas who large companies, sovereign wealth funds, all these folks can get their hands on dollars, but many people cannot get their hands on dollars. And if you live in a country that has a fragile economy or you just do international transactions and you’re subject to exorbitant fees, payment stablecoins in US dollars are a great alternative. So that’s net new money that’s coming into the United States, much of it put right into our banking system. So, I would argue that I don’t see deposit flight at all. If anything, there’s arguably a crowding in of deposits. That said, I think the banks are concerned that if someone i is out there saying, “Well, you’re going to earn interest or yield,” people might get confused. That they’re offering a bank account. And so, I think there’s a reasonable compromise out there, where the exchanges and others can offer activities-based programs, reward programs, loyalty programs, etc. But sort of idle accounts that just have payment stablecoins in them, perhaps only the banks should be able to pay interest on those. And when I say banks, I mean an FDIC insured depository institution. So, I am fairly optimistic that they’ll be able to be a compromise on this, that allows the United States to move forward and, of course, the banks themselves really need this legislation. Right now, they’re not able to get involved with custody; the banking laws are written in such a way that they don’t necessarily have the authorizations they need. So, I think once this issue is worked out, my hope is that the entire country, the traditional financial sector, the new financial sector will get on board and support this legislation.
Slater: Well, I appreciate that view. I will say that’s the first time I’ve heard of the compromise view. It has seemed to me to be a pretty entrenched side. I think from a BWC perspective, that’s what we’re always looking for, right? We’re looking for cooperation and compromise to get to optimal outcomes for everyone.
Tarbert: Absolutely. And I don’t think the US can fall behind. It’s absolutely critical. As you well know, many of our payment systems date back to the 1970s. So, we really are falling behind as a nation.
Slater: Yeah. So let’s turn a little bit globally then. You mentioned MiCA. So, I want to talk a little bit about, kind of, what are the different regulatory frameworks that are out there? We’ve talked a little bit about GENIUS and CLARITY here in the US. There’s MiCA in Europe. There’s, kind of, various approaches. I mean the UK, Asia, you know, Singapore. I mean, you’re operating in all of, you know, these different contexts. What are you what are you learning? What’s working? What’s not?
Tarbert: Yeah. So, I would say there was far more commonality among them than differences. And so that’s the good news. There’s not harmonization. So, the rules under MiCA are technically distinct and different with respect to redemptions with respect to, the, the composition of reserves and how much reserves required in banks versus how much are required in government debt instruments. And so, there are a number of differences. There’s also differences in holding reserves. For example, in Japan there’s a trust company structure.
Slater: Yeah.
Tarbert: But at the end of the day, they all seem to be very similar in the sense that number one, there has to be one for one backing. Very, very critically important. With high quality liquid assets that are effectively cash equivalents. Number two, there needs to be some degree of buffer, you know, capital or otherwise to maintain confidence. There needs to be supervision, prudential supervision. So not market regulation but some degree of more prudential supervision. And then finally, there has to be transparency and market discipline audits, as well as, you know, ensuring that the public can see what the reserves are. That is effectively the regime, as well as AMLCTF compliance too, that if you’re going to be part of the financial system, then you need to have the same degree of responsibility. So, Circle for, since we got our bit license back in 2015, the very first bit license in New York, we’ve been subject to the PATRIOT Act and have effectively had a very similar AML program as banks and other financial institutions do.
Slater: Yeah. Which is quite onerous, by the way.
Tarbert: Yes, it is indeed. It is indeed for someone who oversees that part of the company, it is indeed. We’ve invested a lot in it. And in fact, we have a scenario where some of the largest stablecoins in the world, Circle has more people in risk, compliance, and other control functions than those folks have in their entire company.
Slater: Wow.
Tarbert: So, we’ve made that investment, and we continue to invest.
Slater: You’re describing that there is commonality amongst these different, you know, kind of, frameworks, but is there really any work being done across jurisdictions? I mean, we talked about the IMF and the World Bank, right? Being those kind of institutions that are meant to do this, the FSB, BIS. Is there really any work being done yet across different jurisdictions?
Tarbert: There’s work being done yet, but I think it’s far from complete. Right now, I feel like folks are in the learning stage. They are trying to understand. Circle has given briefings to folks all around the world on the GENIUS Act. We’ve also briefed the United States back when it came out, the MiCA. And so, I would say at this point, people are still trying to understand their regime. The United Kingdom doesn’t have a regime yet, so it is still working on it. So, I’d say we’re in the beginning phases, but everyone the financial stability board, IOSCO, everyone is looking at this and thinking about, you know, how do we have a common framework.
Slater: Yeah.
Tarbert: It may not get to harmonization, but I think there’s a possibility of reciprocity and mutual recognition.
Slater: And coordination.
Tarbert: Exactly. And coordination.
Slater: Yeah. You think it’s possible in this kind of global moment, I should say, where it feels like cooperation is taking a little bit of a different shape and form?
Tarbert: Anything is possible.
Slater: Yeah.
Tarbert: And I would say back in the in the first Trump administration, Trump 45, while I think things were tense on the trade front, in the financial regulatory world, there was a ton of mutual recognition, cooperation, agreements. I was involved with many of them. And so, what I would say is yes; global tensions do play a role. But what I have found is that the finance ministry, central banks and financial regulators tend to have their own track, and obviously it’s informed by private sector actors as well. And so, to some extent it’s not as affected as maybe other areas.
Slater: Yeah. So the US has the G20 presidency this year. We’ll have the G7 presidency next year. I think this has been a stated area of, priority. Do you see progress being able to be made in those type of forums?
Tarbert: I think it’s entirely possible. But again, I think the finance track is where the technical work can be done to make it work.
Slater: Yeah. Because we hear a little bit of, I would say ,maybe, on sort of, political noise, right? I mean, especially around sort of MiCA and, you know, issues around, sort of, monetary sovereignty, right? Digital dollarization and just US, you know, as a reserve currency and this just contributing, you know, more strength to that. So, maybe some of these frameworks are being designed in a way to guard against that? How do you see that? Is that kind of more political or do you see work at the technical level that’s really, that maybe, kind of pushes back against that?
Tarbert: Yeah. So, I think monetary sovereignty is really important. When we go around the world, I think we are very thoughtful about engaging with central banks and finance ministries and Circle’s view, while USDC is the world’s leading, largest regulated stabletcoin, there are many other currencies out there. Circle envisions a world where ,ultimately, USDC runs alongside other locally denominated stablecoins. The value of Circle that Circle brings in the stablecoin world, is not just simply USDC and EURC, the Eurocoin, but it’s the stablecoin network. And so we very much encourage other fiat denominated local stablecoins, by regulated, respected credible actors in those countries. So, that is something we are seeking to do. At the same time there it’s undeniable, there is a thirst for dollars out there in the world ,and people still respect the United States dollar. And so, at some point, countries that are irresponsible in their monetary fiscal situation, you know, do need to be held in check. And those countries aren’t necessarily the G20 or the, you know the G7, the G20, but other countries around the world where they truly have fragile states and people want to diversify their holdings. We’re seeing a great need for dollars there. But for the most part in the G20 economies, particularly as the global trade evens out and while the United States plays a really important role with 25% of global GDP, 20 to 25%, I’ll let you, give me the number on that since you’re the expert. You know, obviously at some point the, circulation of fiat currencies will be largely aligned with that. Now the dollar has enjoyed this exorbitant privilege. So the dollar is more it is the currency of international trade ,but we do expect other countries and other currencies to be there and we’re working on things like, the ability to facilitate FX transactions, for example, with other payment stablecoins. So, Circle’s worldview is ultimately the global currency system as we see it today will probably be mirrored on the internet financial system. And so, we would not advocate for pure dollarization and we respect the sovereignty of other countries, but there’s no question that in many places people are now getting access…
Slater: Demand is there.
Tarbert: …to dollars. Right. And they don’t have access, and, that in the end may be a good thing because it may serve as a check on the central bank.
Slater: I know Circle recently opened an office in Singapore as well. Um, and I think Singapore is a really unique place for, you know, digital assets and financial innovation. And it’s one of the places that’s kind of experimenting with all of this, right? The, you know, US stablecoin, you know, other stable coins and local currencies, CBDC’s, right? I mean, they’re kind of saying, let’s see what, you know, bubbles up to the surface and kind of wins out. So, just tell me a little bit about your learnings from kind of the Singapore experience and how you view their approach here.
Tarbert: Yeah, so Singapore, interestingly enough, the Singapore office predates this office, predates our New York headquarters. So, we’ve been in Singapore and they were one of our very first licenses outside the United States. Singapore is actually working on their stablecoin regime. What Singapore did do, which I think, is a credit to them, is they took their existing payment rules and they tweaked it to accommodate stablecoins. Whereas the United States decided sort of, well it’s some states did, but at a federal level we waited until we got the GENIUS Act done. But Singapore is, a very tough smart regulator. I think they are thinking through, as you said, a variety of different things whether it’s tokenized deposits, CBDC, I think, you know, my view is that all of these things can coexist, there are other countries for example that are working on CBDC projects, and our goal at Circle is to say well if you’re going to have a CBDC, why not make it interoperable with something like USDC. You’re not going to have a central bank digital currency that has any global credibility if it doesn’t interact and is interoperable with a dollar stablecoin. And since the United States, at least at this point, is not going to have a CBDC, they’re going to want to interact with stable, GENIUS Act regulated stablecoins.
Slater: Stable, stablecoins.
Tarbert: Stable, stablecoins exactly. So, we see all of these things potentially happening at once. And Singapore is also really important because it really sit it is, truly a global financial center. Its economy is sitting at the center of trade and finance and it is facilitating all sorts of cross-border flows. So, we think it’s also a great stablecoin use case.
Slater: Yeah. Singapore always fascinates me. BWC was, just there last week or the week before and we’ve been there for about 5 years now too. I think it’s just such an interesting approach and take on how to innovate and how to experiment and regulate responsibly.
Tarbert: Particularly with very little natural resources. You know, it’s extremely impressive what they’ve done as a nation.
Slater: Yeah. So, I want to just kind of end on, you know, a forward look question. Where do you where do you see us going in another 5 to 10 years? Are we going to see this kind of global coordination? Where’s the, where’s the industry going? What new, you know, um, technologies are you excited about?
Tarbert: Regulators are gonna have to catch up.
Slater: Yeah.
Tarbert: So, that’s number one. And I think there’s going to be, as the world moves towards the internet financial system, regulators and governments are going to have to move there too. So that’s number one. I say number two is, I can’t tell you how important infrastructure is. Circle right now, if you said well what is Circle? Everyone knows Circle as, well the world’s leading regulated stablecoin issuer, USDC, EURC. But what Circle’s doing is, we’re actually building the infrastructure underlying the stablecoin network. As well as some key applications on top of it. But, really where the value is going to come in, is what is going to be the global superhighway for payments traveling? One of the exciting things that Circle is working on is ARC. And essentially, what we did was, is we looked at the current financial system and we also looked at the current set of global laws and regulations and principles for financial market infrastructures. And we said, if we were going to build a layer 1 blockchain that was purpose-built for the internet financial system, for enterprises that had all of the attributes, and none of the concerns or very few of the concerns that the regulatory community has, what would it look like? And so that is one of the big projects that we’re working on right now. Is building that actual infrastructure where developers, nations, banks, everyone can build on top of. And so they are things like sub-second deterministic finality. Now that’s a fancy way of saying if you hit that button
Slater: Tell me what that means Heath!
Tarbert: If you hit that button and you send your money, if you’re sending a $100 million, you can’t wait 12 minutes and are not sure whether the block will be confirmed.
Slater: Yeah.
Tarbert: Right now, blockchains, for example, they’re subject to that. There’s not payment finality. And so you can’t have that kind of probabilistic settlement.
Slater: It’s not quite instantaneous.
Tarbert: Exactly. To be able to make things go, you have to use, oftentimes, a native token that is up and down in value. When people are sending major crossborder flows, like think about, again, the institutions that are, that are part of the Bretton Woods system and the private sector institutions that lead into them, they need the kind of dependability that it’ll be a fraction of a penny. So, we’re sending it immediately. It’s sub-second and it’ll be a fraction of a penny, denominated in pennies. We also need privacy. You can’t have a financial system where every single major flow is visible to anyone looking at the blockchain. And at the same time, you’ve got to balance that with regulation and, and the ability to do reporting, AML, CTF, all of those things. Right now, many of the blockchains that are out there, anyone can be a validator, which means North Korea can be a validator, Iran can be a validator, right? Because it’s completely open. And so, how do you have an open blockchain that has trusted validation? That has these enterprise features? And so, that’s the kind of thing that Circle’s building. Other folks may be building them as well, but until you have that upgrade, you’re not going to have, I think, that major leap. You travel the Amtrak. Did you travel the Asella up here?
Slater: I did. Yep.
Tarbert: All right. So, do you know how fast the Asella engine is supposed to go?
Slater: It’s always late, so not going as fast as it’s supposed to go.
Tarbert: The Asella train is supposed to go 160 mph. Now, we know for those of us that have traveled it along the eastern seaboard that it travels maybe at less than half that speed on a good day. And why is that? It’s the tracks. The tracks are 100 years old. And so, while we’re interested in all these digital assets, Circle is making a play for the tracks.
Slater: Build the tracks. Yeah.
Tarbert: Build the tracks. If you build the tracks, you can have a great engine to go on it. Japan, for example, has the high-speed trains that go hundreds of miles an hour, because they have the mag left tracks. So that is where I see things going, and then I think you want regulatory and government buy-in on building out those tracks.
Slater: Yeah. So impressive and Circle just been, such, you know, at the cutting edge of all this and, I think just really leading the industry in a responsible way. Just one final question to come back to where you said sort of policy and, regulators and government has to catch up. And I feel like I’ve been hearing this for years and years now. How do they attract the talent right to do that? Any thoughts there? I haven’t heard any, I haven’t heard any, real good ideas yet on how they on how they can really do that.
Tarbert: I think we have to pay government employees particularly, at this is, this is one area actually where you mentioned Singapore. Singapore public servants get paid pretty well, but they attract expertise and it is, it is a job that is respected. And I think number one, we have to encourage young folks and other experts to do some time in public service. I found it incredibly rewarding. But, I do think we need to pay people fairly for their expertise and we also have to keep them out of the political fray.
Slater: Yeah.
Tarbert: You know, there’s a theory in Washington that well, let’s not confirm anyone because the career folks will be running it and, this happened at Treasury, for example, and then therefore it’s in safe hands. But, what that does over the long run is, our career professionals at regulatory agencies and at, places like Treasury are meant to provide advice and counsel, but not make the ultimate policy call. That’s why we have Senate confirmed folks that come in there and do that. And when you put career individuals in precarious positions like that where they have to make policy calls when that’s not their job, it ends up, being to their detriment over the long term. And so I think we want to protect our career civil servants. We want them to be very clear about what their job is and when the political appointees come in. And I think that would also go a long way as well, to keeping the career folks there and at the same time, fixing the confirmation process so we can have folks, new people, new blood come in to make the policy calls.
Slater: Well, we’ll save that for another, podcast, Keith. How we fix the US confirmation process, is certainly a topic of another podcast. But thank you for joining me today. This is so, interesting and as I said I just think Circle has been doing such great responsible innovation and it’s so exciting to you know see the new office here, see office in Singapore, and really see the progress that the company has made and to see it really being ,you know, a truly global leader and respected voice now. And, they are lucky to have you as part of, leading that ,that effort.
Tarbert: Well and thank you. We’re honored to be a part of the Bretton Woods Committee that I’ve been a part of as an individual for a long time now. I think it’s really important that we understand the importance of international financial coordination. And you guys are at the forefront of that. Thank you so much.
Slater: Thank you. And like we said, hopefully, hopefully more coordination and potential convergence, on these regulatory issues. Well, thanks again, Heath. Appreciate you.
Tarbert: Thank you so much.