WEBVTT Kind: captions Language: en 00:00:00.030 --> 00:00:01.490 align:start position:0% for<00:00:00.269> those<00:00:00.420> of<00:00:00.570> you<00:00:00.659> who<00:00:00.750> don't<00:00:00.930> know<00:00:01.050> my<00:00:01.469> name 00:00:01.490 --> 00:00:01.500 align:start position:0% for those of you who don't know my name 00:00:01.500 --> 00:00:04.249 align:start position:0% for those of you who don't know my name is<00:00:01.829> Catherine<00:00:02.340> Wu<00:00:02.520> I<00:00:02.790> work<00:00:03.270> for<00:00:03.540> Masari<00:00:03.929> or<00:00:04.230> a 00:00:04.249 --> 00:00:04.259 align:start position:0% is Catherine Wu I work for Masari or a 00:00:04.259 --> 00:00:07.070 align:start position:0% is Catherine Wu I work for Masari or a new<00:00:04.500> york-based<00:00:04.770> company<00:00:05.540> that<00:00:06.540> you<00:00:06.870> know<00:00:06.899> our 00:00:07.070 --> 00:00:07.080 align:start position:0% new york-based company that you know our 00:00:07.080 --> 00:00:08.570 align:start position:0% new york-based company that you know our mission<00:00:07.350> is<00:00:07.470> to<00:00:07.500> sort<00:00:07.799> of<00:00:07.859> provide<00:00:08.280> more 00:00:08.570 --> 00:00:08.580 align:start position:0% mission is to sort of provide more 00:00:08.580 --> 00:00:10.629 align:start position:0% mission is to sort of provide more transparency<00:00:08.790> into<00:00:09.420> the<00:00:09.510> crypto<00:00:09.840> asset 00:00:10.629 --> 00:00:10.639 align:start position:0% transparency into the crypto asset 00:00:10.639 --> 00:00:14.240 align:start position:0% transparency into the crypto asset industry<00:00:11.639> and<00:00:12.420> you<00:00:12.990> know<00:00:13.080> I<00:00:13.110> am<00:00:13.410> a<00:00:13.440> u.s.<00:00:13.920> lawyer 00:00:14.240 --> 00:00:14.250 align:start position:0% industry and you know I am a u.s. lawyer 00:00:14.250 --> 00:00:16.939 align:start position:0% industry and you know I am a u.s. lawyer by<00:00:14.549> training<00:00:14.910> I<00:00:15.269> don't<00:00:15.780> practice<00:00:15.929> law<00:00:16.199> but<00:00:16.740> I 00:00:16.939 --> 00:00:16.949 align:start position:0% by training I don't practice law but I 00:00:16.949 --> 00:00:18.170 align:start position:0% by training I don't practice law but I do<00:00:17.010> spend<00:00:17.340> a<00:00:17.400> lot<00:00:17.430> of<00:00:17.670> time<00:00:17.850> thinking<00:00:18.029> about 00:00:18.170 --> 00:00:18.180 align:start position:0% do spend a lot of time thinking about 00:00:18.180 --> 00:00:20.900 align:start position:0% do spend a lot of time thinking about the<00:00:18.420> intersection<00:00:19.020> between<00:00:19.640> law<00:00:20.640> and 00:00:20.900 --> 00:00:20.910 align:start position:0% the intersection between law and 00:00:20.910 --> 00:00:24.109 align:start position:0% the intersection between law and technology<00:00:21.630> and<00:00:21.990> also<00:00:22.140> politics<00:00:22.949> so<00:00:23.850> this<00:00:24.000> is 00:00:24.109 --> 00:00:24.119 align:start position:0% technology and also politics so this is 00:00:24.119 --> 00:00:25.790 align:start position:0% technology and also politics so this is an<00:00:24.210> issue<00:00:24.390> that's<00:00:24.689> pretty<00:00:24.960> near<00:00:25.529> and<00:00:25.650> dear<00:00:25.769> to 00:00:25.790 --> 00:00:25.800 align:start position:0% an issue that's pretty near and dear to 00:00:25.800 --> 00:00:28.849 align:start position:0% an issue that's pretty near and dear to my<00:00:25.980> heart<00:00:26.010> so<00:00:26.900> yeah<00:00:27.900> so<00:00:28.109> without<00:00:28.199> further<00:00:28.529> ado 00:00:28.849 --> 00:00:28.859 align:start position:0% my heart so yeah so without further ado 00:00:28.859 --> 00:00:30.410 align:start position:0% my heart so yeah so without further ado you<00:00:29.070> know<00:00:29.160> I'm<00:00:29.340> here<00:00:29.580> today<00:00:29.760> to<00:00:29.880> discuss<00:00:30.390> a 00:00:30.410 --> 00:00:30.420 align:start position:0% you know I'm here today to discuss a 00:00:30.420 --> 00:00:32.569 align:start position:0% you know I'm here today to discuss a topic<00:00:30.539> really<00:00:31.410> that<00:00:31.679> I<00:00:31.710> think<00:00:31.980> would<00:00:32.099> be<00:00:32.130> a 00:00:32.569 --> 00:00:32.579 align:start position:0% topic really that I think would be a 00:00:32.579 --> 00:00:34.220 align:start position:0% topic really that I think would be a little<00:00:32.880> hard<00:00:33.090> to<00:00:33.210> cover<00:00:33.360> in<00:00:33.630> the<00:00:33.719> next<00:00:33.750> 20 00:00:34.220 --> 00:00:34.230 align:start position:0% little hard to cover in the next 20 00:00:34.230 --> 00:00:36.020 align:start position:0% little hard to cover in the next 20 minutes<00:00:34.260> but<00:00:34.800> is<00:00:35.130> you<00:00:35.700> know<00:00:35.790> nonetheless 00:00:36.020 --> 00:00:36.030 align:start position:0% minutes but is you know nonetheless 00:00:36.030 --> 00:00:38.180 align:start position:0% minutes but is you know nonetheless relevant<00:00:36.750> to<00:00:36.989> a<00:00:37.020> lot<00:00:37.110> of<00:00:37.350> discussions<00:00:37.980> that's 00:00:38.180 --> 00:00:38.190 align:start position:0% relevant to a lot of discussions that's 00:00:38.190 --> 00:00:40.459 align:start position:0% relevant to a lot of discussions that's been<00:00:38.340> happening<00:00:38.489> both<00:00:39.270> at<00:00:39.480> DEFCON<00:00:39.899> and<00:00:40.170> also 00:00:40.459 --> 00:00:40.469 align:start position:0% been happening both at DEFCON and also 00:00:40.469 --> 00:00:43.430 align:start position:0% been happening both at DEFCON and also in<00:00:40.680> the<00:00:40.800> broader<00:00:40.980> crypto<00:00:41.930> ecosystem<00:00:42.930> thus<00:00:43.170> far 00:00:43.430 --> 00:00:43.440 align:start position:0% in the broader crypto ecosystem thus far 00:00:43.440 --> 00:00:47.080 align:start position:0% in the broader crypto ecosystem thus far so<00:00:44.219> you<00:00:44.700> know<00:00:44.820> let's<00:00:45.149> start<00:00:45.989> with<00:00:46.260> a<00:00:46.500> question 00:00:47.080 --> 00:00:47.090 align:start position:0% so you know let's start with a question 00:00:47.090 --> 00:00:50.299 align:start position:0% so you know let's start with a question okay<00:00:48.090> as<00:00:48.300> we<00:00:48.870> think<00:00:49.110> about<00:00:49.260> the<00:00:49.739> future<00:00:50.070> of<00:00:50.100> the 00:00:50.299 --> 00:00:50.309 align:start position:0% okay as we think about the future of the 00:00:50.309 --> 00:00:53.180 align:start position:0% okay as we think about the future of the crypto<00:00:50.610> space<00:00:50.879> about<00:00:51.480> web<00:00:51.750> 3<00:00:52.050> about<00:00:52.710> Kryptos 00:00:53.180 --> 00:00:53.190 align:start position:0% crypto space about web 3 about Kryptos 00:00:53.190 --> 00:00:55.790 align:start position:0% crypto space about web 3 about Kryptos impact<00:00:53.610> on<00:00:53.879> society<00:00:54.600> I<00:00:54.870> think<00:00:55.260> sometimes<00:00:55.649> it 00:00:55.790 --> 00:00:55.800 align:start position:0% impact on society I think sometimes it 00:00:55.800 --> 00:00:57.200 align:start position:0% impact on society I think sometimes it helps<00:00:56.039> to<00:00:56.129> bring<00:00:56.280> the<00:00:56.399> discussion<00:00:56.550> back<00:00:56.910> to 00:00:57.200 --> 00:00:57.210 align:start position:0% helps to bring the discussion back to 00:00:57.210 --> 00:01:00.290 align:start position:0% helps to bring the discussion back to basics<00:00:57.629> and<00:00:57.809> think<00:00:58.469> about<00:00:58.940> two<00:00:59.940> questions 00:01:00.290 --> 00:01:00.300 align:start position:0% basics and think about two questions 00:01:00.300 --> 00:01:02.720 align:start position:0% basics and think about two questions which<00:01:00.600> is<00:01:00.840> you<00:01:01.350> know<00:01:01.469> what<00:01:01.770> is<00:01:01.920> what<00:01:02.309> is<00:01:02.520> it 00:01:02.720 --> 00:01:02.730 align:start position:0% which is you know what is what is it 00:01:02.730 --> 00:01:04.789 align:start position:0% which is you know what is what is it about<00:01:02.910> the<00:01:03.300> current<00:01:03.629> state<00:01:03.930> of<00:01:03.989> the<00:01:04.320> world<00:01:04.530> and 00:01:04.789 --> 00:01:04.799 align:start position:0% about the current state of the world and 00:01:04.799 --> 00:01:06.920 align:start position:0% about the current state of the world and it's<00:01:05.129> governance<00:01:05.549> structure<00:01:06.000> do<00:01:06.540> we<00:01:06.600> want<00:01:06.840> to 00:01:06.920 --> 00:01:06.930 align:start position:0% it's governance structure do we want to 00:01:06.930 --> 00:01:10.580 align:start position:0% it's governance structure do we want to change<00:01:07.460> and<00:01:08.460> secondly<00:01:09.060> does<00:01:09.750> it<00:01:09.960> need<00:01:10.290> to<00:01:10.320> be 00:01:10.580 --> 00:01:10.590 align:start position:0% change and secondly does it need to be 00:01:10.590 --> 00:01:13.550 align:start position:0% change and secondly does it need to be changed<00:01:11.060> so<00:01:12.060> my<00:01:12.330> goal<00:01:12.570> of<00:01:12.720> course<00:01:12.990> is<00:01:13.260> not<00:01:13.380> to 00:01:13.550 --> 00:01:13.560 align:start position:0% changed so my goal of course is not to 00:01:13.560 --> 00:01:15.950 align:start position:0% changed so my goal of course is not to present<00:01:13.979> an<00:01:14.189> answer<00:01:14.670> to<00:01:15.090> the<00:01:15.240> above<00:01:15.479> questions 00:01:15.950 --> 00:01:15.960 align:start position:0% present an answer to the above questions 00:01:15.960 --> 00:01:18.109 align:start position:0% present an answer to the above questions but<00:01:16.320> to<00:01:16.710> develop<00:01:16.890> a<00:01:17.250> framework<00:01:17.460> and<00:01:17.820> hopefully 00:01:18.109 --> 00:01:18.119 align:start position:0% but to develop a framework and hopefully 00:01:18.119 --> 00:01:19.820 align:start position:0% but to develop a framework and hopefully provide<00:01:18.450> a<00:01:18.509> little<00:01:18.720> bit<00:01:18.900> more<00:01:18.960> nuance<00:01:19.500> into 00:01:19.820 --> 00:01:19.830 align:start position:0% provide a little bit more nuance into 00:01:19.830 --> 00:01:22.330 align:start position:0% provide a little bit more nuance into this<00:01:20.280> context<00:01:20.820> that<00:01:20.939> I<00:01:21.000> think<00:01:21.330> can<00:01:21.600> be<00:01:21.630> quite 00:01:22.330 --> 00:01:22.340 align:start position:0% this context that I think can be quite 00:01:22.340 --> 00:01:26.450 align:start position:0% this context that I think can be quite polarizing<00:01:23.340> at<00:01:23.490> times<00:01:23.820> especially<00:01:24.030> online<00:01:25.460> on 00:01:26.450 --> 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which is you know to look at 00:01:32.520 --> 00:01:34.370 align:start position:0% discussion which is you know to look at the<00:01:32.670> history<00:01:33.119> the<00:01:33.479> formation<00:01:34.079> and<00:01:34.320> the 00:01:34.370 --> 00:01:34.380 align:start position:0% the history the formation and the 00:01:34.380 --> 00:01:37.789 align:start position:0% the history the formation and the evolution<00:01:34.920> of<00:01:35.040> public<00:01:35.490> international<00:01:35.759> law<00:01:36.799> so 00:01:37.789 --> 00:01:37.799 align:start position:0% evolution of public international law so 00:01:37.799 --> 00:01:40.760 align:start position:0% evolution of public international law so international<00:01:38.549> law<00:01:39.020> consists<00:01:40.020> of<00:01:40.200> the 00:01:40.760 --> 00:01:40.770 align:start position:0% international law consists of the 00:01:40.770 --> 00:01:43.010 align:start position:0% international law consists of the framework<00:01:41.250> and<00:01:41.490> infrastructure<00:01:42.329> in<00:01:42.509> which 00:01:43.010 --> 00:01:43.020 align:start position:0% framework and infrastructure in which 00:01:43.020 --> 00:01:44.990 align:start position:0% framework and infrastructure in which the<00:01:43.290> Foreign<00:01:43.619> Affairs<00:01:44.009> of<00:01:44.340> states<00:01:44.820> are 00:01:44.990 --> 00:01:45.000 align:start position:0% the Foreign Affairs of states are 00:01:45.000 --> 00:01:47.510 align:start position:0% the Foreign Affairs of states are conducted<00:01:45.509> so<00:01:46.049> that<00:01:46.439> includes<00:01:46.890> the 00:01:47.510 --> 00:01:47.520 align:start position:0% conducted so that includes the 00:01:47.520 --> 00:01:50.690 align:start position:0% conducted so that includes the institution's<00:01:48.509> forms<00:01:49.259> and<00:01:49.470> procedures<00:01:50.009> for 00:01:50.690 --> 00:01:50.700 align:start position:0% institution's forms and procedures for 00:01:50.700 --> 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various<00:02:00.090> relations 00:02:00.590 --> 00:02:00.600 align:start position:0% societies and the various relations 00:02:00.600 --> 00:02:03.499 align:start position:0% societies and the various relations between<00:02:00.869> the<00:02:01.439> societies<00:02:02.009> individual<00:02:02.700> members 00:02:03.499 --> 00:02:03.509 align:start position:0% between the societies individual members 00:02:03.509 --> 00:02:07.580 align:start position:0% between the societies individual members and<00:02:03.920> the<00:02:04.920> infrastructure<00:02:05.490> for<00:02:06.450> all<00:02:07.259> of<00:02:07.439> those 00:02:07.580 --> 00:02:07.590 align:start position:0% and the infrastructure for all of those 00:02:07.590 --> 00:02:10.240 align:start position:0% and the infrastructure for all of those agreed<00:02:07.979> upon<00:02:08.099> assumptions<00:02:08.910> and<00:02:09.149> practices 00:02:10.240 --> 00:02:10.250 align:start position:0% agreed upon assumptions and practices 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some parallels<00:02:23.099> you<00:02:23.190> can<00:02:23.310> draw<00:02:23.519> between<00:02:23.849> nation 00:02:24.110 --> 00:02:24.120 align:start position:0% parallels you can draw between nation 00:02:24.120 --> 00:02:26.660 align:start position:0% parallels you can draw between nation states<00:02:24.330> and<00:02:24.510> also<00:02:24.629> readers<00:02:25.470> various<00:02:26.280> actors 00:02:26.660 --> 00:02:26.670 align:start position:0% states and also readers various actors 00:02:26.670 --> 00:02:29.059 align:start position:0% states and also readers various actors in<00:02:27.209> the<00:02:27.330> space<00:02:27.599> so<00:02:28.290> you<00:02:28.650> know<00:02:28.739> I'm<00:02:28.830> glad<00:02:28.980> I 00:02:29.059 --> 00:02:29.069 align:start position:0% in the space so you know I'm glad I 00:02:29.069 --> 00:02:30.800 align:start position:0% in the space so you know I'm glad I actually<00:02:29.310> went<00:02:29.580> after<00:02:29.790> Santiago<00:02:30.510> because<00:02:30.780> I 00:02:30.800 --> 00:02:30.810 align:start position:0% actually went after Santiago because I 00:02:30.810 --> 00:02:32.600 align:start position:0% actually went after Santiago because I loved<00:02:31.230> the<00:02:31.470> discussion<00:02:32.040> that<00:02:32.160> he<00:02:32.280> provided 00:02:32.600 --> 00:02:32.610 align:start position:0% loved the discussion that he provided 00:02:32.610 --> 00:02:34.369 align:start position:0% loved the discussion that he provided specifically<00:02:33.420> some<00:02:33.629> of<00:02:33.720> the<00:02:33.780> context<00:02:34.230> that<00:02:34.290> I 00:02:34.369 --> 00:02:34.379 align:start position:0% specifically some of the context that I 00:02:34.379 --> 00:02:36.380 align:start position:0% specifically some of the context that I want<00:02:34.650> to<00:02:34.769> start<00:02:35.310> with<00:02:35.519> which<00:02:35.910> you<00:02:36.120> know<00:02:36.239> when 00:02:36.380 --> 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from that 00:02:43.440 --> 00:02:45.589 align:start position:0% two important things resulted from that treaty<00:02:44.280> which<00:02:44.489> he<00:02:44.610> went<00:02:44.760> to<00:02:44.879> a<00:02:44.910> little<00:02:45.420> bit 00:02:45.589 --> 00:02:45.599 align:start position:0% treaty which he went to a little bit 00:02:45.599 --> 00:02:47.300 align:start position:0% treaty which he went to a little bit earlier<00:02:45.930> but<00:02:46.140> you<00:02:46.230> know<00:02:46.349> first<00:02:46.650> it's<00:02:46.980> the 00:02:47.300 --> 00:02:47.310 align:start position:0% earlier but you know first it's the 00:02:47.310 --> 00:02:49.640 align:start position:0% earlier but you know first it's the birth<00:02:47.970> of<00:02:48.269> the<00:02:48.480> modern<00:02:48.660> state<00:02:49.170> from 00:02:49.640 --> 00:02:49.650 align:start position:0% birth of the modern state from 00:02:49.650 --> 00:02:52.100 align:start position:0% birth of the modern state from international<00:02:50.370> relations<00:02:50.819> perspective<00:02:51.110> so 00:02:52.100 --> 00:02:52.110 align:start position:0% international relations perspective so 00:02:52.110 --> 00:02:54.559 align:start position:0% international relations perspective so it<00:02:52.230> became<00:02:52.560> clear<00:02:53.040> that<00:02:53.069> the<00:02:53.640> primary<00:02:53.910> origin 00:02:54.559 --> 00:02:54.569 align:start position:0% it became clear that the primary origin 00:02:54.569 --> 00:02:56.539 align:start position:0% it became clear that the primary origin of<00:02:54.810> international<00:02:55.650> discourse<00:02:56.069> was<00:02:56.400> the 00:02:56.539 --> 00:02:56.549 align:start position:0% of international discourse was the 00:02:56.549 --> 00:02:59.720 align:start position:0% of international discourse was the nation<00:02:56.819> state<00:02:57.090> and<00:02:57.799> the<00:02:58.799> nation-state<00:02:59.129> was 00:02:59.720 --> 00:02:59.730 align:start position:0% nation state and the nation-state was 00:02:59.730 --> 00:03:01.910 align:start position:0% nation state and the nation-state was also<00:02:59.970> defined<00:03:00.299> in<00:03:00.390> a<00:03:00.450> critical<00:03:00.870> way<00:03:01.019> which<00:03:01.620> is 00:03:01.910 --> 00:03:01.920 align:start position:0% also defined in a critical way which is 00:03:01.920 --> 00:03:04.190 align:start position:0% also defined in a critical way which is you<00:03:02.400> know<00:03:02.519> that<00:03:02.730> the<00:03:02.819> state<00:03:03.030> is<00:03:03.090> sovereign<00:03:03.390> so 00:03:04.190 --> 00:03:04.200 align:start position:0% you know that the state is sovereign so 00:03:04.200 --> 00:03:06.140 align:start position:0% you know that the state is sovereign so you<00:03:04.680> know<00:03:04.769> what<00:03:04.980> happens<00:03:05.310> in<00:03:05.579> the<00:03:05.879> border<00:03:06.120> of 00:03:06.140 --> 00:03:06.150 align:start position:0% you know what happens in the border of 00:03:06.150 --> 00:03:08.180 align:start position:0% you know what happens in the border of the<00:03:06.329> state<00:03:06.390> is<00:03:07.319> subject<00:03:07.620> to<00:03:07.709> the<00:03:07.799> control<00:03:08.010> of 00:03:08.180 --> 00:03:08.190 align:start position:0% the state is subject to the control of 00:03:08.190 --> 00:03:09.920 align:start position:0% the state is subject to the control of that<00:03:08.400> state<00:03:08.730> and<00:03:08.760> that<00:03:08.940> state<00:03:09.329> only<00:03:09.480> and 00:03:09.920 --> 00:03:09.930 align:start position:0% that state and that state only and 00:03:09.930 --> 00:03:12.410 align:start position:0% that state and that state only and secondly<00:03:10.769> it<00:03:11.010> gave<00:03:11.190> rise<00:03:11.430> to<00:03:11.459> the<00:03:11.790> notion<00:03:12.180> of 00:03:12.410 --> 00:03:12.420 align:start position:0% secondly it gave rise to the notion of 00:03:12.420 --> 00:03:15.020 align:start position:0% secondly it gave rise to the notion of the<00:03:12.810> sovereign<00:03:13.290> equality<00:03:13.410> of<00:03:14.040> the<00:03:14.069> states<00:03:14.459> so 00:03:15.020 --> 00:03:15.030 align:start position:0% the sovereign equality of the states so 00:03:15.030 --> 00:03:17.509 align:start position:0% the sovereign equality of the states so this<00:03:15.299> means<00:03:15.540> that<00:03:15.720> in<00:03:15.840> theory<00:03:16.170> no<00:03:17.040> matter<00:03:17.250> the 00:03:17.509 --> 00:03:17.519 align:start position:0% this means that in theory no matter the 00:03:17.519 --> 00:03:20.720 align:start position:0% this means that in theory no matter the realities<00:03:18.299> of<00:03:18.569> economic<00:03:19.109> disparity<00:03:19.650> that<00:03:20.400> in 00:03:20.720 --> 00:03:20.730 align:start position:0% realities of economic disparity that in 00:03:20.730 --> 00:03:22.400 align:start position:0% realities of economic disparity that in the<00:03:20.850> eyes<00:03:21.000> of<00:03:21.180> the<00:03:21.299> law<00:03:21.450> all<00:03:21.870> states<00:03:22.290> are 00:03:22.400 --> 00:03:22.410 align:start position:0% the eyes of the law all states are 00:03:22.410 --> 00:03:24.710 align:start position:0% the eyes of the law all states are considered<00:03:22.889> or<00:03:23.250> understood<00:03:23.940> to<00:03:24.030> be<00:03:24.060> equal<00:03:24.510> so 00:03:24.710 --> 00:03:24.720 align:start position:0% considered or understood to be equal so 00:03:24.720 --> 00:03:27.020 align:start position:0% considered or understood to be equal so no<00:03:25.109> state<00:03:25.680> has<00:03:25.709> greater<00:03:26.100> power<00:03:26.340> to<00:03:26.730> sit<00:03:26.940> in 00:03:27.020 --> 00:03:27.030 align:start position:0% no state has greater power to sit in 00:03:27.030 --> 00:03:29.870 align:start position:0% no state has greater power to sit in judgment<00:03:27.239> over<00:03:27.750> another<00:03:28.310> so<00:03:29.310> this<00:03:29.579> treaty 00:03:29.870 --> 00:03:29.880 align:start position:0% judgment over another so this treaty 00:03:29.880 --> 00:03:32.809 align:start position:0% judgment over another so this treaty created<00:03:30.420> sovereign<00:03:30.989> states<00:03:31.230> in<00:03:31.440> theory<00:03:31.889> and 00:03:32.809 --> 00:03:32.819 align:start position:0% created sovereign states in theory and 00:03:32.819 --> 00:03:34.940 align:start position:0% created sovereign states in theory and from<00:03:33.090> there<00:03:33.239> on<00:03:33.389> out<00:03:33.569> customary<00:03:34.230> law<00:03:34.470> which<00:03:34.799> is 00:03:34.940 --> 00:03:34.950 align:start position:0% from there on out customary law which is 00:03:34.950 --> 00:03:36.559 align:start position:0% from there on out customary law which is the<00:03:34.980> practice<00:03:35.489> that's<00:03:35.700> reinforced<00:03:36.359> both 00:03:36.559 --> 00:03:36.569 align:start position:0% the practice that's reinforced both 00:03:36.569 --> 00:03:39.559 align:start position:0% the practice that's reinforced both through<00:03:37.069> actual<00:03:38.069> practice<00:03:38.489> and<00:03:39.120> common 00:03:39.559 --> 00:03:39.569 align:start position:0% through actual practice and common 00:03:39.569 --> 00:03:41.000 align:start position:0% through actual practice and common understanding<00:03:40.139> of<00:03:40.230> the<00:03:40.410> international 00:03:41.000 --> 00:03:41.010 align:start position:0% understanding of the international 00:03:41.010 --> 00:03:44.270 align:start position:0% understanding of the international community<00:03:41.430> developed<00:03:42.239> very<00:03:42.569> fast<00:03:42.930> so<00:03:43.859> you 00:03:44.270 --> 00:03:44.280 align:start position:0% community developed very fast so you 00:03:44.280 --> 00:03:46.610 align:start position:0% community developed very fast so you know<00:03:44.400> customary<00:03:45.030> law<00:03:45.239> is<00:03:45.480> sort<00:03:45.750> of<00:03:45.780> one<00:03:46.079> way<00:03:46.319> in 00:03:46.610 --> 00:03:46.620 align:start position:0% know customary law is sort of one way in 00:03:46.620 --> 00:03:48.349 align:start position:0% know customary law is sort of one way in which<00:03:46.799> international<00:03:47.310> law<00:03:47.790> derives<00:03:48.180> its 00:03:48.349 --> 00:03:48.359 align:start position:0% which international law derives its 00:03:48.359 --> 00:03:50.539 align:start position:0% which international law derives its authority<00:03:48.450> from<00:03:49.069> but<00:03:50.069> of<00:03:50.190> course<00:03:50.430> the 00:03:50.539 --> 00:03:50.549 align:start position:0% authority from but of course the 00:03:50.549 --> 00:03:51.830 align:start position:0% authority from but of course the question<00:03:50.940> of<00:03:51.060> course<00:03:51.299> is<00:03:51.450> you<00:03:51.540> know<00:03:51.569> how 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so<00:04:05.760> if<00:04:05.880> you<00:04:05.970> take<00:04:06.120> the<00:04:06.239> u.s.<00:04:06.480> for 00:04:06.620 --> 00:04:06.630 align:start position:0% vertical so if you take the u.s. for 00:04:06.630 --> 00:04:08.990 align:start position:0% vertical so if you take the u.s. for example<00:04:06.660> right<00:04:07.260> so<00:04:07.470> US<00:04:07.799> Congress<00:04:08.280> can<00:04:08.880> impose 00:04:08.990 --> 00:04:09.000 align:start position:0% example right so US Congress can impose 00:04:09.000 --> 00:04:11.509 align:start position:0% example right so US Congress can impose a<00:04:09.209> rule<00:04:09.510> or<00:04:09.840> a<00:04:10.139> law<00:04:10.410> or<00:04:10.620> regulation<00:04:11.160> that<00:04:11.190> says 00:04:11.509 --> 00:04:11.519 align:start position:0% a rule or a law or regulation that says 00:04:11.519 --> 00:04:13.670 align:start position:0% a rule or a law or regulation that says insider<00:04:12.030> trading<00:04:12.299> is<00:04:12.450> illegal<00:04:12.840> so<00:04:13.349> once<00:04:13.560> they 00:04:13.670 --> 00:04:13.680 align:start position:0% insider trading is illegal so once they 00:04:13.680 --> 00:04:15.349 align:start position:0% insider trading is illegal so once they impose<00:04:13.950> that<00:04:14.160> the<00:04:14.340> law<00:04:14.459> is<00:04:14.609> then<00:04:14.730> reinforced 00:04:15.349 --> 00:04:15.359 align:start position:0% impose that the law is then reinforced 00:04:15.359 --> 00:04:17.060 align:start position:0% impose that the law is then reinforced by<00:04:15.450> the<00:04:15.510> relevant<00:04:15.930> government<00:04:16.079> regulators 00:04:17.060 --> 00:04:17.070 align:start position:0% by the relevant government regulators 00:04:17.070 --> 00:04:19.190 align:start position:0% by the relevant government regulators like<00:04:17.250> the<00:04:17.340> SEC<00:04:17.760> and<00:04:18.000> DOJ<00:04:18.180> which<00:04:18.599> we've<00:04:18.810> heard 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have an 00:04:25.560 --> 00:04:27.950 align:start position:0% result the individual traders have an incentive<00:04:25.950> to<00:04:26.130> comply<00:04:26.789> with<00:04:27.060> the<00:04:27.180> law 00:04:27.950 --> 00:04:27.960 align:start position:0% incentive to comply with the law 00:04:27.960 --> 00:04:29.629 align:start position:0% incentive to comply with the law and<00:04:28.199> avoid<00:04:28.530> the<00:04:28.710> sort<00:04:28.860> of<00:04:28.949> risks<00:04:29.219> associated 00:04:29.629 --> 00:04:29.639 align:start position:0% and avoid the sort of risks associated 00:04:29.639 --> 00:04:32.330 align:start position:0% and avoid the sort of risks associated with<00:04:30.090> trading<00:04:30.870> based<00:04:31.080> on<00:04:31.259> material<00:04:32.069> and 00:04:32.330 --> 00:04:32.340 align:start position:0% with trading based on material and 00:04:32.340 --> 00:04:34.879 align:start position:0% with trading based on material and non-public<00:04:32.759> information<00:04:33.169> of<00:04:34.169> course<00:04:34.289> the 00:04:34.879 --> 00:04:34.889 align:start position:0% non-public information of course the 00:04:34.889 --> 00:04:37.790 align:start position:0% non-public information of course the challenge<00:04:35.129> arises<00:04:35.759> when<00:04:36.650> governance<00:04:37.650> is 00:04:37.790 --> 00:04:37.800 align:start position:0% challenge arises when governance is 00:04:37.800 --> 00:04:40.309 align:start position:0% challenge arises when governance is horizontal<00:04:38.580> so<00:04:39.060> for<00:04:39.300> example<00:04:39.719> though<00:04:39.990> we<00:04:40.169> have 00:04:40.309 --> 00:04:40.319 align:start position:0% horizontal so for example though we have 00:04:40.319 --> 00:04:42.439 align:start position:0% horizontal so for example though we have the<00:04:40.469> framework<00:04:40.889> for<00:04:41.219> international<00:04:41.969> human 00:04:42.439 --> 00:04:42.449 align:start position:0% the framework for international human 00:04:42.449 --> 00:04:44.149 align:start position:0% the framework for international human rights<00:04:42.509> law<00:04:42.719> human<00:04:43.499> rights<00:04:43.680> violations 00:04:44.149 --> 00:04:44.159 align:start position:0% rights law human rights violations 00:04:44.159 --> 00:04:46.489 align:start position:0% rights law human rights violations persists<00:04:44.639> around<00:04:44.969> the<00:04:45.060> world<00:04:45.210> we<00:04:46.020> continue<00:04:46.379> to 00:04:46.489 --> 00:04:46.499 align:start position:0% persists around the world we continue to 00:04:46.499 --> 00:04:48.769 align:start position:0% persists around the world we continue to see<00:04:46.710> gross<00:04:46.949> violations<00:04:47.580> and<00:04:47.849> disregard<00:04:48.569> for 00:04:48.769 --> 00:04:48.779 align:start position:0% see gross violations and disregard for 00:04:48.779 --> 00:04:50.360 align:start position:0% see gross violations and disregard for basic<00:04:48.840> human<00:04:49.349> rights<00:04:49.590> that<00:04:49.919> are<00:04:50.099> being 00:04:50.360 --> 00:04:50.370 align:start position:0% basic human rights that are being 00:04:50.370 --> 00:04:52.339 align:start position:0% basic human rights that are being perpetrated<00:04:50.669> by<00:04:51.060> individuals<00:04:51.840> by 00:04:52.339 --> 00:04:52.349 align:start position:0% perpetrated by individuals by 00:04:52.349 --> 00:04:53.659 align:start position:0% perpetrated by individuals by governments<00:04:52.800> and<00:04:52.979> by<00:04:53.249> international 00:04:53.659 --> 00:04:53.669 align:start position:0% governments and by international 00:04:53.669 --> 00:04:56.480 align:start position:0% governments and by international organizations<00:04:54.289> so<00:04:55.289> here<00:04:55.830> we're<00:04:56.189> faced<00:04:56.460> with 00:04:56.480 --> 00:04:56.490 align:start position:0% organizations so here we're faced with 00:04:56.490 --> 00:04:58.610 align:start position:0% organizations so here we're faced with the<00:04:56.849> biggest<00:04:57.270> challenge<00:04:57.779> in<00:04:57.990> international 00:04:58.610 --> 00:04:58.620 align:start position:0% the biggest challenge in international 00:04:58.620 --> 00:05:00.740 align:start position:0% the biggest challenge in international law<00:04:58.770> which<00:04:59.099> is<00:04:59.370> that<00:04:59.909> it's<00:05:00.060> not<00:05:00.210> real<00:05:00.449> or 00:05:00.740 --> 00:05:00.750 align:start position:0% law which is that it's not real or 00:05:00.750 --> 00:05:03.860 align:start position:0% law which is that it's not real or rather<00:05:01.259> how<00:05:01.680> does<00:05:01.860> it<00:05:01.979> get<00:05:02.099> him<00:05:02.189> reinforced<00:05:03.029> or 00:05:03.860 --> 00:05:03.870 align:start position:0% rather how does it get him reinforced or 00:05:03.870 --> 00:05:06.679 align:start position:0% rather how does it get him reinforced or enforced<00:05:04.939> international<00:05:05.939> law<00:05:06.060> does<00:05:06.210> not<00:05:06.270> have 00:05:06.679 --> 00:05:06.689 align:start position:0% enforced international law does not have 00:05:06.689 --> 00:05:09.529 align:start position:0% enforced international law does not have like<00:05:07.110> a<00:05:07.139> central<00:05:07.740> lawmaker<00:05:08.310> right<00:05:08.879> because<00:05:09.449> we 00:05:09.529 --> 00:05:09.539 align:start position:0% like a central lawmaker right because we 00:05:09.539 --> 00:05:11.570 align:start position:0% like a central lawmaker right because we don't<00:05:09.689> have<00:05:09.750> a<00:05:09.870> world<00:05:10.319> police<00:05:10.680> force<00:05:10.979> or<00:05:11.279> a 00:05:11.570 --> 00:05:11.580 align:start position:0% don't have a world police force or a 00:05:11.580 --> 00:05:13.399 align:start position:0% don't have a world police force or a world<00:05:11.849> government<00:05:12.180> and<00:05:12.599> so<00:05:12.990> there's<00:05:13.199> no 00:05:13.399 --> 00:05:13.409 align:start position:0% world government and so there's no 00:05:13.409 --> 00:05:16.070 align:start position:0% world government and so there's no mandatory<00:05:13.919> vertical<00:05:14.909> governance<00:05:15.449> in<00:05:15.689> this 00:05:16.070 --> 00:05:16.080 align:start position:0% mandatory vertical governance in this 00:05:16.080 --> 00:05:19.879 align:start position:0% mandatory vertical governance in this instance<00:05:17.779> so<00:05:18.779> you<00:05:19.169> know<00:05:19.289> there<00:05:19.620> are<00:05:19.710> some 00:05:19.879 --> 00:05:19.889 align:start position:0% instance so you know there are some 00:05:19.889 --> 00:05:21.800 align:start position:0% instance so you know there are some scholars<00:05:20.250> out<00:05:20.460> there<00:05:20.639> who<00:05:20.789> are<00:05:21.270> very<00:05:21.539> very 00:05:21.800 --> 00:05:21.810 align:start position:0% scholars out there who are very very 00:05:21.810 --> 00:05:23.510 align:start position:0% scholars out there who are very very skeptical<00:05:22.169> about<00:05:22.529> international<00:05:23.099> law<00:05:23.279> and 00:05:23.510 --> 00:05:23.520 align:start position:0% skeptical about international law and 00:05:23.520 --> 00:05:25.279 align:start position:0% skeptical about international law and they<00:05:23.729> think<00:05:24.060> that<00:05:24.240> you<00:05:24.449> know<00:05:24.539> the<00:05:24.750> reason<00:05:25.139> why 00:05:25.279 --> 00:05:25.289 align:start position:0% they think that you know the reason why 00:05:25.289 --> 00:05:27.260 align:start position:0% they think that you know the reason why international<00:05:25.800> law<00:05:25.889> doesn't<00:05:26.129> work<00:05:26.270> is 00:05:27.260 --> 00:05:27.270 align:start position:0% international law doesn't work is 00:05:27.270 --> 00:05:29.209 align:start position:0% international law doesn't work is because<00:05:27.719> there's<00:05:27.960> an<00:05:28.080> absence<00:05:28.560> of<00:05:28.830> a 00:05:29.209 --> 00:05:29.219 align:start position:0% because there's an absence of a 00:05:29.219 --> 00:05:31.670 align:start position:0% because there's an absence of a comprehensive<00:05:29.639> judicial<00:05:30.629> system<00:05:31.020> with 00:05:31.670 --> 00:05:31.680 align:start position:0% comprehensive judicial system with 00:05:31.680 --> 00:05:34.129 align:start position:0% comprehensive judicial system with compulsory<00:05:32.550> jurisdiction<00:05:32.909> to<00:05:33.689> settle<00:05:33.990> these 00:05:34.129 --> 00:05:34.139 align:start position:0% compulsory jurisdiction to settle these 00:05:34.139 --> 00:05:36.200 align:start position:0% compulsory jurisdiction to settle these disputes<00:05:34.199> and<00:05:34.860> the<00:05:35.460> absence<00:05:35.879> of<00:05:36.060> a<00:05:36.180> central 00:05:36.200 --> 00:05:36.210 align:start position:0% disputes and the absence of a central 00:05:36.210 --> 00:05:38.990 align:start position:0% disputes and the absence of a central executive<00:05:37.020> to<00:05:37.620> enforce<00:05:37.949> compliance<00:05:38.129> with 00:05:38.990 --> 00:05:39.000 align:start position:0% executive to enforce compliance with 00:05:39.000 --> 00:05:41.689 align:start position:0% executive to enforce compliance with judicial<00:05:39.689> system<00:05:40.080> decisions<00:05:40.800> and<00:05:41.250> I<00:05:41.490> actually 00:05:41.689 --> 00:05:41.699 align:start position:0% judicial system decisions and I actually 00:05:41.699 --> 00:05:43.700 align:start position:0% judicial system decisions and I actually disagree<00:05:42.089> with<00:05:42.389> that<00:05:42.689> you<00:05:43.139> know<00:05:43.229> I<00:05:43.259> think<00:05:43.379> that 00:05:43.700 --> 00:05:43.710 align:start position:0% disagree with that you know I think that 00:05:43.710 --> 00:05:45.920 align:start position:0% disagree with that you know I think that the<00:05:44.129> emphasis<00:05:44.580> on<00:05:44.729> global<00:05:45.029> courts<00:05:45.659> or<00:05:45.870> a 00:05:45.920 --> 00:05:45.930 align:start position:0% the emphasis on global courts or a 00:05:45.930 --> 00:05:47.990 align:start position:0% the emphasis on global courts or a global<00:05:46.500> police<00:05:46.740> force<00:05:47.039> is<00:05:47.279> quite<00:05:47.759> misleading 00:05:47.990 --> 00:05:48.000 align:start position:0% global police force is quite misleading 00:05:48.000 --> 00:05:50.480 align:start position:0% global police force is quite misleading in<00:05:48.599> fact<00:05:49.229> you<00:05:49.860> know<00:05:49.949> when<00:05:50.099> you<00:05:50.159> look<00:05:50.310> at<00:05:50.430> the 00:05:50.480 --> 00:05:50.490 align:start position:0% in fact you know when you look at the 00:05:50.490 --> 00:05:52.429 align:start position:0% in fact you know when you look at the reality<00:05:50.759> of<00:05:51.000> it<00:05:51.270> international<00:05:52.080> law<00:05:52.169> derives 00:05:52.429 --> 00:05:52.439 align:start position:0% reality of it international law derives 00:05:52.439 --> 00:05:54.290 align:start position:0% reality of it international law derives its<00:05:52.680> binding<00:05:52.949> force<00:05:53.250> from<00:05:53.639> sources<00:05:54.000> other 00:05:54.290 --> 00:05:54.300 align:start position:0% its binding force from sources other 00:05:54.300 --> 00:05:56.689 align:start position:0% its binding force from sources other than<00:05:54.509> courts<00:05:55.139> other<00:05:55.710> than<00:05:55.949> police<00:05:56.279> forces 00:05:56.689 --> 00:05:56.699 align:start position:0% than courts other than police forces 00:05:56.699 --> 00:05:59.179 align:start position:0% than courts other than police forces stays<00:05:57.659> comply<00:05:57.990> with<00:05:58.169> international<00:05:58.319> law<00:05:58.979> out 00:05:59.179 --> 00:05:59.189 align:start position:0% stays comply with international law out 00:05:59.189 --> 00:06:01.550 align:start position:0% stays comply with international law out of<00:05:59.339> a<00:05:59.699> number<00:06:00.089> of<00:06:00.149> reasons<00:06:00.509> but<00:06:00.629> a<00:06:00.899> strong<00:06:01.289> one 00:06:01.550 --> 00:06:01.560 align:start position:0% of a number of reasons but a strong one 00:06:01.560 --> 00:06:03.439 align:start position:0% of a number of reasons but a strong one is<00:06:01.770> out<00:06:02.009> of<00:06:02.039> this<00:06:02.370> expectation<00:06:02.819> of 00:06:03.439 --> 00:06:03.449 align:start position:0% is out of this expectation of 00:06:03.449 --> 00:06:06.350 align:start position:0% is out of this expectation of reciprocity<00:06:04.080> or<00:06:04.560> reality<00:06:05.339> retaliation<00:06:06.240> if 00:06:06.350 --> 00:06:06.360 align:start position:0% reciprocity or reality retaliation if 00:06:06.360 --> 00:06:08.659 align:start position:0% reciprocity or reality retaliation if they<00:06:06.479> don't<00:06:06.839> comply<00:06:07.169> or<00:06:07.500> generally<00:06:08.370> out<00:06:08.490> of<00:06:08.580> a 00:06:08.659 --> 00:06:08.669 align:start position:0% they don't comply or generally out of a 00:06:08.669 --> 00:06:10.839 align:start position:0% they don't comply or generally out of a belief<00:06:08.939> that<00:06:08.969> a<00:06:09.479> law<00:06:09.689> is<00:06:09.960> morally<00:06:10.500> legitimate 00:06:10.839 --> 00:06:10.849 align:start position:0% belief that a law is morally legitimate 00:06:10.849 --> 00:06:13.939 align:start position:0% belief that a law is morally legitimate and<00:06:11.849> therefore<00:06:12.180> ought<00:06:12.330> to<00:06:12.479> be<00:06:12.569> obeyed<00:06:12.930> and<00:06:13.259> so 00:06:13.939 --> 00:06:13.949 align:start position:0% and therefore ought to be obeyed and so 00:06:13.949 --> 00:06:15.860 align:start position:0% and therefore ought to be obeyed and so for<00:06:14.159> example<00:06:14.550> you<00:06:14.669> know<00:06:14.789> effective<00:06:15.300> sanctions 00:06:15.860 --> 00:06:15.870 align:start position:0% for example you know effective sanctions 00:06:15.870 --> 00:06:18.019 align:start position:0% for example you know effective sanctions exist<00:06:16.319> without<00:06:16.589> the<00:06:16.830> need<00:06:17.009> for<00:06:17.039> a<00:06:17.430> centralized 00:06:18.019 --> 00:06:18.029 align:start position:0% exist without the need for a centralized 00:06:18.029 --> 00:06:21.889 align:start position:0% exist without the need for a centralized adjudication<00:06:18.750> or<00:06:18.899> enforcement<00:06:19.830> agencies<00:06:20.899> but 00:06:21.889 --> 00:06:21.899 align:start position:0% adjudication or enforcement agencies but 00:06:21.899 --> 00:06:25.700 align:start position:0% adjudication or enforcement agencies but you<00:06:21.990> know<00:06:22.080> mostly<00:06:22.560> I<00:06:22.680> want<00:06:23.219> to<00:06:24.319> point<00:06:25.319> to<00:06:25.560> the 00:06:25.700 --> 00:06:25.710 align:start position:0% you know mostly I want to point to the 00:06:25.710 --> 00:06:27.499 align:start position:0% you know mostly I want to point to the formation<00:06:26.009> of<00:06:26.250> customary<00:06:26.819> international<00:06:27.000> law 00:06:27.499 --> 00:06:27.509 align:start position:0% formation of customary international law 00:06:27.509 --> 00:06:29.510 align:start position:0% formation of customary international law which<00:06:28.229> is<00:06:28.500> like<00:06:28.710> I<00:06:28.800> said<00:06:28.949> earlier<00:06:29.250> the 00:06:29.510 --> 00:06:29.520 align:start position:0% which is like I said earlier the 00:06:29.520 --> 00:06:32.570 align:start position:0% which is like I said earlier the practice<00:06:29.969> of<00:06:30.589> you<00:06:31.589> know<00:06:31.680> this<00:06:32.009> is<00:06:32.069> a<00:06:32.189> practice 00:06:32.570 --> 00:06:32.580 align:start position:0% practice of you know this is a practice 00:06:32.580 --> 00:06:34.159 align:start position:0% practice of you know this is a practice that's<00:06:32.610> reinforced<00:06:33.300> both<00:06:33.599> through<00:06:33.930> a 00:06:34.159 --> 00:06:34.169 align:start position:0% that's reinforced both through a 00:06:34.169 --> 00:06:36.769 align:start position:0% that's reinforced both through a consistent<00:06:35.159> practice<00:06:35.310> and<00:06:35.789> be<00:06:36.300> common 00:06:36.769 --> 00:06:36.779 align:start position:0% consistent practice and be common 00:06:36.779 --> 00:06:38.360 align:start position:0% consistent practice and be common understanding<00:06:37.560> of<00:06:37.709> the<00:06:37.830> international 00:06:38.360 --> 00:06:38.370 align:start position:0% understanding of the international 00:06:38.370 --> 00:06:40.930 align:start position:0% understanding of the international community<00:06:38.810> which<00:06:39.810> remains<00:06:40.169> a<00:06:40.259> highly<00:06:40.440> effect 00:06:40.930 --> 00:06:40.940 align:start position:0% community which remains a highly effect 00:06:40.940 --> 00:06:42.970 align:start position:0% community which remains a highly effect one<00:06:41.180> so<00:06:41.720> for<00:06:41.990> the<00:06:42.050> record<00:06:42.200> I'm<00:06:42.470> not<00:06:42.680> dressing 00:06:42.970 --> 00:06:42.980 align:start position:0% one so for the record I'm not dressing 00:06:42.980 --> 00:06:44.800 align:start position:0% one so for the record I'm not dressing like<00:06:43.280> other<00:06:43.460> sources<00:06:43.910> of<00:06:44.030> international<00:06:44.240> like 00:06:44.800 --> 00:06:44.810 align:start position:0% like other sources of international like 00:06:44.810 --> 00:06:46.840 align:start position:0% like other sources of international like like<00:06:45.560> treaties<00:06:46.040> which<00:06:46.280> are<00:06:46.430> kind<00:06:46.640> of<00:06:46.700> more 00:06:46.840 --> 00:06:46.850 align:start position:0% like treaties which are kind of more 00:06:46.850 --> 00:06:49.240 align:start position:0% like treaties which are kind of more like<00:06:46.880> contracts<00:06:47.480> or<00:06:47.630> written<00:06:47.870> agreements<00:06:48.410> but 00:06:49.240 --> 00:06:49.250 align:start position:0% like contracts or written agreements but 00:06:49.250 --> 00:06:50.890 align:start position:0% like contracts or written agreements but rather<00:06:49.460> customary<00:06:50.120> international<00:06:50.210> law<00:06:50.690> are 00:06:50.890 --> 00:06:50.900 align:start position:0% rather customary international law are 00:06:50.900 --> 00:06:52.870 align:start position:0% rather customary international law are formed<00:06:51.350> from<00:06:51.560> a<00:06:51.680> general<00:06:52.070> and<00:06:52.280> consistent 00:06:52.870 --> 00:06:52.880 align:start position:0% formed from a general and consistent 00:06:52.880 --> 00:06:54.760 align:start position:0% formed from a general and consistent practice<00:06:53.270> of<00:06:53.390> states<00:06:53.720> that<00:06:54.230> is<00:06:54.380> followed<00:06:54.740> by 00:06:54.760 --> 00:06:54.770 align:start position:0% practice of states that is followed by 00:06:54.770 --> 00:06:56.920 align:start position:0% practice of states that is followed by States<00:06:55.190> out<00:06:55.430> of<00:06:55.460> a<00:06:55.640> sense<00:06:55.910> of<00:06:56.120> obligation 00:06:56.920 --> 00:06:56.930 align:start position:0% States out of a sense of obligation 00:06:56.930 --> 00:06:58.600 align:start position:0% States out of a sense of obligation so<00:06:57.260> thinking<00:06:57.680> like<00:06:57.890> what<00:06:58.130> the<00:06:58.220> right<00:06:58.370> thing<00:06:58.520> to 00:06:58.600 --> 00:06:58.610 align:start position:0% so thinking like what the right thing to 00:06:58.610 --> 00:07:01.030 align:start position:0% so thinking like what the right thing to do<00:06:58.760> is<00:06:58.940> and<00:06:59.720> that<00:06:59.960> sense<00:07:00.170> of<00:07:00.290> obligation<00:07:00.440> is 00:07:01.030 --> 00:07:01.040 align:start position:0% do is and that sense of obligation is 00:07:01.040 --> 00:07:02.620 align:start position:0% do is and that sense of obligation is called<00:07:01.220> open<00:07:01.490> EO<00:07:01.580> jurist<00:07:01.970> in<00:07:02.150> length<00:07:02.330> legal 00:07:02.620 --> 00:07:02.630 align:start position:0% called open EO jurist in length legal 00:07:02.630 --> 00:07:05.200 align:start position:0% called open EO jurist in length legal terms<00:07:02.870> so<00:07:03.860> examples<00:07:04.370> of<00:07:04.460> that<00:07:04.610> include 00:07:05.200 --> 00:07:05.210 align:start position:0% terms so examples of that include 00:07:05.210 --> 00:07:07.780 align:start position:0% terms so examples of that include diplomatic<00:07:05.900> immunity<00:07:06.260> right<00:07:07.070> its<00:07:07.250> agreement 00:07:07.780 --> 00:07:07.790 align:start position:0% diplomatic immunity right its agreement 00:07:07.790 --> 00:07:09.940 align:start position:0% diplomatic immunity right its agreement and<00:07:07.940> it's<00:07:08.240> consensus<00:07:08.840> among<00:07:09.320> members<00:07:09.740> and 00:07:09.940 --> 00:07:09.950 align:start position:0% and it's consensus among members and 00:07:09.950 --> 00:07:12.430 align:start position:0% and it's consensus among members and States<00:07:10.160> first<00:07:10.490> and<00:07:11.300> then<00:07:11.630> the<00:07:11.750> establishment 00:07:12.430 --> 00:07:12.440 align:start position:0% States first and then the establishment 00:07:12.440 --> 00:07:15.130 align:start position:0% States first and then the establishment of<00:07:12.530> governing<00:07:12.980> laws<00:07:13.190> second<00:07:13.940> so<00:07:14.570> you<00:07:14.630> know<00:07:14.870> I 00:07:15.130 --> 00:07:15.140 align:start position:0% of governing laws second so you know I 00:07:15.140 --> 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legislative and courts and we tend<00:07:22.340> to<00:07:22.400> forget<00:07:22.610> that<00:07:22.850> honestly<00:07:23.420> you<00:07:23.780> know 00:07:23.890 --> 00:07:23.900 align:start position:0% tend to forget that honestly you know 00:07:23.900 --> 00:07:27.430 align:start position:0% tend to forget that honestly you know law<00:07:24.110> can<00:07:24.320> also<00:07:24.410> be<00:07:24.710> made<00:07:24.980> by<00:07:25.010> a<00:07:25.700> consent<00:07:26.440> that 00:07:27.430 --> 00:07:27.440 align:start position:0% law can also be made by a consent that 00:07:27.440 --> 00:07:29.110 align:start position:0% law can also be made by a consent that comes<00:07:27.650> from<00:07:27.770> a<00:07:27.860> community<00:07:28.280> of<00:07:28.310> people<00:07:28.580> without 00:07:29.110 --> 00:07:29.120 align:start position:0% comes from a community of people without 00:07:29.120 --> 00:07:31.570 align:start position:0% comes from a community of people without any<00:07:29.450> formal<00:07:30.050> enactment<00:07:30.770> by<00:07:31.070> government 00:07:31.570 --> 00:07:31.580 align:start position:0% any formal enactment by government 00:07:31.580 --> 00:07:33.490 align:start position:0% any formal enactment by government entities<00:07:31.790> and<00:07:32.480> in<00:07:32.750> fact<00:07:32.990> you<00:07:33.170> know<00:07:33.260> such 00:07:33.490 --> 00:07:33.500 align:start position:0% entities and in fact you know such 00:07:33.500 --> 00:07:35.980 align:start position:0% entities and in fact you know such customs<00:07:33.920> or<00:07:34.130> practices<00:07:34.700> are<00:07:34.940> not<00:07:35.600> even 00:07:35.980 --> 00:07:35.990 align:start position:0% customs or practices are not even 00:07:35.990 --> 00:07:37.990 align:start position:0% customs or practices are not even written<00:07:36.140> down<00:07:36.290> sometimes<00:07:36.800> so<00:07:37.310> you<00:07:37.340> know<00:07:37.640> as<00:07:37.880> an 00:07:37.990 --> 00:07:38.000 align:start position:0% written down sometimes so you know as an 00:07:38.000 --> 00:07:39.610 align:start position:0% written down sometimes so you know as an example<00:07:38.270> we<00:07:38.570> can<00:07:38.690> think<00:07:38.720> of<00:07:39.080> like<00:07:39.170> industry 00:07:39.610 --> 00:07:39.620 align:start position:0% example we can think of like industry 00:07:39.620 --> 00:07:41.170 align:start position:0% example we can think of like industry practices<00:07:40.040> right<00:07:40.370> like<00:07:40.550> let's<00:07:40.730> take<00:07:40.880> this<00:07:41.030> out 00:07:41.170 --> 00:07:41.180 align:start position:0% practices right like let's take this out 00:07:41.180 --> 00:07:42.370 align:start position:0% practices right like let's take this out of<00:07:41.210> the<00:07:41.360> nation-state<00:07:41.660> for<00:07:42.020> a<00:07:42.050> minute<00:07:42.290> and 00:07:42.370 --> 00:07:42.380 align:start position:0% of the nation-state for a minute and 00:07:42.380 --> 00:07:44.320 align:start position:0% of the nation-state for a minute and listing<00:07:42.620> about<00:07:42.800> sports<00:07:43.130> and<00:07:43.340> in<00:07:43.790> general<00:07:44.180> like 00:07:44.320 --> 00:07:44.330 align:start position:0% listing about sports and in general like 00:07:44.330 --> 00:07:47.710 align:start position:0% listing about sports and in general like sportsmanship<00:07:45.940> there<00:07:46.940> was<00:07:47.060> a<00:07:47.090> couple<00:07:47.570> years 00:07:47.710 --> 00:07:47.720 align:start position:0% sportsmanship there was a couple years 00:07:47.720 --> 00:07:49.570 align:start position:0% sportsmanship there was a couple years ago<00:07:47.900> so<00:07:48.290> when<00:07:48.680> we<00:07:48.770> were<00:07:48.830> talking<00:07:49.160> about<00:07:49.370> like 00:07:49.570 --> 00:07:49.580 align:start position:0% ago so when we were talking about like 00:07:49.580 --> 00:07:52.000 align:start position:0% ago so when we were talking about like US<00:07:49.880> football<00:07:50.270> am<00:07:50.990> I<00:07:51.140> gonna<00:07:51.260> name<00:07:51.410> the<00:07:51.530> team<00:07:51.740> but 00:07:52.000 --> 00:07:52.010 align:start position:0% US football am I gonna name the team but 00:07:52.010 --> 00:07:53.620 align:start position:0% US football am I gonna name the team but you<00:07:52.340> know<00:07:52.430> there<00:07:52.669> was<00:07:52.760> one<00:07:52.790> US<00:07:53.180> team<00:07:53.390> that<00:07:53.419> was 00:07:53.620 --> 00:07:53.630 align:start position:0% you know there was one US team that was 00:07:53.630 --> 00:07:54.909 align:start position:0% you know there was one US team that was kind<00:07:53.780> of<00:07:53.840> going<00:07:54.020> around<00:07:54.140> and<00:07:54.350> like<00:07:54.470> recording 00:07:54.909 --> 00:07:54.919 align:start position:0% kind of going around and like recording 00:07:54.919 --> 00:07:57.970 align:start position:0% kind of going around and like recording other<00:07:55.070> teams<00:07:55.400> and<00:07:55.640> their<00:07:55.730> practices<00:07:56.710> which<00:07:57.710> is 00:07:57.970 --> 00:07:57.980 align:start position:0% other teams and their practices which is 00:07:57.980 --> 00:08:00.400 align:start position:0% other teams and their practices which is not<00:07:58.820> a<00:07:58.850> rule<00:07:59.240> there's<00:07:59.510> no<00:07:59.630> role<00:07:59.900> like<00:08:00.169> by<00:08:00.350> the 00:08:00.400 --> 00:08:00.410 align:start position:0% not a rule there's no role like by the 00:08:00.410 --> 00:08:03.070 align:start position:0% not a rule there's no role like by the NFL<00:08:00.770> that<00:08:00.919> says<00:08:01.100> you<00:08:01.190> can't<00:08:01.430> do<00:08:01.580> that<00:08:01.870> but<00:08:02.870> it's 00:08:03.070 --> 00:08:03.080 align:start position:0% NFL that says you can't do that but it's 00:08:03.080 --> 00:08:04.450 align:start position:0% NFL that says you can't do that but it's generally<00:08:03.290> understood<00:08:03.830> that<00:08:04.010> you<00:08:04.100> shouldn't 00:08:04.450 --> 00:08:04.460 align:start position:0% generally understood that you shouldn't 00:08:04.460 --> 00:08:05.350 align:start position:0% generally understood that you shouldn't do<00:08:04.520> that<00:08:04.640> because<00:08:04.730> it's<00:08:04.970> not<00:08:05.060> the<00:08:05.180> right<00:08:05.330> thing 00:08:05.350 --> 00:08:05.360 align:start position:0% do that because it's not the right thing 00:08:05.360 --> 00:08:07.390 align:start position:0% do that because it's not the right thing to<00:08:05.600> do<00:08:05.810> of<00:08:06.530> course<00:08:06.800> you<00:08:06.950> know<00:08:07.040> after<00:08:07.310> they 00:08:07.390 --> 00:08:07.400 align:start position:0% to do of course you know after they 00:08:07.400 --> 00:08:08.680 align:start position:0% to do of course you know after they started<00:08:07.610> doing<00:08:07.730> that<00:08:08.000> I<00:08:08.060> think<00:08:08.210> eventually 00:08:08.680 --> 00:08:08.690 align:start position:0% started doing that I think eventually 00:08:08.690 --> 00:08:11.110 align:start position:0% started doing that I think eventually the<00:08:08.840> NFL<00:08:09.380> then<00:08:09.770> imposed<00:08:10.190> you<00:08:10.520> know<00:08:10.610> kind<00:08:11.090> of 00:08:11.110 --> 00:08:11.120 align:start position:0% the NFL then imposed you know kind of 00:08:11.120 --> 00:08:12.760 align:start position:0% the NFL then imposed you know kind of made<00:08:11.300> that<00:08:11.510> like<00:08:11.690> okay<00:08:12.110> you<00:08:12.169> can't<00:08:12.440> do<00:08:12.530> this<00:08:12.680> to 00:08:12.760 --> 00:08:12.770 align:start position:0% made that like okay you can't do this to 00:08:12.770 --> 00:08:15.100 align:start position:0% made that like okay you can't do this to another<00:08:12.919> team<00:08:13.360> but<00:08:14.360> you<00:08:14.510> know<00:08:14.600> like<00:08:14.810> to<00:08:14.960> bring 00:08:15.100 --> 00:08:15.110 align:start position:0% another team but you know like to bring 00:08:15.110 --> 00:08:16.840 align:start position:0% another team but you know like to bring that<00:08:15.230> back<00:08:15.470> to<00:08:15.830> you<00:08:16.250> know<00:08:16.340> that's<00:08:16.580> sort<00:08:16.820> of 00:08:16.840 --> 00:08:16.850 align:start position:0% that back to you know that's sort of 00:08:16.850 --> 00:08:18.700 align:start position:0% that back to you know that's sort of accepted<00:08:17.450> that<00:08:17.540> you<00:08:17.600> don't<00:08:17.870> do<00:08:18.020> this<00:08:18.230> and<00:08:18.470> and 00:08:18.700 --> 00:08:18.710 align:start position:0% accepted that you don't do this and and 00:08:18.710 --> 00:08:20.500 align:start position:0% accepted that you don't do this and and and<00:08:19.160> teams<00:08:19.460> traditionally<00:08:19.910> have<00:08:20.090> not<00:08:20.300> done 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later on and so you know like going back 00:08:27.410 --> 00:08:29.290 align:start position:0% later on and so you know like going back to<00:08:27.440> international<00:08:28.160> law<00:08:28.340> like<00:08:28.820> ultimately 00:08:29.290 --> 00:08:29.300 align:start position:0% to international law like ultimately 00:08:29.300 --> 00:08:31.690 align:start position:0% to international law like ultimately customary<00:08:29.990> international<00:08:30.140> law<00:08:30.590> is<00:08:30.950> a<00:08:31.190> signal 00:08:31.690 --> 00:08:31.700 align:start position:0% customary international law is a signal 00:08:31.700 --> 00:08:33.640 align:start position:0% customary international law is a signal source<00:08:31.880> of<00:08:32.150> both<00:08:32.330> strength<00:08:32.750> and<00:08:33.020> flexibility 00:08:33.640 --> 00:08:33.650 align:start position:0% source of both strength and flexibility 00:08:33.650 --> 00:08:36.430 align:start position:0% source of both strength and flexibility for<00:08:33.740> for<00:08:34.610> international<00:08:35.360> law<00:08:35.390> and<00:08:35.810> it<00:08:36.110> allows 00:08:36.430 --> 00:08:36.440 align:start position:0% for for international law and it allows 00:08:36.440 --> 00:08:38.589 align:start position:0% for for international law and it allows international<00:08:36.800> actors<00:08:37.460> to<00:08:37.969> develop<00:08:38.360> rules 00:08:38.589 --> 00:08:38.599 align:start position:0% international actors to develop rules 00:08:38.599 --> 00:08:41.409 align:start position:0% international actors to develop rules for<00:08:38.900> behavior<00:08:39.380> that<00:08:39.919> are<00:08:40.219> sort<00:08:40.700> of<00:08:40.729> informally 00:08:41.409 --> 00:08:41.419 align:start position:0% for behavior that are sort of informally 00:08:41.419 --> 00:08:43.300 align:start position:0% for behavior that are sort of informally without<00:08:41.570> the<00:08:41.839> need<00:08:42.080> to<00:08:42.110> resort<00:08:42.620> to<00:08:42.680> a<00:08:42.800> formal 00:08:43.300 --> 00:08:43.310 align:start position:0% without the need to resort to a formal 00:08:43.310 --> 00:08:45.579 align:start position:0% without the need to resort to a formal lawmaking<00:08:44.060> with<00:08:44.360> a<00:08:44.390> central<00:08:44.870> a<00:08:45.020> lawmaker<00:08:45.350> with 00:08:45.579 --> 00:08:45.589 align:start position:0% lawmaking with a central a lawmaker with 00:08:45.589 --> 00:08:49.270 align:start position:0% lawmaking with a central a lawmaker with a<00:08:45.620> central<00:08:46.010> body<00:08:46.690> so<00:08:47.690> what's<00:08:48.110> an<00:08:48.200> example<00:08:48.260> of<00:08:48.650> a 00:08:49.270 --> 00:08:49.280 align:start position:0% a central body so what's an example of a 00:08:49.280 --> 00:08:51.310 align:start position:0% a central body so what's an example of a consistent<00:08:49.910> practice<00:08:50.330> and<00:08:50.570> common 00:08:51.310 --> 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you<00:08:58.249> know<00:08:58.579> there's<00:08:58.790> something 00:08:58.960 --> 00:08:58.970 align:start position:0% standards so you know there's something 00:08:58.970 --> 00:09:01.329 align:start position:0% standards so you know there's something that<00:08:59.089> I<00:08:59.180> read<00:08:59.420> one<00:08:59.779> time<00:08:59.959> which<00:09:00.680> emphasizes 00:09:01.329 --> 00:09:01.339 align:start position:0% that I read one time which emphasizes 00:09:01.339 --> 00:09:04.090 align:start position:0% that I read one time which emphasizes the<00:09:01.459> importance<00:09:01.910> of<00:09:02.089> values<00:09:02.620> so<00:09:03.620> you<00:09:04.009> know 00:09:04.090 --> 00:09:04.100 align:start position:0% the importance of values so you know 00:09:04.100 --> 00:09:05.889 align:start position:0% the importance of values so you know it's<00:09:04.310> possible<00:09:04.879> or<00:09:05.060> it<00:09:05.149> might<00:09:05.300> be<00:09:05.420> possible 00:09:05.889 --> 00:09:05.899 align:start position:0% it's possible or it might be possible 00:09:05.899 --> 00:09:07.989 align:start position:0% it's possible or it might be possible for<00:09:06.439> two<00:09:06.620> equally<00:09:07.069> effective<00:09:07.550> governance 00:09:07.989 --> 00:09:07.999 align:start position:0% for two equally effective governance 00:09:07.999 --> 00:09:10.929 align:start position:0% for two equally effective governance systems<00:09:08.420> to<00:09:08.959> complete<00:09:09.560> to<00:09:09.980> compete<00:09:10.430> by 00:09:10.929 --> 00:09:10.939 align:start position:0% systems to complete to compete by 00:09:10.939 --> 00:09:13.689 align:start position:0% systems to complete to compete by internalizing<00:09:11.569> different<00:09:12.410> values<00:09:12.709> so<00:09:13.399> you 00:09:13.689 --> 00:09:13.699 align:start position:0% internalizing different values so you 00:09:13.699 --> 00:09:16.179 align:start position:0% internalizing different values so you know<00:09:13.939> one<00:09:14.149> could<00:09:14.300> perhaps<00:09:14.600> embrace<00:09:15.559> diversity 00:09:16.179 --> 00:09:16.189 align:start position:0% know one could perhaps embrace diversity 00:09:16.189 --> 00:09:18.220 align:start position:0% know one could perhaps embrace diversity and<00:09:16.790> openness<00:09:17.120> at<00:09:17.360> the<00:09:17.509> cost<00:09:17.720> of<00:09:17.959> some 00:09:18.220 --> 00:09:18.230 align:start position:0% and openness at the cost of some 00:09:18.230 --> 00:09:20.170 align:start position:0% and openness at the cost of some efficiency<00:09:18.769> and<00:09:19.670> the<00:09:19.759> other<00:09:19.910> could<00:09:20.120> be 00:09:20.170 --> 00:09:20.180 align:start position:0% efficiency and the other could be 00:09:20.180 --> 00:09:22.780 align:start position:0% efficiency and the other could be optimized<00:09:20.629> for<00:09:20.809> efficiency<00:09:21.559> but<00:09:22.249> for<00:09:22.519> a<00:09:22.550> more 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industry working out a global 00:09:28.730 --> 00:09:30.249 align:start position:0% the crypto industry working out a global taxonomy<00:09:29.120> that<00:09:29.300> makes<00:09:29.569> sense<00:09:29.809> or 00:09:30.249 --> 00:09:30.259 align:start position:0% taxonomy that makes sense or 00:09:30.259 --> 00:09:32.319 align:start position:0% taxonomy that makes sense or standardizing<00:09:31.100> the<00:09:31.249> very<00:09:31.430> sort<00:09:31.699> of<00:09:31.759> minimal 00:09:32.319 --> 00:09:32.329 align:start position:0% standardizing the very sort of minimal 00:09:32.329 --> 00:09:34.360 align:start position:0% standardizing the very sort of minimal amount<00:09:32.600> of<00:09:32.660> disclosures<00:09:33.259> that<00:09:34.100> should<00:09:34.279> be 00:09:34.360 --> 00:09:34.370 align:start position:0% amount of disclosures that should be 00:09:34.370 --> 00:09:36.009 align:start position:0% amount of disclosures that should be demanded<00:09:34.879> from<00:09:35.029> token<00:09:35.389> projects<00:09:35.779> whether 00:09:36.009 --> 00:09:36.019 align:start position:0% demanded from token projects whether 00:09:36.019 --> 00:09:37.989 align:start position:0% demanded from token projects whether it's<00:09:36.230> before<00:09:36.350> or<00:09:36.559> during<00:09:36.860> or<00:09:37.160> after<00:09:37.370> the<00:09:37.699> token 00:09:37.989 --> 00:09:37.999 align:start position:0% it's before or during or after the token 00:09:37.999 --> 00:09:40.030 align:start position:0% it's before or during or after the token sale<00:09:38.209> it's<00:09:38.749> it's<00:09:38.990> about<00:09:39.230> figuring<00:09:39.709> out<00:09:39.889> the 00:09:40.030 --> 00:09:40.040 align:start position:0% sale it's it's about figuring out the 00:09:40.040 --> 00:09:42.280 align:start position:0% sale it's it's about figuring out the values<00:09:40.430> that<00:09:40.699> the<00:09:40.910> community<00:09:41.360> agrees<00:09:41.779> on<00:09:42.019> and 00:09:42.280 --> 00:09:42.290 align:start position:0% values that the community agrees on and 00:09:42.290 --> 00:09:44.920 align:start position:0% values that the community agrees on and pushing<00:09:42.740> those<00:09:43.009> forward<00:09:43.629> you<00:09:44.629> know<00:09:44.720> so 00:09:44.920 --> 00:09:44.930 align:start position:0% pushing those forward you know so 00:09:44.930 --> 00:09:46.569 align:start position:0% pushing those forward you know so bringing<00:09:45.680> this<00:09:45.829> back<00:09:45.980> to<00:09:46.040> the<00:09:46.279> earlier 00:09:46.569 --> 00:09:46.579 align:start position:0% bringing this back to the earlier 00:09:46.579 --> 00:09:49.299 align:start position:0% bringing this back to the earlier criticisms<00:09:47.240> of<00:09:47.809> international<00:09:48.439> law<00:09:48.620> you<00:09:49.189> know 00:09:49.299 --> 00:09:49.309 align:start position:0% criticisms of international law you know 00:09:49.309 --> 00:09:50.980 align:start position:0% criticisms of international law you know personally<00:09:49.759> I<00:09:49.790> think<00:09:50.149> the<00:09:50.540> critics<00:09:50.870> are 00:09:50.980 --> 00:09:50.990 align:start position:0% personally I think the critics are 00:09:50.990 --> 00:09:52.869 align:start position:0% personally I think the critics are asking<00:09:51.379> the<00:09:51.889> wrong<00:09:52.100> questions<00:09:52.610> at<00:09:52.759> the<00:09:52.850> end 00:09:52.869 --> 00:09:52.879 align:start position:0% asking the wrong questions at the end 00:09:52.879 --> 00:09:55.199 align:start position:0% asking the wrong questions at the end you<00:09:53.509> know<00:09:53.629> what<00:09:53.870> matters<00:09:54.079> is<00:09:54.529> not<00:09:54.769> whether 00:09:55.199 --> 00:09:55.209 align:start position:0% you know what matters is not whether 00:09:55.209 --> 00:09:57.309 align:start position:0% you know what matters is not whether international<00:09:56.209> law<00:09:56.329> has<00:09:56.569> the<00:09:56.720> exact<00:09:57.170> same 00:09:57.309 --> 00:09:57.319 align:start position:0% international law has the exact same 00:09:57.319 --> 00:09:59.799 align:start position:0% international law has the exact same legislative<00:09:58.160> judicial<00:09:58.879> and<00:09:59.569> executive 00:09:59.799 --> 00:09:59.809 align:start position:0% legislative judicial and executive 00:09:59.809 --> 00:10:02.379 align:start position:0% legislative judicial and executive branches<00:10:00.769> that<00:10:01.009> domestic<00:10:01.370> states<00:10:01.819> do 00:10:02.379 --> 00:10:02.389 align:start position:0% branches that domestic states do 00:10:02.389 --> 00:10:04.569 align:start position:0% branches that domestic states do internally<00:10:02.959> what<00:10:03.470> matters<00:10:03.920> is<00:10:04.189> whether 00:10:04.569 --> 00:10:04.579 align:start position:0% internally what matters is whether 00:10:04.579 --> 00:10:06.850 align:start position:0% internally what matters is whether international<00:10:05.480> law<00:10:05.629> is<00:10:05.839> reflected<00:10:06.529> in<00:10:06.680> the 00:10:06.850 --> 00:10:06.860 align:start position:0% international law is reflected in the 00:10:06.860 --> 00:10:09.699 align:start position:0% international law is reflected in the behavior<00:10:07.459> of<00:10:07.730> the<00:10:07.939> states<00:10:08.209> so<00:10:09.139> you<00:10:09.199> know<00:10:09.529> it's 00:10:09.699 --> 00:10:09.709 align:start position:0% behavior of the states so you know it's 00:10:09.709 --> 00:10:10.960 align:start position:0% behavior of the states so you know it's not<00:10:09.889> whether<00:10:10.069> or<00:10:10.160> not<00:10:10.339> there's<00:10:10.550> a<00:10:10.610> formal 00:10:10.960 --> 00:10:10.970 align:start position:0% not whether or not there's a formal 00:10:10.970 --> 00:10:13.509 align:start position:0% not whether or not there's a formal judiciary<00:10:11.600> instead<00:10:12.410> it's<00:10:12.680> whether<00:10:12.949> disputes 00:10:13.509 --> 00:10:13.519 align:start position:0% judiciary instead it's whether disputes 00:10:13.519 --> 00:10:15.189 align:start position:0% judiciary instead it's whether disputes are<00:10:13.639> resolved<00:10:14.059> in<00:10:14.149> an<00:10:14.240> orderly<00:10:14.569> peaceful 00:10:15.189 --> 00:10:15.199 align:start position:0% are resolved in an orderly peaceful 00:10:15.199 --> 00:10:17.290 align:start position:0% are resolved in an orderly peaceful fashion<00:10:15.980> in<00:10:16.399> accordance<00:10:16.939> with<00:10:17.000> international 00:10:17.290 --> 00:10:17.300 align:start position:0% fashion in accordance with international 00:10:17.300 --> 00:10:19.749 align:start position:0% fashion in accordance with international law<00:10:17.930> which<00:10:18.139> they<00:10:18.350> mostly<00:10:18.620> are<00:10:18.709> and<00:10:19.100> more 00:10:19.749 --> 00:10:19.759 align:start position:0% law which they mostly are and more 00:10:19.759 --> 00:10:21.129 align:start position:0% law which they mostly are and more importantly<00:10:20.209> it's<00:10:20.480> not<00:10:20.689> where<00:10:20.870> they're<00:10:20.990> about 00:10:21.129 --> 00:10:21.139 align:start position:0% importantly it's not where they're about 00:10:21.139 --> 00:10:23.379 align:start position:0% importantly it's not where they're about you<00:10:21.589> know<00:10:21.829> if<00:10:22.069> the<00:10:22.220> law<00:10:22.370> is<00:10:22.430> enforceable<00:10:23.029> or 00:10:23.379 --> 00:10:23.389 align:start position:0% you know if the law is enforceable or 00:10:23.389 --> 00:10:25.509 align:start position:0% you know if the law is enforceable or not<00:10:23.600> the<00:10:24.079> question<00:10:24.470> is<00:10:24.589> whether<00:10:24.829> or<00:10:25.040> not<00:10:25.129> its 00:10:25.509 --> 00:10:25.519 align:start position:0% not the question is whether or not its 00:10:25.519 --> 00:10:27.939 align:start position:0% not the question is whether or not its de<00:10:26.000> facto<00:10:26.029> being<00:10:26.689> observed<00:10:27.110> and<00:10:27.319> whether<00:10:27.769> it 00:10:27.939 --> 00:10:27.949 align:start position:0% de facto being observed and whether it 00:10:27.949 --> 00:10:30.850 align:start position:0% de facto being observed and whether it influences<00:10:28.579> the<00:10:29.029> behavior<00:10:29.180> of<00:10:29.509> the<00:10:29.720> states<00:10:29.990> so 00:10:30.850 --> 00:10:30.860 align:start position:0% influences the behavior of the states so 00:10:30.860 --> 00:10:32.559 align:start position:0% influences the behavior of the states so nations<00:10:31.339> have<00:10:31.550> generally<00:10:32.000> accepted 00:10:32.559 --> 00:10:32.569 align:start position:0% nations have generally accepted 00:10:32.569 --> 00:10:33.939 align:start position:0% nations have generally accepted important<00:10:33.019> limitations<00:10:33.529> on<00:10:33.709> their 00:10:33.939 --> 00:10:33.949 align:start position:0% important limitations on their 00:10:33.949 --> 00:10:36.040 align:start position:0% important limitations on their sovereignty<00:10:34.449> and<00:10:35.449> the<00:10:35.569> result<00:10:35.930> is 00:10:36.040 --> 00:10:36.050 align:start position:0% sovereignty and the result is 00:10:36.050 --> 00:10:38.139 align:start position:0% sovereignty and the result is substantial<00:10:36.709> order<00:10:37.009> that<00:10:37.550> we<00:10:37.670> live<00:10:37.879> in<00:10:38.029> today 00:10:38.139 --> 00:10:38.149 align:start position:0% substantial order that we live in today 00:10:38.149 --> 00:10:40.509 align:start position:0% substantial order that we live in today it's<00:10:38.689> not<00:10:38.899> perfect<00:10:39.379> it's<00:10:39.589> not<00:10:39.679> optimal<00:10:40.250> but 00:10:40.509 --> 00:10:40.519 align:start position:0% it's not perfect it's not optimal but 00:10:40.519 --> 00:10:42.610 align:start position:0% it's not perfect it's not optimal but it's<00:10:40.670> substantial<00:10:41.269> and<00:10:41.420> it's<00:10:41.899> and<00:10:42.199> it's<00:10:42.410> you 00:10:42.610 --> 00:10:42.620 align:start position:0% it's substantial and it's and it's you 00:10:42.620 --> 00:10:44.439 align:start position:0% it's substantial and it's and it's you know<00:10:42.740> it<00:10:43.309> works<00:10:43.550> well<00:10:43.730> enough<00:10:43.759> for<00:10:44.089> you<00:10:44.300> and<00:10:44.420> I 00:10:44.439 --> 00:10:44.449 align:start position:0% know it works well enough for you and I 00:10:44.449 --> 00:10:45.939 align:start position:0% know it works well enough for you and I to<00:10:44.509> be<00:10:44.629> here<00:10:44.660> today<00:10:44.929> and<00:10:45.259> like<00:10:45.470> you<00:10:45.649> know<00:10:45.769> just 00:10:45.939 --> 00:10:45.949 align:start position:0% to be here today and like you know just 00:10:45.949 --> 00:10:49.449 align:start position:0% to be here today and like you know just have<00:10:46.309> the<00:10:46.429> day<00:10:46.970> to<00:10:47.029> day<00:10:47.240> work<00:10:47.509> out<00:10:47.689> fine<00:10:48.160> and<00:10:49.160> so 00:10:49.449 --> 00:10:49.459 align:start position:0% have the day to day work out fine and so 00:10:49.459 --> 00:10:51.699 align:start position:0% have the day to day work out fine and so you<00:10:49.519> know<00:10:49.699> in<00:10:49.879> reality<00:10:50.120> I<00:10:50.449> think<00:10:50.569> the<00:10:51.199> actual 00:10:51.699 --> 00:10:51.709 align:start position:0% you know in reality I think the actual 00:10:51.709 --> 00:10:53.439 align:start position:0% you know in reality I think the actual international<00:10:52.309> system<00:10:52.670> is<00:10:52.910> a<00:10:52.939> hybrid<00:10:53.209> of<00:10:53.360> two 00:10:53.439 --> 00:10:53.449 align:start position:0% international system is a hybrid of two 00:10:53.449 --> 00:10:56.259 align:start position:0% international system is a hybrid of two theories<00:10:53.959> one<00:10:54.740> norms<00:10:55.429> that<00:10:55.550> are<00:10:55.699> formed<00:10:56.029> by 00:10:56.259 --> 00:10:56.269 align:start position:0% theories one norms that are formed by 00:10:56.269 --> 00:10:58.600 align:start position:0% theories one norms that are formed by treaty<00:10:56.720> and<00:10:56.990> two<00:10:57.230> by<00:10:57.559> consent<00:10:57.980> and<00:10:58.220> so 00:10:58.600 --> 00:10:58.610 align:start position:0% treaty and two by consent and so 00:10:58.610 --> 00:11:00.100 align:start position:0% treaty and two by consent and so therefore<00:10:58.850> the<00:10:59.179> actual<00:10:59.389> international 00:11:00.100 --> 00:11:00.110 align:start position:0% therefore the actual international 00:11:00.110 --> 00:11:01.989 align:start position:0% therefore the actual international system<00:11:00.470> is<00:11:00.589> a<00:11:00.620> compromise<00:11:01.040> point<00:11:01.579> between 00:11:01.989 --> 00:11:01.999 align:start position:0% system is a compromise point between 00:11:01.999 --> 00:11:06.280 align:start position:0% system is a compromise point between those<00:11:02.209> two<00:11:02.420> theories<00:11:02.889> now<00:11:04.509> over<00:11:05.509> the<00:11:05.660> kind<00:11:06.170> of 00:11:06.280 --> 00:11:06.290 align:start position:0% those two theories now over the kind of 00:11:06.290 --> 00:11:07.809 align:start position:0% those two theories now over the kind of you<00:11:06.470> know<00:11:06.559> just<00:11:06.589> being<00:11:06.980> online<00:11:07.189> and<00:11:07.370> over<00:11:07.730> the 00:11:07.809 --> 00:11:07.819 align:start position:0% you know just being online and over the 00:11:07.819 --> 00:11:08.300 align:start position:0% you know just being online and over the pass 00:11:08.300 --> 00:11:08.310 align:start position:0% pass 00:11:08.310 --> 00:11:10.850 align:start position:0% pass you<00:11:09.000> know<00:11:09.120> year<00:11:09.570> and<00:11:09.750> a<00:11:09.779> half<00:11:09.900> being<00:11:10.170> crypto<00:11:10.620> I 00:11:10.850 --> 00:11:10.860 align:start position:0% you know year and a half being crypto I 00:11:10.860 --> 00:11:13.100 align:start position:0% you know year and a half being crypto I overhear<00:11:11.640> conversations<00:11:12.120> that<00:11:12.690> often<00:11:12.960> go 00:11:13.100 --> 00:11:13.110 align:start position:0% overhear conversations that often go 00:11:13.110 --> 00:11:15.560 align:start position:0% overhear conversations that often go something<00:11:13.440> like<00:11:13.470> this<00:11:13.910> we<00:11:14.910> don't<00:11:15.090> give<00:11:15.240> a<00:11:15.270> damn 00:11:15.560 --> 00:11:15.570 align:start position:0% something like this we don't give a damn 00:11:15.570 --> 00:11:17.630 align:start position:0% something like this we don't give a damn about<00:11:15.779> governments<00:11:16.560> and<00:11:16.710> their<00:11:16.860> laws<00:11:17.070> because 00:11:17.630 --> 00:11:17.640 align:start position:0% about governments and their laws because 00:11:17.640 --> 00:11:20.810 align:start position:0% about governments and their laws because we're<00:11:17.850> building<00:11:18.240> web<00:11:18.390> 3<00:11:19.310> so<00:11:20.310> to<00:11:20.370> me<00:11:20.640> I<00:11:20.670> think 00:11:20.810 --> 00:11:20.820 align:start position:0% we're building web 3 so to me I think 00:11:20.820 --> 00:11:22.760 align:start position:0% we're building web 3 so to me I think that's<00:11:21.210> sort<00:11:21.360> of<00:11:21.480> a<00:11:21.630> misunderstanding<00:11:22.590> of 00:11:22.760 --> 00:11:22.770 align:start position:0% that's sort of a misunderstanding of 00:11:22.770 --> 00:11:24.230 align:start position:0% that's sort of a misunderstanding of what<00:11:22.860> we're<00:11:23.279> really<00:11:23.460> striving<00:11:23.670> to<00:11:24.210> work 00:11:24.230 --> 00:11:24.240 align:start position:0% what we're really striving to work 00:11:24.240 --> 00:11:26.269 align:start position:0% what we're really striving to work towards<00:11:24.810> you<00:11:25.320> know<00:11:25.440> what<00:11:25.860> we're<00:11:25.980> trying<00:11:26.190> to 00:11:26.269 --> 00:11:26.279 align:start position:0% towards you know what we're trying to 00:11:26.279 --> 00:11:27.440 align:start position:0% towards you know what we're trying to work<00:11:26.460> towards<00:11:26.760> in<00:11:26.850> the<00:11:26.940> space<00:11:27.150> effect 00:11:27.440 --> 00:11:27.450 align:start position:0% work towards in the space effect 00:11:27.450 --> 00:11:29.210 align:start position:0% work towards in the space effect specifically<00:11:28.260> it's<00:11:28.529> you<00:11:28.770> know<00:11:28.860> we're<00:11:29.040> trying 00:11:29.210 --> 00:11:29.220 align:start position:0% specifically it's you know we're trying 00:11:29.220 --> 00:11:31.070 align:start position:0% specifically it's you know we're trying to<00:11:29.400> empower<00:11:29.670> sovereign<00:11:30.330> equality<00:11:30.480> in 00:11:31.070 --> 00:11:31.080 align:start position:0% to empower sovereign equality in 00:11:31.080 --> 00:11:32.210 align:start position:0% to empower sovereign equality in individuals 00:11:32.210 --> 00:11:32.220 align:start position:0% individuals 00:11:32.220 --> 00:11:34.850 align:start position:0% individuals it's<00:11:32.880> about<00:11:33.120> creative<00:11:33.570> incentives<00:11:34.140> for<00:11:34.560> human 00:11:34.850 --> 00:11:34.860 align:start position:0% it's about creative incentives for human 00:11:34.860 --> 00:11:37.100 align:start position:0% it's about creative incentives for human cooperation<00:11:34.980> and<00:11:35.640> it's<00:11:36.240> about<00:11:36.420> creating<00:11:36.839> good 00:11:37.100 --> 00:11:37.110 align:start position:0% cooperation and it's about creating good 00:11:37.110 --> 00:11:38.810 align:start position:0% cooperation and it's about creating good citizenship<00:11:37.620> among<00:11:37.830> the<00:11:38.100> global<00:11:38.430> community 00:11:38.810 --> 00:11:38.820 align:start position:0% citizenship among the global community 00:11:38.820 --> 00:11:41.780 align:start position:0% citizenship among the global community ultimately<00:11:40.100> governance<00:11:41.100> is<00:11:41.250> a<00:11:41.279> bottom-up 00:11:41.780 --> 00:11:41.790 align:start position:0% ultimately governance is a bottom-up 00:11:41.790 --> 00:11:46.160 align:start position:0% ultimately governance is a bottom-up approach<00:11:43.910> goals<00:11:44.910> and<00:11:45.120> value<00:11:45.480> go<00:11:45.839> hand-in-hand 00:11:46.160 --> 00:11:46.170 align:start position:0% approach goals and value go hand-in-hand 00:11:46.170 --> 00:11:48.950 align:start position:0% approach goals and value go hand-in-hand but<00:11:46.860> are<00:11:47.040> created<00:11:47.640> from<00:11:48.000> ongoing<00:11:48.570> community 00:11:48.950 --> 00:11:48.960 align:start position:0% but are created from ongoing community 00:11:48.960 --> 00:11:51.230 align:start position:0% but are created from ongoing community consensus<00:11:49.650> more<00:11:49.920> than<00:11:50.070> predefined<00:11:50.640> rules<00:11:50.880> and 00:11:51.230 --> 00:11:51.240 align:start position:0% consensus more than predefined rules and 00:11:51.240 --> 00:11:53.840 align:start position:0% consensus more than predefined rules and you<00:11:52.080> know<00:11:52.170> technology<00:11:52.529> may<00:11:53.040> ultimately<00:11:53.190> move 00:11:53.840 --> 00:11:53.850 align:start position:0% you know technology may ultimately move 00:11:53.850 --> 00:11:56.240 align:start position:0% you know technology may ultimately move the<00:11:54.120> discussion<00:11:54.710> forward<00:11:55.710> and<00:11:55.860> give<00:11:56.040> us<00:11:56.160> a 00:11:56.240 --> 00:11:56.250 align:start position:0% the discussion forward and give us a 00:11:56.250 --> 00:11:57.470 align:start position:0% the discussion forward and give us a framework<00:11:56.460> to<00:11:56.850> build<00:11:57.120> upon 00:11:57.470 --> 00:11:57.480 align:start position:0% framework to build upon 00:11:57.480 --> 00:11:59.660 align:start position:0% framework to build upon but<00:11:57.960> governance<00:11:58.410> is<00:11:58.589> not<00:11:58.650> a<00:11:58.890> ground<00:11:59.160> 0<00:11:59.430> issue 00:11:59.660 --> 00:11:59.670 align:start position:0% but governance is not a ground 0 issue 00:11:59.670 --> 00:12:01.730 align:start position:0% but governance is not a ground 0 issue and<00:12:00.089> at<00:12:00.480> the<00:12:00.600> end<00:12:00.750> of<00:12:00.870> the<00:12:00.960> day<00:12:01.110> it's<00:12:01.470> about 00:12:01.730 --> 00:12:01.740 align:start position:0% and at the end of the day it's about 00:12:01.740 --> 00:12:06.620 align:start position:0% and at the end of the day it's about human<00:12:02.190> behavior<00:12:03.140> and<00:12:04.880> that's<00:12:05.880> it<00:12:06.120> thanks<00:12:06.600> guys 00:12:06.620 --> 00:12:06.630 align:start position:0% human behavior and that's it thanks guys 00:12:06.630 --> 00:12:10.280 align:start position:0% human behavior and that's it thanks guys you<00:12:07.140> can<00:12:07.740> find<00:12:08.010> me<00:12:08.220> that's<00:12:08.520> my<00:12:08.730> Twitter<00:12:09.290> and 00:12:10.280 --> 00:12:10.290 align:start position:0% you can find me that's my Twitter and 00:12:10.290 --> 00:12:11.550 align:start position:0% you can find me that's my Twitter and for<00:12:10.470> Masari 00:12:11.550 --> 00:12:11.560 align:start position:0% for Masari 00:12:11.560 --> 00:12:12.730 align:start position:0% for Masari [Applause] 00:12:12.730 --> 00:12:12.740 align:start position:0% [Applause] 00:12:12.740 --> 00:12:16.310 align:start position:0% [Applause] alrighty<00:12:13.740> yeah<00:12:14.460> we<00:12:15.210> have<00:12:15.330> time<00:12:15.600> for<00:12:15.630> one<00:12:15.870> or 00:12:16.310 --> 00:12:16.320 align:start position:0% alrighty yeah we have time for one or 00:12:16.320 --> 00:12:18.260 align:start position:0% alrighty yeah we have time for one or two<00:12:16.350> questions<00:12:16.500> does<00:12:17.280> anybody<00:12:17.550> have<00:12:17.970> a 00:12:18.260 --> 00:12:18.270 align:start position:0% two questions does anybody have a 00:12:18.270 --> 00:12:22.220 align:start position:0% two questions does anybody have a question<00:12:19.910> looking<00:12:20.910> looking<00:12:21.330> looking<00:12:21.390> again<00:12:22.170> I 00:12:22.220 --> 00:12:22.230 align:start position:0% question looking looking looking again I 00:12:22.230 --> 00:12:25.100 align:start position:0% question looking looking looking again I have<00:12:22.530> oh<00:12:23.360> hey<00:12:24.360> Catherine<00:12:24.720> thanks<00:12:24.930> for<00:12:25.050> the 00:12:25.100 --> 00:12:25.110 align:start position:0% have oh hey Catherine thanks for the 00:12:25.110 --> 00:12:27.170 align:start position:0% have oh hey Catherine thanks for the awesome<00:12:25.410> talk<00:12:25.589> it<00:12:26.310> just<00:12:26.550> struck<00:12:26.730> me<00:12:26.880> a<00:12:26.910> moment 00:12:27.170 --> 00:12:27.180 align:start position:0% awesome talk it just struck me a moment 00:12:27.180 --> 00:12:28.970 align:start position:0% awesome talk it just struck me a moment ago<00:12:27.300> as<00:12:27.420> you<00:12:27.450> were<00:12:27.600> describing<00:12:28.020> international 00:12:28.970 --> 00:12:28.980 align:start position:0% ago as you were describing international 00:12:28.980 --> 00:12:34.460 align:start position:0% ago as you were describing international law<00:12:29.270> that<00:12:31.610> there<00:12:32.610> are<00:12:32.790> some<00:12:33.540> parallels<00:12:33.960> with 00:12:34.460 --> 00:12:34.470 align:start position:0% law that there are some parallels with 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position:0% are governed right and like systems like polkadot<00:12:40.050> that<00:12:40.170> are<00:12:40.260> being<00:12:40.470> built<00:12:40.650> that<00:12:40.860> are 00:12:40.940 --> 00:12:40.950 align:start position:0% polkadot that are being built that are 00:12:40.950 --> 00:12:42.410 align:start position:0% polkadot that are being built that are saying<00:12:41.130> hey<00:12:41.310> each<00:12:41.550> chain<00:12:41.910> can<00:12:42.060> go<00:12:42.120> off<00:12:42.210> and<00:12:42.360> do 00:12:42.410 --> 00:12:42.420 align:start position:0% saying hey each chain can go off and do 00:12:42.420 --> 00:12:43.850 align:start position:0% saying hey each chain can go off and do its<00:12:42.570> own<00:12:42.630> thing<00:12:42.690> and<00:12:43.020> can<00:12:43.170> have<00:12:43.260> its<00:12:43.380> own<00:12:43.500> rules 00:12:43.850 --> 00:12:43.860 align:start position:0% its own thing and can have its own rules 00:12:43.860 --> 00:12:45.950 align:start position:0% its own thing and can have its own rules its<00:12:44.100> own<00:12:44.220> governance<00:12:44.790> on<00:12:44.940> chain<00:12:45.240> but<00:12:45.810> then 00:12:45.950 --> 00:12:45.960 align:start position:0% its own governance on chain but then 00:12:45.960 --> 00:12:47.150 align:start position:0% its own governance on chain but then there's<00:12:46.140> some<00:12:46.260> sort<00:12:46.440> of<00:12:46.530> central<00:12:46.860> system 00:12:47.150 --> 00:12:47.160 align:start position:0% there's some sort of central system 00:12:47.160 --> 00:12:48.230 align:start position:0% there's some sort of central system where<00:12:47.310> they<00:12:47.400> coordinate<00:12:47.880> and<00:12:48.000> there's<00:12:48.120> some 00:12:48.230 --> 00:12:48.240 align:start position:0% where they coordinate and there's some 00:12:48.240 --> 00:12:49.579 align:start position:0% where they coordinate and there's some higher<00:12:48.420> level<00:12:48.690> they<00:12:48.810> can<00:12:48.839> communicate<00:12:49.080> and 00:12:49.579 --> 00:12:49.589 align:start position:0% higher level they can communicate and 00:12:49.589 --> 00:12:51.320 align:start position:0% higher level they can communicate and some<00:12:49.740> level<00:12:50.130> of<00:12:50.250> invariants<00:12:51.060> I'm<00:12:51.150> just 00:12:51.320 --> 00:12:51.330 align:start position:0% some level of invariants I'm just 00:12:51.330 --> 00:12:52.490 align:start position:0% some level of invariants I'm just wondering<00:12:51.750> you've<00:12:51.870> ever<00:12:51.959> thought<00:12:52.140> about<00:12:52.200> that 00:12:52.490 --> 00:12:52.500 align:start position:0% wondering you've ever thought about that 00:12:52.500 --> 00:12:53.660 align:start position:0% wondering you've ever thought about that no<00:12:52.680> there's<00:12:52.980> anything<00:12:53.220> we<00:12:53.370> can<00:12:53.490> learn<00:12:53.610> from 00:12:53.660 --> 00:12:53.670 align:start position:0% no there's anything we can learn from 00:12:53.670 --> 00:12:55.160 align:start position:0% no there's anything we can learn from international<00:12:54.630> law<00:12:54.720> in<00:12:54.839> building<00:12:55.110> these 00:12:55.160 --> 00:12:55.170 align:start position:0% international law in building these 00:12:55.170 --> 00:12:57.140 align:start position:0% international law in building these systems<00:12:55.350> yeah<00:12:56.280> I<00:12:56.310> mean<00:12:56.730> I<00:12:56.880> think<00:12:56.940> ultimately 00:12:57.140 --> 00:12:57.150 align:start position:0% systems yeah I mean I think ultimately 00:12:57.150 --> 00:12:59.120 align:start position:0% systems yeah I mean I think ultimately what<00:12:57.780> I'm<00:12:57.900> trying<00:12:58.200> to<00:12:58.260> say<00:12:58.470> here<00:12:58.740> is<00:12:58.830> just<00:12:59.040> sort 00:12:59.120 --> 00:12:59.130 align:start position:0% what I'm trying to say here is just sort 00:12:59.130 --> 00:13:00.980 align:start position:0% what I'm trying to say here is just sort of<00:12:59.250> like<00:12:59.370> when<00:13:00.000> we're<00:13:00.150> looking<00:13:00.270> to<00:13:00.570> rebuild 00:13:00.980 --> 00:13:00.990 align:start position:0% of like when we're looking to rebuild 00:13:00.990 --> 00:13:03.050 align:start position:0% of like when we're looking to rebuild any<00:13:01.350> sort<00:13:01.589> of<00:13:01.620> governance<00:13:02.070> systems 00:13:03.050 --> 00:13:03.060 align:start position:0% any sort of governance systems 00:13:03.060 --> 00:13:05.030 align:start position:0% any sort of governance systems let's<00:13:03.420> not<00:13:03.600> totally<00:13:03.990> disregard<00:13:04.470> history 00:13:05.030 --> 00:13:05.040 align:start position:0% let's not totally disregard history 00:13:05.040 --> 00:13:07.340 align:start position:0% let's not totally disregard history right<00:13:05.550> and<00:13:05.760> so<00:13:06.360> you<00:13:06.720> know<00:13:06.810> and<00:13:06.959> I<00:13:07.020> wanted<00:13:07.260> to 00:13:07.340 --> 00:13:07.350 align:start position:0% right and so you know and I wanted to 00:13:07.350 --> 00:13:08.660 align:start position:0% right and so you know and I wanted to mention<00:13:07.529> this<00:13:07.709> earlier<00:13:08.040> today<00:13:08.220> I<00:13:08.339> didn't<00:13:08.550> have 00:13:08.660 --> 00:13:08.670 align:start position:0% mention this earlier today I didn't have 00:13:08.670 --> 00:13:10.220 align:start position:0% mention this earlier today I didn't have the<00:13:08.760> quite<00:13:08.940> time<00:13:09.150> to<00:13:09.240> get<00:13:09.390> to<00:13:09.510> it<00:13:09.630> but<00:13:09.810> if<00:13:10.140> you 00:13:10.220 --> 00:13:10.230 align:start position:0% the quite time to get to it but if you 00:13:10.230 --> 00:13:11.990 align:start position:0% the quite time to get to it but if you look<00:13:10.350> at<00:13:10.440> the<00:13:10.529> UN<00:13:10.800> for<00:13:10.980> example<00:13:11.459> and<00:13:11.820> you<00:13:11.910> know 00:13:11.990 --> 00:13:12.000 align:start position:0% look at the UN for example and you know 00:13:12.000 --> 00:13:13.400 align:start position:0% look at the UN for example and you know UN<00:13:12.240> is<00:13:12.360> a<00:13:12.420> good<00:13:12.570> example<00:13:12.839> of<00:13:13.020> a<00:13:13.140> body<00:13:13.320> of 00:13:13.400 --> 00:13:13.410 align:start position:0% UN is a good example of a body of 00:13:13.410 --> 00:13:15.260 align:start position:0% UN is a good example of a body of contour<00:13:13.890> you<00:13:14.070> know<00:13:14.160> 200<00:13:14.370> plus<00:13:14.790> countries<00:13:15.029> has 00:13:15.260 --> 00:13:15.270 align:start position:0% contour you know 200 plus countries has 00:13:15.270 --> 00:13:16.730 align:start position:0% contour you know 200 plus countries has come<00:13:15.450> together<00:13:15.600> voluntarily<00:13:16.200> signed<00:13:16.650> an 00:13:16.730 --> 00:13:16.740 align:start position:0% come together voluntarily signed an 00:13:16.740 --> 00:13:18.860 align:start position:0% come together voluntarily signed an agreement<00:13:16.920> and<00:13:17.280> that's<00:13:17.610> fantastic<00:13:18.180> in<00:13:18.390> theory 00:13:18.860 --> 00:13:18.870 align:start position:0% agreement and that's fantastic in theory 00:13:18.870 --> 00:13:20.480 align:start position:0% agreement and that's fantastic in theory but<00:13:19.380> when<00:13:19.500> you<00:13:19.589> really<00:13:19.860> look<00:13:20.010> at<00:13:20.130> like<00:13:20.339> for 00:13:20.480 --> 00:13:20.490 align:start position:0% but when you really look at like for 00:13:20.490 --> 00:13:21.860 align:start position:0% but when you really look at like for example<00:13:20.580> two<00:13:20.940> UN<00:13:21.270> security 00:13:21.860 --> 00:13:21.870 align:start position:0% example two UN security 00:13:21.870 --> 00:13:23.660 align:start position:0% example two UN security so<00:13:22.080> that's<00:13:22.470> ultimately<00:13:22.800> five<00:13:23.100> members<00:13:23.490> that 00:13:23.660 --> 00:13:23.670 align:start position:0% so that's ultimately five members that 00:13:23.670 --> 00:13:25.970 align:start position:0% so that's ultimately five members that decide<00:13:24.210> everything<00:13:24.480> right<00:13:24.900> and<00:13:25.020> that<00:13:25.140> so<00:13:25.860> the 00:13:25.970 --> 00:13:25.980 align:start position:0% decide everything right and that so the 00:13:25.980 --> 00:13:27.950 align:start position:0% decide everything right and that so the UN<00:13:26.310> is<00:13:26.490> a<00:13:26.670> member<00:13:27.060> you<00:13:27.270> know<00:13:27.360> it's<00:13:27.570> supposed<00:13:27.900> to 00:13:27.950 --> 00:13:27.960 align:start position:0% UN is a member you know it's supposed to 00:13:27.960 --> 00:13:29.390 align:start position:0% UN is a member you know it's supposed to be<00:13:28.080> like<00:13:28.290> two<00:13:28.440> hundred<00:13:28.500> equal<00:13:28.920> members 00:13:29.390 --> 00:13:29.400 align:start position:0% be like two hundred equal members 00:13:29.400 --> 00:13:31.130 align:start position:0% be like two hundred equal members together<00:13:29.610> but<00:13:29.970> then<00:13:30.060> you<00:13:30.150> have<00:13:30.270> five<00:13:30.570> who 00:13:31.130 --> 00:13:31.140 align:start position:0% together but then you have five who 00:13:31.140 --> 00:13:33.800 align:start position:0% together but then you have five who centralize<00:13:31.680> all<00:13:31.860> the<00:13:32.130> power<00:13:32.450> and<00:13:33.450> so<00:13:33.630> that's 00:13:33.800 --> 00:13:33.810 align:start position:0% centralize all the power and so that's 00:13:33.810 --> 00:13:36.550 align:start position:0% centralize all the power and so that's an<00:13:33.900> example<00:13:33.990> of<00:13:34.350> a<00:13:34.500> centralized 00:13:36.550 --> 00:13:36.560 align:start position:0% an example of a centralized 00:13:36.560 --> 00:13:38.690 align:start position:0% an example of a centralized decision-making<00:13:37.560> body<00:13:37.980> that<00:13:38.220> maybe<00:13:38.400> isn't 00:13:38.690 --> 00:13:38.700 align:start position:0% decision-making body that maybe isn't 00:13:38.700 --> 00:13:40.130 align:start position:0% decision-making body that maybe isn't for<00:13:39.000> the<00:13:39.089> best<00:13:39.300> interests<00:13:39.660> of<00:13:39.720> people<00:13:39.960> because 00:13:40.130 --> 00:13:40.140 align:start position:0% for the best interests of people because 00:13:40.140 --> 00:13:42.290 align:start position:0% for the best interests of people because we<00:13:40.170> all<00:13:40.380> know<00:13:40.500> how<00:13:40.620> gridlocked<00:13:41.010> it<00:13:41.160> can<00:13:41.279> get<00:13:41.400> I 00:13:42.290 --> 00:13:42.300 align:start position:0% we all know how gridlocked it can get I 00:13:42.300 --> 00:13:44.060 align:start position:0% we all know how gridlocked it can get I don't<00:13:43.170> know<00:13:43.290> if<00:13:43.380> I<00:13:43.440> answers<00:13:43.680> your<00:13:43.800> question 00:13:44.060 --> 00:13:44.070 align:start position:0% don't know if I answers your question 00:13:44.070 --> 00:13:48.380 align:start position:0% don't know if I answers your question but<00:13:45.380> so<00:13:46.380> like<00:13:46.680> going<00:13:47.460> back<00:13:47.700> to<00:13:47.880> what<00:13:48.150> you<00:13:48.180> were 00:13:48.380 --> 00:13:48.390 align:start position:0% but so like going back to what you were 00:13:48.390 --> 00:13:50.300 align:start position:0% but so like going back to what you were describing<00:13:48.690> on<00:13:49.230> I<00:13:49.529> guess<00:13:49.680> like<00:13:49.860> horizontal 00:13:50.300 --> 00:13:50.310 align:start position:0% describing on I guess like horizontal 00:13:50.310 --> 00:13:52.840 align:start position:0% describing on I guess like horizontal versus<00:13:51.270> vertical<00:13:51.300> would<00:13:52.200> you<00:13:52.320> say<00:13:52.500> that 00:13:52.840 --> 00:13:52.850 align:start position:0% versus vertical would you say that 00:13:52.850 --> 00:13:55.100 align:start position:0% versus vertical would you say that currently<00:13:53.850> like<00:13:54.120> customary<00:13:54.630> international 00:13:55.100 --> 00:13:55.110 align:start position:0% currently like customary international 00:13:55.110 --> 00:13:58.100 align:start position:0% currently like customary international law<00:13:55.740> is<00:13:56.250> like<00:13:56.610> there<00:13:57.240> are<00:13:57.480> somewhat<00:13:57.960> similar 00:13:58.100 --> 00:13:58.110 align:start position:0% law is like there are somewhat similar 00:13:58.110 --> 00:14:01.340 align:start position:0% law is like there are somewhat similar to<00:13:58.320> how<00:13:58.650> like<00:13:58.920> a<00:13:59.510> self-regulating<00:14:00.510> like<00:14:00.720> like 00:14:01.340 --> 00:14:01.350 align:start position:0% to how like a self-regulating like like 00:14:01.350 --> 00:14:04.780 align:start position:0% to how like a self-regulating like like SROs<00:14:01.890> work<00:14:02.190> in<00:14:02.400> that<00:14:02.550> there's<00:14:03.360> like<00:14:03.480> a<00:14:03.510> body<00:14:03.810> of 00:14:04.780 --> 00:14:04.790 align:start position:0% SROs work in that there's like a body of 00:14:04.790 --> 00:14:06.350 align:start position:0% SROs work in that there's like a body of institutions<00:14:05.790> or<00:14:05.910> businesses<00:14:06.240> or 00:14:06.350 --> 00:14:06.360 align:start position:0% institutions or businesses or 00:14:06.360 --> 00:14:07.040 align:start position:0% institutions or businesses or what-have-you 00:14:07.040 --> 00:14:07.050 align:start position:0% what-have-you 00:14:07.050 --> 00:14:09.200 align:start position:0% what-have-you that<00:14:07.410> basically<00:14:08.160> just<00:14:08.370> kind<00:14:08.490> of<00:14:08.580> like<00:14:08.790> make 00:14:09.200 --> 00:14:09.210 align:start position:0% that basically just kind of like make 00:14:09.210 --> 00:14:11.210 align:start position:0% that basically just kind of like make sure<00:14:09.510> that<00:14:09.750> for<00:14:10.020> the<00:14:10.140> sake<00:14:10.320> of<00:14:10.350> like<00:14:10.620> not 00:14:11.210 --> 00:14:11.220 align:start position:0% sure that for the sake of like not 00:14:11.220 --> 00:14:13.610 align:start position:0% sure that for the sake of like not having<00:14:11.520> to<00:14:11.790> like<00:14:12.000> bring<00:14:12.570> in<00:14:12.750> like<00:14:13.410> some 00:14:13.610 --> 00:14:13.620 align:start position:0% having to like bring in like some 00:14:13.620 --> 00:14:16.160 align:start position:0% having to like bring in like some vertical<00:14:14.160> like<00:14:14.460> watchdog<00:14:15.150> they<00:14:15.720> gotta<00:14:15.930> just 00:14:16.160 --> 00:14:16.170 align:start position:0% vertical like watchdog they gotta just 00:14:16.170 --> 00:14:17.540 align:start position:0% vertical like watchdog they gotta just kind<00:14:16.410> of<00:14:16.440> like<00:14:16.589> police<00:14:16.830> one<00:14:17.010> another<00:14:17.250> and<00:14:17.430> make 00:14:17.540 --> 00:14:17.550 align:start position:0% kind of like police one another and make 00:14:17.550 --> 00:14:19.360 align:start position:0% kind of like police one another and make sure<00:14:17.700> that<00:14:17.850> there<00:14:18.360> aren't<00:14:18.480> like<00:14:18.660> bad<00:14:18.870> actors 00:14:19.360 --> 00:14:19.370 align:start position:0% sure that there aren't like bad actors 00:14:19.370 --> 00:14:21.890 align:start position:0% sure that there aren't like bad actors yeah<00:14:20.370> no<00:14:20.550> that's<00:14:20.700> a<00:14:20.850> great<00:14:20.880> question<00:14:21.450> I<00:14:21.630> think 00:14:21.890 --> 00:14:21.900 align:start position:0% yeah no that's a great question I think 00:14:21.900 --> 00:14:23.990 align:start position:0% yeah no that's a great question I think ultimately<00:14:22.200> like<00:14:22.770> the<00:14:23.370> point<00:14:23.640> I<00:14:23.700> bring<00:14:23.910> up 00:14:23.990 --> 00:14:24.000 align:start position:0% ultimately like the point I bring up 00:14:24.000 --> 00:14:25.519 align:start position:0% ultimately like the point I bring up with<00:14:24.150> customary<00:14:24.600> international<00:14:24.690> law<00:14:25.080> is<00:14:25.350> that 00:14:25.519 --> 00:14:25.529 align:start position:0% with customary international law is that 00:14:25.529 --> 00:14:27.290 align:start position:0% with customary international law is that it's<00:14:25.680> very<00:14:25.860> like<00:14:26.070> dialogue<00:14:26.490> focused<00:14:26.940> and<00:14:27.150> it's 00:14:27.290 --> 00:14:27.300 align:start position:0% it's very like dialogue focused and it's 00:14:27.300 --> 00:14:28.760 align:start position:0% it's very like dialogue focused and it's very<00:14:27.510> sort<00:14:27.779> of<00:14:27.810> like<00:14:28.020> you<00:14:28.380> put<00:14:28.589> out<00:14:28.650> the 00:14:28.760 --> 00:14:28.770 align:start position:0% very sort of like you put out the 00:14:28.770 --> 00:14:30.949 align:start position:0% very sort of like you put out the standards<00:14:29.130> among<00:14:29.459> yourselves<00:14:30.360> first<00:14:30.630> and 00:14:30.949 --> 00:14:30.959 align:start position:0% standards among yourselves first and 00:14:30.959 --> 00:14:33.079 align:start position:0% standards among yourselves first and then<00:14:31.470> that<00:14:31.860> gets<00:14:32.010> codified<00:14:32.550> right<00:14:32.850> so<00:14:32.970> when 00:14:33.079 --> 00:14:33.089 align:start position:0% then that gets codified right so when 00:14:33.089 --> 00:14:34.370 align:start position:0% then that gets codified right so when you're<00:14:33.209> thinking<00:14:33.240> about<00:14:33.630> like<00:14:33.810> how<00:14:34.200> do<00:14:34.260> you 00:14:34.370 --> 00:14:34.380 align:start position:0% you're thinking about like how do you 00:14:34.380 --> 00:14:36.440 align:start position:0% you're thinking about like how do you regulate<00:14:34.740> the<00:14:35.070> crypto<00:14:35.370> industry<00:14:35.880> like<00:14:36.180> how 00:14:36.440 --> 00:14:36.450 align:start position:0% regulate the crypto industry like how 00:14:36.450 --> 00:14:38.360 align:start position:0% regulate the crypto industry like how does<00:14:36.510> I<00:14:36.720> even<00:14:36.930> start<00:14:37.230> with<00:14:37.410> let's<00:14:37.920> start<00:14:38.190> with 00:14:38.360 --> 00:14:38.370 align:start position:0% does I even start with let's start with 00:14:38.370 --> 00:14:40.250 align:start position:0% does I even start with let's start with like<00:14:38.550> I<00:14:38.640> said<00:14:38.670> earlier<00:14:39.089> standards<00:14:39.690> right<00:14:40.050> like 00:14:40.250 --> 00:14:40.260 align:start position:0% like I said earlier standards right like 00:14:40.260 --> 00:14:43.190 align:start position:0% like I said earlier standards right like what<00:14:40.470> so<00:14:41.279> for<00:14:41.459> example<00:14:41.790> Masari<00:14:42.750> is<00:14:42.900> part<00:14:43.140> of 00:14:43.190 --> 00:14:43.200 align:start position:0% what so for example Masari is part of 00:14:43.200 --> 00:14:45.230 align:start position:0% what so for example Masari is part of this<00:14:43.470> initiative<00:14:43.890> called<00:14:44.339> the<00:14:44.459> ditch<00:14:44.670> global 00:14:45.230 --> 00:14:45.240 align:start position:0% this initiative called the ditch global 00:14:45.240 --> 00:14:47.120 align:start position:0% this initiative called the ditch global digital<00:14:45.420> finance<00:14:46.020> and<00:14:46.290> we<00:14:46.500> had<00:14:46.620> a<00:14:46.650> huge<00:14:46.950> debate 00:14:47.120 --> 00:14:47.130 align:start position:0% digital finance and we had a huge debate 00:14:47.130 --> 00:14:49.070 align:start position:0% digital finance and we had a huge debate recently<00:14:47.400> over<00:14:48.000> what<00:14:48.480> does<00:14:48.570> it<00:14:48.660> even<00:14:48.779> mean<00:14:49.020> to 00:14:49.070 --> 00:14:49.080 align:start position:0% recently over what does it even mean to 00:14:49.080 --> 00:14:50.990 align:start position:0% recently over what does it even mean to be<00:14:49.560> an<00:14:49.650> investor<00:14:50.279> right<00:14:50.640> are<00:14:50.760> you<00:14:50.850> talking 00:14:50.990 --> 00:14:51.000 align:start position:0% be an investor right are you talking 00:14:51.000 --> 00:14:52.820 align:start position:0% be an investor right are you talking about<00:14:51.120> investor<00:14:51.540> people<00:14:51.810> who<00:14:51.900> are<00:14:51.990> using<00:14:52.529> or 00:14:52.820 --> 00:14:52.830 align:start position:0% about investor people who are using or 00:14:52.830 --> 00:14:54.380 align:start position:0% about investor people who are using or buying<00:14:53.160> tokens<00:14:53.520> for<00:14:53.610> speculative<00:14:54.120> use<00:14:54.270> are 00:14:54.380 --> 00:14:54.390 align:start position:0% buying tokens for speculative use are 00:14:54.390 --> 00:14:55.310 align:start position:0% buying tokens for speculative use are you<00:14:54.450> talking<00:14:54.600> about<00:14:54.720> people<00:14:54.870> who<00:14:54.930> are<00:14:55.020> using 00:14:55.310 --> 00:14:55.320 align:start position:0% you talking about people who are using 00:14:55.320 --> 00:14:56.540 align:start position:0% you talking about people who are using this<00:14:55.620> are<00:14:55.860> you<00:14:55.920> talking<00:14:56.160> about<00:14:56.279> me<00:14:56.400> could 00:14:56.540 --> 00:14:56.550 align:start position:0% this are you talking about me could 00:14:56.550 --> 00:14:58.430 align:start position:0% this are you talking about me could miners<00:14:57.000> technically<00:14:57.390> be<00:14:57.570> a<00:14:57.600> user<00:14:57.930> I<00:14:58.050> mean<00:14:58.260> it's 00:14:58.430 --> 00:14:58.440 align:start position:0% miners technically be a user I mean it's 00:14:58.440 --> 00:14:59.750 align:start position:0% miners technically be a user I mean it's it's<00:14:58.709> just<00:14:58.950> there's<00:14:59.100> so<00:14:59.160> it's<00:14:59.550> like<00:14:59.730> very 00:14:59.750 --> 00:14:59.760 align:start position:0% it's just there's so it's like very 00:14:59.760 --> 00:15:01.730 align:start position:0% it's just there's so it's like very convoluted<00:15:00.240> and<00:15:00.630> like<00:15:00.839> as<00:15:00.959> an<00:15:01.110> industry<00:15:01.620> we 00:15:01.730 --> 00:15:01.740 align:start position:0% convoluted and like as an industry we 00:15:01.740 --> 00:15:03.199 align:start position:0% convoluted and like as an industry we can't<00:15:01.950> even<00:15:02.130> agree<00:15:02.190> on<00:15:02.490> like<00:15:02.610> what<00:15:03.089> these 00:15:03.199 --> 00:15:03.209 align:start position:0% can't even agree on like what these 00:15:03.209 --> 00:15:04.670 align:start position:0% can't even agree on like what these different<00:15:03.360> standards<00:15:03.930> are<00:15:04.050> like<00:15:04.320> what<00:15:04.500> best 00:15:04.670 --> 00:15:04.680 align:start position:0% different standards are like what best 00:15:04.680 --> 00:15:07.430 align:start position:0% different standards are like what best practices<00:15:05.160> are<00:15:05.420> that<00:15:06.420> gets<00:15:06.690> hard<00:15:06.990> for 00:15:07.430 --> 00:15:07.440 align:start position:0% practices are that gets hard for 00:15:07.440 --> 00:15:08.990 align:start position:0% practices are that gets hard for ultimately<00:15:08.070> everyone<00:15:08.490> to<00:15:08.580> like<00:15:08.730> want<00:15:08.970> to 00:15:08.990 --> 00:15:09.000 align:start position:0% ultimately everyone to like want to 00:15:09.000 --> 00:15:11.110 align:start position:0% ultimately everyone to like want to follow<00:15:09.209> the<00:15:09.390> same<00:15:09.420> set<00:15:09.779> of<00:15:09.839> rules<00:15:09.930> because 00:15:11.110 --> 00:15:11.120 align:start position:0% follow the same set of rules because 00:15:11.120 --> 00:15:13.490 align:start position:0% follow the same set of rules because definitions<00:15:12.120> are<00:15:12.209> all<00:15:12.300> different<00:15:12.510> so<00:15:13.140> you 00:15:13.490 --> 00:15:13.500 align:start position:0% definitions are all different so you 00:15:13.500 --> 00:15:16.190 align:start position:0% definitions are all different so you know<00:15:13.589> tying<00:15:13.890> it<00:15:14.100> back<00:15:14.130> to<00:15:14.540> like<00:15:15.540> dialogue<00:15:16.020> and 00:15:16.190 --> 00:15:16.200 align:start position:0% know tying it back to like dialogue and 00:15:16.200 --> 00:15:18.980 align:start position:0% know tying it back to like dialogue and conversations<00:15:17.130> and<00:15:17.339> community<00:15:17.810> consensus<00:15:18.810> I 00:15:18.980 --> 00:15:18.990 align:start position:0% conversations and community consensus I 00:15:18.990 --> 00:15:20.780 align:start position:0% conversations and community consensus I think<00:15:19.200> that's<00:15:19.740> important<00:15:20.130> like<00:15:20.250> dialogue<00:15:20.640> is 00:15:20.780 --> 00:15:20.790 align:start position:0% think that's important like dialogue is 00:15:20.790 --> 00:15:22.160 align:start position:0% think that's important like dialogue is important<00:15:21.150> and<00:15:21.209> we're<00:15:21.330> still<00:15:21.510> very<00:15:21.660> early<00:15:22.020> and 00:15:22.160 --> 00:15:22.170 align:start position:0% important and we're still very early and 00:15:22.170 --> 00:15:23.510 align:start position:0% important and we're still very early and I<00:15:22.260> think<00:15:22.320> that<00:15:22.680> like<00:15:22.830> that's<00:15:23.130> really 00:15:23.510 --> 00:15:23.520 align:start position:0% I think that like that's really 00:15:23.520 --> 00:15:33.199 align:start position:0% I think that like that's really important<00:15:23.970> to<00:15:24.060> be<00:15:24.390> having<00:15:24.720> right<00:15:24.839> now 00:15:33.199 --> 00:15:33.209 align:start position:0% 00:15:33.209 --> 00:15:35.269 align:start position:0% you