“I wouldn't have a huge revenue item in the 2025 P&L, but that isn't to undermine its promise over time.”

In context

“e stablecoins being one way of being able to facilitate that. And so being able to do sort of transitions between the fiat currency world and the chain world seems to be a sensible place for us to play. It's great to see that legislation proceeding. But then behind it is also a market structure bill. And that would set really the rules of the road, the terms of engagement for how different participants can participate in digital assets. And I think the very helpful thing from this administration has been to sort of create more of this level playing field and say it's a new technology. We don't want anybody to be disadvantaged. We want everybody to be able to participate and let's do what the US is so good at, which is innovate and define global standards. And so that's where we sit today. I wouldn't have a huge revenue item in the 2025 P&L, but that isn't to undermine its promise over time. Ebrahim Poonawala: Thank you. Operator: And we'll take a question from David Smith with Truist Securities. David Smith: Hi, good morning. A couple of questions on NII. First, it looks like NII from repo and Fed funds increased again this quarter. Do you see this sustaining? Is there like an expectation for a meaningful drop off? Just help us frame that. And then secondly, your deposit beta was really high, around 90% again this quarter. Obviously, it's a very fluid rate backdrop. But based on what you're seeing, when might this start to level off since I think last cycle, your beta was around 75% or 80% for the cumulative cycle? Dermot McDonogh: So, thanks for the question. Look, on the repo side, part of NII, higher than expected. And we've invested quite heavily in that over the last co”