Q4 2025 Coinbase Global Inc Earnings Call

February 12, 2026

Speaker #1: Good afternoon and welcome to the Coinbase fourth quarter and full year 2025 earnings call. My name is Anil Gupta, and I'm Vice President of Investor Relations at Coinbase.

Anil Gupta: Good afternoon, and welcome to the Coinbase Q4 and full year 2025 earnings call. My name is Anil Gupta, and I'm Vice President of Investor Relations at Coinbase. Joining me on today's call are Brian Armstrong, Co-founder and CEO, Emilie Choi, President and COO, Alesia Haas, CFO, and Paul Grewal, Chief Legal Officer. During today's call, we may make forward-looking statements which may vary materially from actual results. Information concerning risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings. Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our investor relations website. Non-GAAP financial measures should be considered in addition to, not as a substitute for, GAAP measures. We'll start today's call with comments from Brian and Alesia and then take questions.

Speaker #1: Joining me on today's call are Brian Armstrong, Co-founder and CEO; Emily Choi, President and COO; Alesia Haas, CFO; and Paul Graywall, Chief Legal Officer.

Speaker #1: During today's call, we may make forward-looking statements, which may vary materially from actual results. Information concerning risks, uncertainties, and other factors that could cause these results to differ is included in our SEC filings.

Speaker #1: Our discussion today will also include certain non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are provided in the shareholder letter on our investor relations website.

Speaker #1: Non-GAAP financial measures should be considered in addition to NAS as a substitute for GAAP measures. We'll start today's call with comments from Brian and Alesia and then take questions.

Speaker #1: And with that, I'll turn it over to Brian.

Anil Gupta: With that, I'll turn it over to Brian.

Brian Armstrong: ... crypto prices, but Bitcoin remains the best-performing asset class of the past decade. We've been through cycles like this many times at Coinbase, and adoption continues to grow, regulatory clarity is on the horizon, and I'm more bullish than ever. Moreover, we've successfully diversified the business where stablecoins, subscription and services revenue, and now trading of other asset classes like stocks, prediction markets, and commodities means our revenue is less correlated to crypto price fluctuations. We launched the Everything Exchange in Q4 and are seeing early signs of success. Global trading volume and market share doubled year-over-year, reaching new all-time highs. Just last week, as crypto prices fell, gold and silver futures drove record notional volume on our exchange. We hit our highest 24-hour trading volume in over a year, in fact, and Base set a new transaction all-time high, with AI agents adopting stablecoin wallets.

Speaker #2: Director Prices, but Bitcoin remains the best-performing asset class of the past decade. We've been through cycles like this many times at Coinbase, and adoption continues to grow, regulatory clarity is on the horizon, and a more bullish than ever.

Speaker #2: Moreover, we've successfully diversified the business where stablecoins, subscription, and services revenue and now trading of other asset classes like stocks prediction markets and commodities means our revenue is less correlated to crypto price fluctuations.

Speaker #2: We launched the Everything Exchange in Q4 and are seeing early signs of success. Global trading volume and market share doubled year over year, reaching new all-time highs.

Speaker #2: Just last week, as crypto prices fell, gold and silver futures drove record notional volume on our exchange. We hit our highest 24-hour trading volume in over a year, in fact.

Speaker #2: And Base set a new transaction all-time high, with AI agents adopting stablecoin wallets. Base has quickly established itself as the on-chain home for AI.

Brian Armstrong: Base is quickly establishing itself as the on-chain home for AI. So looking ahead, our strong balance sheet and progress on the Everything Exchange gives us the ability to continue investing in these market conditions. We'll keep buying Bitcoin, we'll continue to buy our stock back, and we won't stop building. Now, I want to talk about how we're going to win in 2026. Financial services is a massive industry, and there's multiple trillions of dollars of revenue up for grabs. Crypto is updating the financial system, from trading, to payments, to lending, and Coinbase is the best-positioned company in the world to capitalize on this transformation. Here are four reasons why. Number one, we store more crypto than any other company. We're the most trusted brand in crypto, and we work with thousands of institutions, including five GSIB banks and 150 government agencies.

Speaker #2: So looking ahead, our strong balance sheet and progress on the Everything Exchange gives us the ability to continue investing in these market conditions; we'll keep buying Bitcoin, we'll continue to buy our stock back, and we won't stop building.

Speaker #2: Now I want to talk about how we're going to win in 2026. Financial services is a massive industry, and there's multiple trillions of dollars of revenue up for grabs.

Speaker #2: Crypto is updating the financial system, from trading to payments to lending. And Coinbase is the best positioned company in the world to capitalize on this transformation.

Speaker #2: Here are four reasons why. Number one, we store more crypto than any other company. We're the most trusted brand in crypto. And we work with thousands of institutions, including five GSIB banks and 150 government agencies, just as one example.

Brian Armstrong: Just as one example, we store 12% of all crypto in the world, more than the next four competitors combined. Assets on platform has grown about 3x over the past three years, and these assets are very sticky as we connect more products into them. So that's the first reason. Number two, we've doubled our trading volume and market share year-over-year. We started off as the leader in the US, and now as regulatory clarity has emerged around the world, we're growing our share internationally as well. Number three, we've diversified our revenue streams so that it's not just trading specific. We now have 12 products doing over $100 million in annualized revenue.

Speaker #2: We store 12% of all crypto in the world, more than the next four competitors combined. Assets on platform has grown about 3X over the past three years.

Speaker #2: And these assets are very sticky as we connect more products into them. So that's the first reason. Number two, we've doubled our trading volume and market share year over year.

Speaker #2: We started off as the leader in the US, and now as regulatory clarity has emerged around the world, we're growing our share internationally as well.

Speaker #2: Number three, we've diversified our revenue streams so that it's not just trading specific. We now have 12 products doing over 100 million in annualized revenue.

Speaker #2: Subscription and services revenue hit all-time highs, up 5.5X from the peak in 2021. And we generated positive adjusted EBITDA in any market condition and consistently profitable on the adjusted EBITDA and adjusted net income basis over the last two years.

Brian Armstrong: Subscription and services revenue hit all-time highs, up 5.5x from the peak in 2021, and we generated positive Adjusted EBITDA in any market condition, and consistently profitable on the Adjusted EBITDA and adjusted net income basis over the last two years. Finally, number four, we have deep crypto expertise at Coinbase. This manifests in the unique products that we've been able to offer. So, for example, we were early to offer Dex trading, which now allows us to have millions of crypto assets available to trade. We were early on DeFi, Borrow Lend. We were early on building out the Base chain. We've even migrated to our Multi-Party Computation cold storage system, the next generation of it, which has allowed us to accelerate the speed at which customers can complete transactions.

Speaker #2: And finally, number four, we have deep crypto expertise at Coinbase. This manifests in the unique products that we've been able to offer. So for example, we were early to offer DEX trading, which now allows us to have millions of crypto assets available to trade.

Speaker #2: We were early on DeFi, Borrow Lend. We were early on building out the Base chain. We've even migrated to our multi-party computation cold storage system, the next generation of it, which has allowed us to accelerate the speed at which customers can complete transactions.

Speaker #2: So this deep crypto expertise really is one of our core strengths. So for these reasons, we're best positioned to win this transformation as more and more financial services are updated by crypto.

Brian Armstrong: So this deep crypto expertise really is one of our core strengths. So for these reasons, we're best positioned to win this transformation as more and more financial services are updated by crypto, this big secular trend. Now, in 2026, we have three top priorities that we're focused on, and I'll quickly run through those. So the first one is to grow the Everything Exchange. In Q2 last year, we introduced our Everything Exchange vision, which is one platform for all tradable assets, whether that's crypto, equities, prediction markets, commodities, and more. Our thesis here is simple: for customers, the ideal experience is to have access to every investment and trading product that they want in one trusted place, wherever their assets reside. Stocks and prediction markets are natural extensions of our core business, providing a clear path to increasing product stickiness and revenue generation.

Speaker #2: This big secular trend. Now, in 2026, we have three top priorities that we're focused on. And I'll quickly run through those. So the first one is to grow the Everything Exchange.

Speaker #2: In Q2 last year, we introduced our Everything Exchange vision, which is one platform for all tradable assets, whether that's crypto, equities, prediction markets, commodities, and more.

Speaker #2: And our thesis here is simple. For customers, the ideal experience is to have access to every investment and trading product that they want in one trusted place.

Speaker #2: Wherever their assets reside. Stocks and prediction markets are natural extensions of our core business, providing a clear path to increasing product stickiness and revenue generation.

Speaker #2: And it's working. Early feedback from our customers is very positive, and we see a number of users crossing over to trade commodities and equities alongside their crypto.

Brian Armstrong: And it's working. Early feedback from our customers is very positive, and we see a number of users crossing over to trade commodities and equities alongside their crypto. We hit all-time highs in derivatives, volume, and revenue in Q4. A few weeks ago, we rolled out prediction markets to 100% of our customers. Soon, we'll add more markets and a dedicated sports hub for prediction markets. Equities have rolled out, and we'll have almost 10,000 tickers live this month. And in Q4, we even acquired Echo to enable more efficient on-chain capital formation. This can offer unique investment products to our customers on our Everything Exchange from the private market. We're working on shipping tokenized equities, which will be a major positive change to the financial system, and with the crypto-forward leadership of the SEC, we believe there's a path to get there.

Speaker #2: We hit all-time highs in derivatives volume and revenue in Q4. And a few weeks ago, we rolled out prediction markets to 100% of our customers.

Speaker #2: Soon, we'll add more markets and dedicated sports hub for prediction markets. Equities have rolled out. We'll have almost 10,000 tickers live this month. And in Q4, we even acquired ECHO to enable more efficient on-chain capital formation that can offer unique investment products to our customers on our Everything Exchange from the private market.

Speaker #2: We're working on shipping tokenized equities, which will be a major positive change to the financial system. And with the crypto forward leadership of the SEC, we believe there's a path to get there.

Speaker #2: We'll also be expanding the Everything Exchange to more countries around the world. So that's our number one priority in 2026 is growing the Everything Exchange.

Brian Armstrong: We'll also be expanding the Everything Exchange to more countries around the world. So that's our number one priority in 2026, is growing the Everything Exchange. Our second priority is that we're scaling stablecoins and payments. Stablecoins are the second killer app in crypto, and most are still underestimating the potential of a digital dollar. In Q4, we hit an all-time high in USDC stored in Coinbase products, which helped USDC reach an all-time high market cap of about $75 billion. In 2026, we're focused on expanding stablecoin utility with deeper product integrations, scaling out our payments infrastructure in Coinbase Developer Platform and Coinbase business. We're even protecting the ability to pay rewards to customers using stablecoins to ensure customers can benefit from this, and that regulated US stablecoins remain competitive with offshore or unregulated offerings.

Speaker #2: Our second priority is that we're scaling stablecoins and payments. Stablecoins are the second killer app in crypto, and most are still underestimating the potential of a digital dollar.

Speaker #2: In Q4, we hit an all-time high in USDC stored in Coinbase products, which helped USDC reach an all-time high market cap of about $75

Speaker #1: $5 billion in 2026. We're focused on expanding stablecoin utility with deeper product integrations, scaling out our payments infrastructure in Coinbase, Developer Platform, and Coinbase Business.

Speaker #1: We're even protecting the ability to pay rewards to customers using stablecoins to ensure customers can benefit from this . And that , regulated US stablecoins remain competitive with offshore or unregulated offerings .

Speaker #1: If you were designing money from scratch today , you'd get crypto and stablecoins where you can transfer funds anywhere in the world in under a second for less than a cent , with the unrivalled efficiency gains , all signs point to stablecoins continuing to grow .

Brian Armstrong: If you were designing money from scratch today, you'd get crypto and stablecoins, where you can transfer funds anywhere in the world in under a second for less than a cent. With the unrivaled efficiency gains, all signs point to stablecoins continuing to grow. We're even seeing these AI agents adopt stablecoins for payment, and I believe that stablecoins will be the default payment method for AI agents. Okay, so that's our second priority, stablecoins and payments. Our third and final priority in this 2026 timeframe is to bring the world on-chain. Now, on-chain is a key part of our business strategy and our mission, and it-- this is the broad term that we use for DeFi, self-custodial wallets, and full adoption of decentralized technology as opposed to centralized intermediaries.

Speaker #1: We're even seeing these agents adopt stablecoins for payment, and I believe that stablecoins will be the default payment method for agents. Okay, so that's our second priority.

Speaker #1: Stablecoins and payments. Our third and final in this 2026 time frame is to bring the world on chain. Now, on chain is a key part of our business strategy and our mission.

Speaker #1: And this is the broad term that we use for DeFi: self-custodial wallets and full adoption of decentralized technology, as opposed to centralized intermediaries.

Speaker #1: We're seeing growing adoption of self custodial wallets around the world , which let people store their funds . And instead of trusting a third party with just a smartphone and an internet connection , anyone can get access to more financial services , improved financial services and participate in the global economy .

Brian Armstrong: We're seeing growing adoption of self-custodial wallets around the world, which let people store their funds, and instead of trusting a third party, with just a smartphone and an internet connection, anyone can get access to more financial services, improved financial services, and participate in the global economy. We have a winning on-chain strategy, and in 2026, you'll see more DeFi integrations in the Coinbase app. You'll see scaled adoption of the Base app with its new focus on trading. We'll continue to increase transaction volume on the Base chain, and all the above will increase the percentage of on-chain activity powered by Coinbase infrastructure. So in closing, as crypto continues to update the financial system, Coinbase is the best-positioned company to capitalize on this transition and bring more economic freedom to the world. Now I'll turn it over to Alesia.

Speaker #1: We have a winning onchain strategy , and in 2026 , you'll see more DeFi integrations in Coinbase app . You'll see scaled adoption of the base app with its new focus on trading .

Speaker #1: We'll continue to increase transaction volume on the Base chain, and all of the above will increase the percentage of on-chain activity powered by Coinbase infrastructure. So, in closing, as crypto continues to update the financial system, Coinbase is the best positioned company to capitalize on this transition and bring more economic freedom to the world.

Speaker #1: Now , I'll turn it over to Alicia .

Speaker #2: Thanks , Brian . Good afternoon everyone . 2025 was a strong year for Coinbase . Both operationally as Brian just highlighted , and financially .

Alesia Haas: Thanks, Brian. Good afternoon, everyone. 2025 was a strong year for Coinbase, both operationally, as Brian just highlighted, and financially. We executed consistently against our goals. We delivered or outperformed our revenue and expense guidance that we provided every quarter. Our 2025 total revenue was $7.2 billion, a 9% year-over-year increase. Subscription and services revenue reached $2.8 billion, up 23% year over year, and more than 5.5 times higher than the prior cycle peak in 2021. As Brian noted, we are pleased to see the growth of the number of products generating $100 million of annualized revenue, and equally, if not more pleased, to see many of these products scale. We are working hard to see more products join the $250 million, $500 million, and billion-dollar annualized revenue club.

Speaker #2: We executed consistently against our goals . We delivered or outperformed our revenue and expense guidance that we provided every quarter Our 2025 total revenue was $7.2 billion , a 9% year over year increase .

Speaker #2: Subscription and services revenue reached $2.8 billion, up 23% year over year, and more than five and a half times higher than the prior cycle peak in 2021.

Speaker #2: As Brian noted, we are pleased to see the growth in the number of products generating $100 million of annualized revenue, and equally, if not more, pleased to see many of these products scale.

Speaker #2: And we are working hard to see more products join the $250 million, $500 million, and $1 billion annualized revenue club. Turning to our Q4 results.

Alesia Haas: Turning to our Q4 results, I'm gonna start with some highlights. We did have quarter-over-quarter softer market conditions. Crypto market cap was down 11% quarter-over-quarter. However, we outperformed the market on total trading volume, driven by strong derivatives volume growth. Deribit saw another all-time high quarter. Q4 marked our ninth consecutive quarter of Native Unit Inflows. This is inflows to our Assets on Platform, where customers then in turn stake, they custody, they engage in USDC. So we're seeing growth in native units despite the price headwinds. It was our 12th consecutive quarter of Adjusted EBITDA profitability. We are a business that is prepared for volatility. We have diversified over the last four years. Our transaction revenue is diversified and will continue as we execute against the Everything Exchange.

Speaker #2: I'm going to start with some highlights We did have quarter over quarter softer market conditions , crypto market cap was down 11% quarter over quarter However , we outperformed the market on total trading volume , driven by strong derivatives volume growth Debit saw another all time high quarter .

Speaker #2: Q4 marked our ninth consecutive quarter of native unit inflows This is inflows to our assets on platform , where customers then in turn stake they custody .

Speaker #2: They engage in Usdc . So we're seeing growth in native units despite the price headwinds It was our 12th consecutive quarter of adjusted EBITDA profitability We are a business that is prepared for volatility .

Speaker #2: We have diversified over the last four years. Our transaction revenue has diversified and will continue as we execute against the everything exchange.

Speaker #2: As we mentioned, we have 12 products with over $100 million of annualized revenue, and we are scaling them. Half of those are over $250 million.

Alesia Haas: As we mentioned, we have 12 products with over $100 million of annualized revenue, and we are scaling them. Half of those are over $250 million. As we enter Q1 and see even more volatility, what we are pleased to see is that our retail customers are hodling like they always have, but those who are in the market, they're buying the dip. Every week, we've seen net buying versus selling on our platform as we've entered this year. As Brian mentioned, Coinbase is buying the dip. We've deployed $1.7 billion to repurchase shares. We've fully offset our 2025 dilution from stock-based compensation, compensation, and we're buying Bitcoin. Let's dive into the details. Q4 total revenue was $1.8 billion, down 5% quarter-over-quarter.

Speaker #2: As we enter the first quarter and seen even more volatility . What we are pleased to see is that our retail customers are hodling like they always have , but those who are in the market , they are buying the dip every week .

Speaker #2: We've seen net buying versus selling on our platform as we've entered this year . And as Brian mentioned , Coinbase is buying the dip .

Speaker #2: We've deployed $1.7 billion to repurchase shares . We fully offset our 2025 dilution from stock based compensation compensation . And we're buying Bitcoin .

Speaker #2: So let's dive into the details Q4 total revenue was $1.8 billion , down 5% quarter over quarter Q4 transaction revenue was $983 million , down 6% quarter over quarter , while subscription and services revenue was $727 million , down 3% quarter over quarter .

Alesia Haas: Q4 transaction revenue was $983 million, down 6% quarter-over-quarter, while subscription and services revenue was $727 million, down 3% quarter-over-quarter. Turning to expenses, total operating expenses were $1.5 billion, up 9% quarter-over-quarter and in line with our outlook. Technology and development, general and administrative, and sales and marketing expenses collectively increased 14% quarter-over-quarter, primarily driven by costs associated with the recently closed acquisitions of Deribit and Echo, and higher USDC rewards, reflecting the record USDC balances held in Coinbase products. When you exclude deal-related costs associated with our M&A activity in 2025, tech and dev, G&A, plus sales and marketing would have increased 11% on a quarter-over-quarter basis.

Speaker #2: Turning to expenses. Total operating expenses were $1.5 billion, up 9% quarter over quarter, and in line with our outlook. Technology and development.

Speaker #2: General and administrative and sales and marketing expenses . Collectively increased 14% quarter over quarter , primarily driven by costs associated with the recently closed acquisitions of Deribit and Echo , and higher Usdc rewards , reflecting the record Usdc balances held in Coinbase products .

Speaker #2: When you exclude deal related costs associated with our M&A activity in 2025 . Tech and dev G&A plus sales and marketing would have increased 11% on a quarter over quarter basis .

Speaker #2: We ended the year with 4951 full time employees , up 3% quarter over quarter . As we continue to invest in product team development , customer support and compliance infrastructure Adjusted EBITDA in the fourth quarter was $566 million , and adjusted net income was $178 million .

Alesia Haas: We ended the year with 4,951 full-time employees, up 3% quarter-over-quarter as we continue to invest in product team development, customer support, and compliance infrastructure. Adjusted EBITDA in Q4 was $566 million, and adjusted net income was $178 million. On a GAAP basis, we reported a net loss of $667 million, primarily driven by a $718 million unrealized loss on our crypto investment portfolio and a $395 million loss on strategic investments, which includes our investment in Circle. As I mentioned, we're adding to our crypto investment portfolio on a weekly basis. We've modestly increased the size of our weekly purchase to build positions in these price markets. Importantly, we remain in a very strong capital and liquidity position.

Speaker #2: On a GAAP basis , we reported a net loss of $667 million , primarily driven by a $718 million unrealized loss on our crypto investment portfolio and a $395 million loss on strategic investments , which includes our investment in Circle As I mentioned , we're adding to our crypto investment portfolio on a weekly basis We've modestly increased the size of our weekly purchase to build positions in this price .

Speaker #2: Markets Importantly , we remain in a very strong capital and liquidity position . We ended the year with 11.3 billion in cash and cash equivalents , and total available resources of approximately 14.1 billion .

Alesia Haas: We ended the year with $11.3 billion in cash and cash equivalents, and total available resources of approximately $14.1 billion when you include our crypto assets held for investments and collateral. As our stock price declined during Q4 and through early February, we took the opportunity to begin repurchasing our stock within our previously approved authorization. As of today, we have repurchased $1.7 billion of our common stock, fully offsetting dilution from stock-based compensation for the year 2025. We secured an $815 million notional discount to the average price we issued that stock-based compensation in 2025. In January, our board approved an additional $2 billion share repurchase authorization, which we plan to continue to deploy opportunistically when we see price dislocations and to manage down our future dilution from stock-based compensation.

Speaker #2: When you include our crypto assets held for investments and collateral, as our stock price declined during Q4 and through early February, we took the opportunity to begin repurchasing our stock within our previously approved authorization.

Speaker #2: As of today , we have repurchased $1.7 billion of our common stock , fully offsetting dilution from stock based compensation for the year 2025 .

Speaker #2: We secured an $815 million notional discount to the average price we issued that stock based compensation in 2025 . In January , our board an additional $2 billion share repurchase authorization , which we plan to continue to deploy opportunistically when we see price dislocations and to manage down our future dilution from stock based compensation Now I'm going to touch briefly on our Q1 outlook through February 10th .

Alesia Haas: Now, I'm going to touch briefly on our Q1 outlook. Through 10 February, we have generated approximately $420 million of transaction revenue. Markets have experienced heightened volatility as we began the year, and so while we always caution extrapolation, it's even more important when we see volatility spikes. For the first quarter, we expect subscription and services revenue to be in the range of $550 to 630 million dollars, reflecting the lower average crypto price environment we are in, lower interest rates, and lower staking protocol rewards rates compared to the fourth quarter. On the expense side, we expect technology and development, plus general and administrative expenses to be flat quarter-over-quarter, in the same range we guided last quarter, in the range of $925 to 975 million dollars.

Speaker #2: We have generated approximately $420 million of transaction revenue. Markets had experienced heightened volatility as we began the year. And so while we always caution extrapolation, it's even more important when we see volatility spikes.

Speaker #2: For the first quarter, we expect subscription and services revenue to be in the range of $550 to $630 million, reflecting the lower average crypto price environment.

Speaker #2: We are in lower interest rates and lower protocol rewards rates compared to the fourth quarter . On the expense side , we expect technology and development plus general and administrative expenses to be flat quarter over quarter in the same range .

Speaker #2: We guided last quarter in the range of 925 to $975 million . Similarly , we expect sales and marketing expenses to be flat to down quarter over quarter in the range of 250 million to 315 million , with our performance in the range largely depending on performance , marketing opportunities and the Usk balances on our platform Overall , while crypto markets remain cyclical , we believe Coinbase enters 2026 from a position of strength .

Alesia Haas: Similarly, we expect sales and marketing expenses to be flat to down quarter over quarter in the range of $215 to 315 million, with our performance in the range largely depending on performance marketing opportunities and the USDC balances on our platform. Overall, while crypto markets remain cyclical, we believe Coinbase enters 2026 from a position of strength. We have a more diversified revenue base, we have a scaled global platform, and with a balance sheet that we can be flexible to continue and invest through the cycle. With that, let's go to questions.

Speaker #2: We have a more diversified revenue base . We have a scaled global platform and with the balance sheet that we can be flexible to continue and invest through the cycle With that , let's go to questions .

Speaker #3: All right . We'll take our first questions submitted to us on ECS . Our first one comes from Mike Povey , 65 , who asks , are you making any headway on positive outcomes regarding the Clarity Act ?

Anil Gupta: All right, we'll take our first questions submitted to us on X. Our first one comes from @MikePovy65, who asks: Are you making any headway on positive outcomes regarding the CLARITY Act?

Speaker #1: Yeah , I can take that one . So the answer is yes . We're I'm actually quite optimistic that we'll get something through here in the next few months .

Brian Armstrong: Yeah, I can take that one. So the answer is yes. I'm actually quite optimistic that we'll get something through here in the next few months. And just wanna say a big shout out of appreciation to everyone in the Senate and the administration. I think they're doing all the hard work here, really, to help bring this to a good place, and there's lots of constituents around the table. I'd say the crypto industry is united in their asks and the things that are important to them. Other constituents are around the table, of course, as well, and I think there's an opportunity to make a win-win outcome here for everyone, for, you know, banks and crypto companies and the US citizen and, and everyone.

Speaker #1: And I just want to say a big shout out of appreciation to everyone in the Senate and the administration . I think they're doing all the hard work here , really , to help bring this to a good place .

Speaker #1: And there's lots of constituents around the table . I'd say the crypto industry is united in their asks and the things that are important to them .

Speaker #1: Other constituents are around the table . Of course , as well . And I think there's an opportunity to make a win win outcome here for everyone , for , you know , banks and crypto companies and the US citizen and everyone .

Speaker #1: And so, what we've really focused on is what matters most to our customers: preserving the benefits of crypto. You know, making sure that there's not any kind of protectionism happening for incumbents.

Brian Armstrong: So what we've really focused on is what matters most to our customers, preserving the benefits of crypto, you know, making sure that there's not any kind of protectionism happening for incumbents, but we just wanna have a good level playing field. And I think that everyone, you know, understands that, and they're all leaning in to try to create a good outcome here. The GENIUS Act was just passed six months ago, so we're careful to make sure that nothing's being relitigated there. But I think there's a good path to get something through, and really, others are doing the majority of the work here, and we try to add in commentary where helpful, but hopefully, we'll get to a good outcome in the next few months.

Speaker #1: But we just want to have a good level playing field . And I think that everyone , you know , understands that and they're all leaning in to try to create a good outcome here .

Speaker #1: The genius act was just passed six months ago . So we're careful to make sure that nothing's being relitigated . There . But I think there's a good path to get something through .

Speaker #1: And really , others are doing the majority of the work here , and we try to add in commentary . Where helpful , but hopefully we'll get to a good outcome in the next few months .

Speaker #3: Our second question is from an intranet token . Who asks with base TVL and sequencer revenue growing strongly in late 2025 , what percentage of overall subscription and services revenue do you expect ?

Anil Gupta: Our second question is from @internettoken, who asks: With Base TVL and Sequencer revenue growing strongly in late 2025, what percentage of overall subscription and services revenue do you expect Layer 2 activity from Base and partners to contribute in 2026? And are there plans to further incentivize builders there?

Speaker #3: Layer two activity from base and partners to contribute in 2026 , and are there plans to further incentivize builders there ?

Speaker #2: I'll start with this one , Brian , and then hand it over to you . So first I just want to a little bit correct the question base revenue .

Alesia Haas: I'll start with this one, Brian, and then hand it over to you. So first, I just want to a little bit correct the question. Base revenue, we monetize both directly and indirectly. Directly, we're monetizing Base through sequencer fees, and those sequencer fees are recorded in other transaction revenue, not in our subscription and services revenue. However, Base benefits us indirectly as well. And indirectly, we are using Base to monetize throughout our stack, both for Coinbase builders and our own products. And so, for example, USDC on Base does drive USDC revenue through subscription and services. We don't have a forecast that we're offering today, but our goal throughout all of our products and services is to continue to drive quality, drive users to our platform to monetize through the stack of products and services we offer. But Brian, do you want to touch on incentives?

Speaker #2: We monetize both directly and indirectly directly . We're monetizing base through sequencer fees . And those sequencer fees are recorded in other transaction revenue , not in our subscription services revenue .

Speaker #2: However , base benefits us indirectly as well . And indirectly . We are using base to monetize throughout our stack , both for Coinbase builders and our own products .

Speaker #2: And so, for example, USDC on Base does drive USDC revenue through subscription and services. We don't have a forecast that we're offering today, but our goal throughout all of our products and services is to continue to drive quality, drive users to our platform, and to monetize through the stack of products and services we offer.

Speaker #2: But, Brian, do you want to touch on incentives?

Speaker #1: Yeah . So for the second part of the question about what incentives are , we're putting out there to build for builders on base ?

Brian Armstrong: Yeah. So for the second part of the question about what incentives are, we're putting out there to build for builders on Base. So we're doing this in a number of different ways. We do give out grants, called Base Grants for builders. We're improving our developer tools all the time just to make it simple for folks to onboard. And we're getting distribution from many of these builders through our apps. So an example of this recently was like, you know, these AI agents that have been spinning up, we put out some really useful tools for developers to just get any AI agent a crypto wallet, and begin to make stablecoin payments and begin to complete agent of commerce, essentially. And that started to get quite a good amount of traction.

Speaker #1: So, we're doing this in a number of different ways. We do give out grants called Base Grants for builders. We're improving our developer tools all the time, just to make it simple for folks to onboard with us.

Speaker #1: And we're getting distribution from any of these builders through our apps . So an example of this recently was like , you know , these AI agents that have been spinning up , we put out some really useful tools for developers to just get any AI agent , a crypto wallet , and begin to make stablecoin payments and begin to .

Speaker #1: Complete Agentic Commerce essentially . And that started to get quite a good amount of traction . We're exploring a base token as well , which we've mentioned in the past .

Brian Armstrong: We're exploring a Base token as well, which we've mentioned in the past. And then the Base app itself, which is taking this more trading-focused approach, we think it can help driving distribution for builders on Base. So yeah, these are all ways that we're growing adoption, and the Base chain itself works well across payments, trading, DeFi, a multitude of use cases. So it's our goal is to help it be really like the primary utility layer for crypto, all built on Ethereum.

Speaker #1: And then the base app itself , which is taking this more trading focused approach . We think it can help driving distribution for builders on base .

Speaker #1: So yeah , these are all ways that we're growing adoption . And the base chain itself is works well across payments trading , DeFi , a multitude of use cases .

Speaker #1: So it's our goal is to help it be really like the primary utility layer for crypto all built on Ethereum

Speaker #3: And our third and final question from X comes from @chief, who asks: What product or platform initiative are you most excited about that investors may be underestimating today?

Anil Gupta: Our third and final question from X comes from @chiefskurp, who asks: What product or platform initiative are you most excited about that investors may be underestimating today?

Speaker #1: Yeah , well , I think the two I draw folks attention to are the everything exchange , right ? I think it's a big vision that how do we get all tradable assets on chain , you know , in the end state of this is that we'd want to see 24 over seven global markets .

Brian Armstrong: Yeah, well, I think the two I'd draw folks' attention to are the Everything Exchange, right? I think it's a big vision that how do we get all tradable assets on chain, you know, and the end state of this is that we'd wanna see twenty-four-seven global markets, anybody can come in and participate. There's a more level playing field, democratizes access to a lot of this, and it'll just make it much easier to do capital formation and price discovery. I think, you know, the ideal outcome here is we'd be one of the top exchanges in the whole world across, across any asset class. That's really the vision for the Everything Exchange. And because we are, we have this deep crypto expertise, I think, and crypto is the most important technology updating the financial system right now, I think we'll have an advantage there.

Speaker #1: Anybody can come in and participate. There's a more level playing field, democratizes access to a lot of this. And it'll just make it much easier to do capital formation, price discovery.

Speaker #1: I think, you know, the ideal outcome here is we'd be one of the top exchanges in the whole world across any asset class.

Speaker #1: That's really the vision for the everything exchange . And because we are we have this deep crypto expertise , I think , and crypto is the most important technology .

Speaker #1: Updating the financial system right now. I think we'll have an advantage there. The second one I'd point people to are stablecoin payments.

Brian Armstrong: The second one I'd point people to are stablecoin payments. I mean, I think, we're still in the very early days of this. Stablecoins have already gotten pretty big, but I think that, you know, we're just scratching the surface, and payments globally would... They flow to the path of least resistance, and stablecoin rails are just—they're faster, they're cheaper, more global. And so today, about 0.5% of global GDP runs on crypto rails. I don't see any reason why that couldn't be 10% or 20% in the next decade. And so we think there's a lot of room to run there as well.

Speaker #1: I mean , I think we're still in the very early days of this . Stablecoins are already have already gotten pretty big , but I think that , you know , we're just scratching the surface and payments globally .

Speaker #1: Would they flow to the path of least resistance and stablecoin rails are just they're faster , they're cheaper , more global . And so today , about half of 1% of global GDP runs on crypto rails .

Speaker #1: I don't see any reason why that couldn't be 10 or 20% in the next decade . And so we think there's a lot of room to run there as well .

Speaker #3: All right . We'll now take questions from our research analysts . Questions were submitted to us in writing . And we'll take one question per analyst and optimize to cover as broad a range of topics as possible without being repetitive .

Anil Gupta: All right, we'll now take questions from our research analysts. Questions were submitted to us in writing, and we'll take one question per analyst and optimize to cover as broad a range of topics as possible without being repetitive. Our first question comes from Andrew Jeffery at William Blair, who asks: Please discuss line of sight to International Exchange monetization. What are your thoughts on the timing about revenue diversification?

Speaker #3: Our first question comes from Andrew Jeffrey at William Blair , who asks , please discuss line of sight to everything . Exchange monetization .

Speaker #3: What are your thoughts on the timing about revenue diversification?

Speaker #2: Thank you for this . Diversification has long been a focus ours . So when I look at 2026 , what I would focus on is diversification of tradable assets under the everything exchange .

Alesia Haas: Thank you for this. Diversification has long been a focus of ours. So when I look at 2026, what I would focus on is diversification of tradable assets under the Everything Exchange. Derivatives will be a big growth driver, we believe, in 2026. We have good momentum, both across the US and our international markets. We have momentum coming from the integration of options into our platform from the Deribit acquisition that we did in late 2025. So we believe that this can be a large part of our future story and strategy. In addition, within the last few weeks, as Brian shared, we have rolled out prediction markets, and we have rolled out equities.

Speaker #2: Derivatives will be a big growth driver. We believe in 2026 we will have good momentum both across the US and our international markets.

Speaker #2: We have momentum coming from the integration of options into our platform , from the Deribit acquisition that we did in late 2025 . So we believe that this can be a large part of our future story and strategy .

Speaker #2: In addition, within the last few weeks, as Brian shared, we have rolled out prediction markets, and we have rolled out equities.

Speaker #2: There are early, encouraging signals, but we don't want to get ahead of ourselves. So we will share more updates at the end of Q1, when we have more than weeks and days of data under our belt.

Alesia Haas: There's early encouraging signals, but we don't want to get ahead of ourselves, so we will share more updates at the end of Q1, when we have more than weeks and days of data under our belt. We're really proud that historically we've had achievements in driving diversification. We have 12 products, as we mentioned, with over $100 million of annualized revenue. Derivatives is included in that. We're working hard to scale, and we see more and more of these products able to graduate, and hope that they will join the $250 million tier of annualized revenue, where we already have six of those 12 products. Ultimately, the goal of all of these products is that we are driving assets on our platform.

Speaker #2: We're really proud that historically , we've had achievements in driving diversification . We have we mentioned , with over $100 million of annualized revenue , derivatives is included in that .

Speaker #2: We're working hard to scale and we see more and more of these products able to graduate and hope that they will join the $250 million tier of annualized revenue , where we already have six of those 12 products .

Speaker #2: Ultimately , the goal of all of these products is that we are driving assets on platform on our on our platform . We are growing those native units driving that flywheel .

Alesia Haas: We are growing those native units, driving that flywheel, where customers hold their assets. We hope they will trade more products, and the more tradable products we get to give to them, that will drive the monetization on trading. And underpinning that with our subscription and services, we store those assets, we provide platforms like USDC, which is a clear benefit to be able to trade in and out of various markets, and other horizontals that will really support that trading growth.

Speaker #2: We're customers hold their assets . We hope they will trade more products . And the more tradable products we get that give to them , that will drive the monetization on trading and underpinning that with our subscription and services .

Speaker #2: We store those assets. We provide platforms like USDC, which is a clear benefit to be able to trade in and out of various markets and other horizontals.

Speaker #2: That would really support that trading growth

Speaker #3: Next question is from Ken Worthington at JP, who asks, could your relationship with Circle change depending upon language in a market structure?

Anil Gupta: Next question is from Ken Worthington at JP Morgan, who asks: Could your economic relationship with Circle change depending upon language in a market structure bill? In particular, could passage of a bill such as Clarity that eliminates promotional payments to stablecoin holders directly eliminate or directly curtail Coinbase's participation in Circle reserve fee income?

Speaker #3: Bill, in particular, could passage of a bill such as Clarity that eliminates promotional payments to stablecoin holders directly eliminate or directly curtail Coinbase's participation in Circle reserve fee income?

Speaker #1: Yeah. So the short answer to your question is no, we don't see any way that this market structure legislation would change our economic relationship with Circle.

Brian Armstrong: Yeah, so the short answer to your question is no, we don't see any way that this market structure legislation would change our economic relationship with Circle. The part that's being debated in the Senate draft for CLARITY, actually, the House draft already received a strong bipartisan vote and didn't have any restrictions on these stablecoin rewards. But some drafts we saw, and actually, more like amendments, I would say, in the Senate banking draft, we're contemplating that, and this, you know, prohibiting rewards essentially in various ways. And the irony, actually, is if that were to go into law, it would actually make us more profitable because we would just continue to receive the economics from Circle. But today, we pass majority of that along to the customer.

Speaker #1: The part that's being debated in the Senate draft . For clarity , is actually the House draft already received a strong bipartisan vote and didn't have any restrictions on these stablecoin rewards .

Speaker #1: But the some drafts we saw actually more like amendments , I would say in the Senate banking draft , we're contemplating that . And this , you know , prohibiting rewards essentially in various ways .

Speaker #1: And the irony , actually , is , if that were to go into law , it would actually make us more profitable because we would just continue to receive the economics from circle .

Speaker #1: But we today we pass majority of that along to the customer . If we were prohibited from doing that , it would ironically , it would just make us more profitable .

Brian Armstrong: If we were prohibited from doing that, it would ironically just make us more profitable. But we actually don't want that to happen for a number of reasons. One is that we think it's better for customers. We think it's better for the United States of America, so that these regulated stablecoins can be competitive on a global stage. And it's already allowed under the GENIUS Act, which just became law five months ago. So our strong point of view is that that should continue to be allowed, and we'll keep fighting for that.

Speaker #1: But we actually don't want that to happen for a number of reasons . One is that we think it's better for customers . We think it's it's better for the United States of America so that these regulated stablecoins can be competitive on a global stage .

Speaker #1: And it's already allowed under the Genius Act, which just became law five months ago. So our strong point of view is that that should continue to be allowed, and we'll keep fighting for that.

Speaker #3: Our next question is from Owen Law at Clear Street, who asks, the valuation of the whole sector, including tokens and equities, has come down.

Anil Gupta: Our next question is from Owen Lau at ClearStreet, who asks: The valuation of the whole sector, including tokens and equities, has come down. How does Coinbase think about the opportunities in larger scale buybacks and M&A?

Speaker #3: How does Coinbase think about the opportunities in larger scale buybacks and M&A ?

Speaker #2: Thanks for the question , Owen . So we're very focused on it . As I mentioned in my opening comments , we ended the year in a strong financial position with over $11 billion in cash and cash equivalents .

Alesia Haas: Thanks for the question, Owen. So we're very focused on it, as I mentioned in my opening comments. We ended the year in a strong financial position with over $11 billion in cash and cash equivalents. We are focused on buybacks, as I mentioned in my prior comments. We've deployed $1.7 billion to repurchase 8.2 million shares under our buyback program. That includes Q4 through 10 February 2025. 2025 was an incredible year for us on the M&A front. We completed 10 acquisitions/acquihires, and each one helped us enable acceleration in our product roadmap, including Deribit, which was the largest crypto deal of all time. We're deploying our money into Bitcoin purchases. We significantly grew our portfolio in 2025. We doubled the number of BTC native units we held in our investment portfolio. So we are gonna continue down all those paths.

Speaker #2: We are focused on buybacks. As I mentioned in my prior comments, we've deployed $1.7 billion to repurchase 8.2 million shares under our buyback program.

Speaker #2: That includes Q4 through February 10, 2025. It was an incredible year for us. On the M&A front, we completed ten acquisitions.

Speaker #2: Aqua hires, and each one helped us enable acceleration in our product roadmap, including Deribit, which was the largest crypto deal of all time.

Speaker #2: We're deploying our money into Bitcoin purchases. We significantly grew our portfolio in 2025. We doubled the number of BTC native units we held in our investment portfolio.

Speaker #2: So we are going to continue down all those paths. We're going to continue buying Bitcoin, continue buying back, continue to look at opportunistic M&A, and continue to really dynamically manage the opportunities that we see ahead of us.

Alesia Haas: We're gonna continue buying Bitcoin, continue buying back, continue to look at opportunistic M&A, and continue to really dynamically manage the opportunities that we see ahead of us. We feel very proud that we've delivered 12 consecutive quarters of positive Adjusted EBITDA, and so we've proven that we can drive profitable profits in any market environment. We will continue to do so in 2026, and then allocate that capital with the highest ROI to our business.

Speaker #2: We feel very proud that we've delivered 12 consecutive quarters of positive adjusted EBITDA. And so, we've proven that we can drive profitable profits in any market environment.

Speaker #2: We will continue to do so in 2026, and then allocate that capital with the highest ROI to our business.

Speaker #3: Our next question is from Patrick Moley at Piper Sandler, who asks, what have you seen in terms of prediction market adoption to date among Coinbase customers?

Anil Gupta: Our next question is from Patrick Moley at Piper Sandler, who asks: What have you seen in terms of prediction market adoption to date among Coinbase customers? Do you have plans to build your own prediction market venue, or are you comfortable continuing to act as a retail distribution for existing venues?

Speaker #3: Do you have plans to build your own prediction market venue, or are you comfortable continuing to act as a retail distribution for existing venues?

Speaker #1: Yep , I can take that one . So , you know , our prediction markets really just rolled out to customers about a couple of weeks ago .

Brian Armstrong: Yep, I can take that one. So, you know, our prediction markets really just rolled out to 100% of customers about a couple of weeks ago, so it's early days, but so far the interest has been great. Super Bowl weekend was a really great moment where a lot of customers got to experience it for the first time. And, you know, we're making lots of improvements rapidly on both the UX, adding more markets, and having a dedicated sports hub where people can see live scores and things like that. And I frankly, just marketing it, getting the word out, I think a lot of Coinbase customers are, you know, delighted to find out that this is available in the app because they, they already store quite a lot of assets with us.

Speaker #1: So, it's early days, but so far the interest has been great. Super Bowl weekend was a really great moment, where a lot of customers got to experience it for the first time.

Speaker #1: And , you know , we're making lots of improvements rapidly on both the UX , adding more markets , having a dedicated sports hub where people can see live scores and things like that , and frankly , just marketing it , getting the word out .

Speaker #1: I think a lot of Coinbase customers are, you know, delighted to find out that this is available in the app because they already store quite a lot of assets with us.

Brian Armstrong: And so we just need to make them aware of it, and I think it's gonna be a really good outcome. You know, we, we launched it with our partnership with Kalshi, and they've been a great partner. It's not an exclusive arrangement. We also have the ability to launch our own markets. Nothing to announce on that at the moment, but, you know, we're keeping all options open.

Speaker #1: And so we just need to make them aware of it . And I think it's going to be a really good outcome . You know , we we launched it with our partnership with Kalki and they've been a great partner , partner .

Speaker #1: It's not an exclusive arrangement. We also have the ability to launch our own markets. Nothing to announce on that at the moment, but, you know, we're keeping all options open.

Speaker #3: Our next question is from James Yaro at Goldman Sachs. Do you think we're heading into another crypto winter? How long until the cycle could begin to recover?

Anil Gupta: Our next question is from James Yaro at Goldman Sachs: Do you think we're heading into another crypto winter? How long until the cycle could begin to recover, and how should investors think about the KPIs suggesting that the cycle could begin to turn?

Speaker #3: And how should investors think about the CPI's suggesting that the cycle could begin to turn?

Speaker #1: Yeah , I can touch on that . So , you know , in general , we don't try to predict the future too much here .

Brian Armstrong: Yeah, I can touch on that. So, you know, in general, we don't try to predict the future too much here. We see our job as just building great products and services for our customers, and then we leave the investment decisions to them. I will say that in general, I kind of enjoy these periods sometimes when the market is down, ironically, just because it allows us to keep building. There's opportunities in every market, whether it's up and down. You know, and so it gives us a chance to buy Bitcoin, it gives us a chance to buy back our stock. And we've been through so many cycles like this in crypto. I actually don't think it's that connected to core KPIs like you asked about, or some sort of fundamentals.

Speaker #1: We see our job as just building great products and for our customers. And then we leave the investment decisions to them. I will say that, in general, I kind of enjoy these periods.

Speaker #1: Sometimes when the market is down , ironically , just because it allows us to keep building , there's opportunities in every market , whether it's up and down , you know , and so it gives us a chance to buy Bitcoin .

Speaker #1: It gives us a chance to buy back our stock. And I—we've been through so many cycles like this in crypto. I actually don't think it's that connected to core KPIs, like you asked about, or some sort of fundamentals.

Speaker #1: You know , there's a lot of kind of Monday morning quarterbacking happening where people will look backwards and say , oh , you know , it must be because of Kevin Warsh is an inflation hawk or , you know , quantum computing is on the horizon or something .

Brian Armstrong: You know, people-- there's a lot of kind of Monday morning quarterbacking happening, where people will look backwards and say, "Oh, you know, it must be because of Kevin Warsh is an inflation hawk," or, you know, "Quantum computing is on the horizon," or something. And I, I actually think, you know, markets are a little bit more like psychological things, where people think someone else is gonna think something, so they try to get ahead of it. And I, I don't think this market correction is that connected to any fundamentals. We're still seeing good growth of, you know, stable coin adoption and other kind of indicators. So, you know, I'd say, in this environment, we are seeing traders on our... Like, at these prices, we're seeing people on our platform who are net buyers.

Speaker #1: And I actually think, you know, markets are a little bit more like psychological things, where someone else is going to think something.

Speaker #1: So they try to get ahead of it . And I don't think this market correction is that connected to any fundamentals . We're still seeing good growth of , you know , stablecoin adoption and other other kind of indicators .

Speaker #1: So , you know , I'd say in this environment we are seeing traders on our like at these at these prices . We're seeing people on our platform who are net buyers .

Brian Armstrong: But I would leave the investment decisions to, to you all on this call.

Speaker #1: But I would leave the investment decisions to you all on this call.

Speaker #3: Next question is from Ben Budish at Barclays . Can you talk about your 2026 spending plans , given a variety , given a wide variety of potential top line outcomes in 2026 , how do you think about need to spend to spend ?

Anil Gupta: Next question is from Ben Budish at Barclays: Can you talk about your 2026 spending plans? Given a wide variety of potential top-line outcomes in 2026, how do you think about need to spend versus want to spend, and where is there most flex in the cost base? Is it marketing, venture, moonshot-type investments, et cetera?

Speaker #3: And where is there most flex in the cost base? Is it marketing, venture, moonshot-type investments, etc.?

Speaker #2: Thanks, Ben. I love the way you frame this as a need to spend versus want to spend, because I would definitely say there's lots of employees who want to spend.

Alesia Haas: Thanks, Ben. I love the way you frame this as a need to spend versus want to spend, because I would definitely say there's lots of employees who wanna spend. Well, that's our job, to figure out the right investments for the company and making sure that we're deploying our capital prudently. So 2025 was an investment year. We included a chart in our shareholder letter that showed that the majority of our year-over-year increase went into, first and foremost, sales and marketing. USDC rewards were the single largest contributor to year-over-year expense growth in connection to the year-over-year all-time high we saw in USDC held in Coinbase products. Another 16% of the year-over-year increase was driven by M&A, the majority of which was deal-related expenses and not core to our operations.

Speaker #2: That's our job—to figure out the right investments for the company and make sure that we're deploying our capital prudently. So, 2025 was an investment year.

Speaker #2: We included a chart in our shareholder letter that showed that the majority of our year over year increase went into , first and foremost , sales and marketing .

Speaker #2: Usdc rewards were the single largest contributor to year over year expense growth in connection to the year over year all time high . We saw in Usdc held in Coinbase products another 16% of the year over year increase was driven by M&A .

Speaker #2: The majority of which was deal-related expenses and not core to our operations. When you look at our Q1 expense outlook, the range in the outlook is flat to our Q4 expense outlook.

Alesia Haas: When you look at our Q1 expense outlook, the range in the outlook is flat to our Q4 expense outlook. So while we had growth in 2025, right now, as we enter 2026, we are focused on flat for the first quarter. While we take into consideration the conditions we operate in, it's very dynamic, as we've just rolled out a number of new products and services, and so we are going to be nimble as we go through the year and look at the opportunities that we have ahead of ourselves versus our expenses. And so we are keeping our eye on the ball, but right now, for Q1, flat to Q4.

Speaker #2: So, while we had growth in 2025, right now, as we enter 2026, we are focused on flat for the first quarter while we take into consideration the conditions we operate in.

Speaker #2: It's very dynamic, as we've just rolled out a number of new products and services, and so we are going to be nimble as we go through the year and look at the opportunities that we have ahead of ourselves versus our expenses.

Speaker #2: And so we're keeping our eye on the ball. But right now, for Q1, flat to Q4.

Speaker #3: Our next question is from Rob Bamberger at Baird. Yesterday, a Wall Street Journal article said that Block Fill was suspending customer withdrawals.

Anil Gupta: Our next question is from Robbie Bamberger at Baird: Yesterday, a Wall Street Journal article said that Blockville was suspending customer withdrawals, and today, Coinbase has reportedly had issues with customers trying to buy, sell, and transfer. Was the Coinbase issue just a tech mishap and not a more severe issue? Does the amount of leverage in the crypto ecosystem increase the risk that we may be more prone to customer freezes during quick pullbacks?

Speaker #3: And today, Coinbase has reportedly had issues with customers trying to buy, sell, and transfer. Was the Coinbase issue just a tech mishap and not a more severe issue?

Speaker #3: Does the amount of leverage in the crypto ecosystem increase the risk that we may be more prone to customer freezes during quick pullbacks?

Speaker #2: I'll take this one . If anyone wants to add , please jump in . We did have an event yesterday where some users briefly experienced interruptions in their ability to buy , sell and transfer crypto on our retail and Prime platform .

Alesia Haas: I'll take this one. If anyone wants to add, please jump in. We did have an event yesterday where some users briefly experienced interruptions in their ability to buy, sell, and transfer crypto on our retail and prime platform. Derivatives and equities trading remained unaffected. This was a result of a technical issue unrelated to trading volume, unrelated to any market conditions. The issue is now resolved. We've made significant investments in our platform to hopefully mitigate these types of events and outages that historically have been driven by volume changes and feel very proud of our investment, but we will still have technical bumps at points in time.

Speaker #2: Derivatives and equities trading remain undefeated. This was a result of a technical issue unrelated to trading volume, and unrelated to any market conditions.

Speaker #2: The issue is now resolved. We've made significant investments in our platform to hopefully mitigate these types of events and outages that historically have been driven by volume changes, and we feel very proud of our investments.

Speaker #2: But we will still have technical bumps at points in time.

Speaker #3: Next one’s from Alex Markgraf at KeyBanc Capital Markets. As you work to scale the Everything Exchange, can you describe the strategy for bringing customer assets to Coinbase?

Anil Gupta: Next one from Alexander Markgraff at KeyBanc Capital Markets: As you work to scale the Everything Exchange, can you describe the strategy for bringing customer assets to Coinbase? To what extent do you expect equities and prediction markets to act as a front door to net new users?

Speaker #3: To what extent do you believe, or do you expect, equities and prediction markets to act as a front door to net new users?

Speaker #1: Sure . So you know , our strategy overall , we call it the asset accumulation flywheel . And you know it starts with being the most trusted brand in crypto .

Brian Armstrong: Sure. So, you know, our strategy overall, we call it the asset accumulation flywheel, and, you know, it starts with being the most trusted brand in crypto. That causes people to store more assets with us. You know, we store more crypto than any other company in the world, as I mentioned in my opening comments. So when people are storing their assets with us because of this trust, you know, we have an opportunity to connect more and more products into those assets, right? And whether that's Coinbase Card or they have a loan or they're earning rewards on staking or USDC, and they're, you know, they're also getting access to more and more trading products through the Everything Exchange. We see that the more products people connect into those assets, the more sticky they are.

Speaker #1: That causes people to store more assets with us. You know, we store more crypto than any other company in the world.

Speaker #1: As I mentioned in my opening comments . So when people are storing their assets with us because of this trust , you know , we have an opportunity to connect more and more products into those assets , right ?

Speaker #1: And whether that's Coinbase Card, or they have a loan, or they're earning rewards on staking or USDC, and they're, you know, also getting access to more and more trading products through the everything.

Speaker #1: We see that the more products people connect into those assets, the more sticky they are. And we use the monetization from that to really complete the flywheel go.

Brian Armstrong: We use the monetization from that to really complete the flywheel go, and we invest back in being the more trusted brand and adding more products. And so, as we've added in some of these asset classes, like equities, prediction markets, and commodities into the Everything Exchange, the first step is it just makes the product more valuable for our existing users, but we're also seeing it help attract more traditional investors who wanna come in and onboard and just have an easiest place, you know, to trade every asset class in one spot, maybe get better rewards on their credit card, maybe get a better rate lending out their money. And ultimately, crypto is just gonna be here to update financial services more broadly and just make better financial services.

Speaker #1: And we invest back in being the more trusted brand and adding more products. And so, as we've added in some of these asset classes like equities and prediction markets and commodities into the everything exchange, the first step is it just makes the product more valuable for our existing users.

Speaker #1: But we're also seeing it help attract more traditional investors who want to come in and onboard, and just have the easiest place.

Speaker #1: You know , to trade every asset class in one spot . Maybe get better rewards on their credit card , maybe get a better rate lending out their money , and ultimately , crypto is just is going to be here to update financial services more broadly and just make better financial services .

Speaker #1: So that's a little bit about our asset accumulation Flywheel strategy.

Brian Armstrong: So that's a little bit about our asset accumulation flywheel strategy.

Speaker #3: Next one is from Ramsey El-Assal at Cantor Fitzgerald. You guys have made some key acquisitions in 2025. Can you help us think through your M&A strategy at this point?

Anil Gupta: Next one's from Ramsey El Assal at Cantor Fitzgerald: You guys have made some key acquisitions in 2025. Can you help us think through your M&A strategy at this point? What parts of the business are you looking to bolster with M&A, and what types of assets are you looking at?

Speaker #3: What parts of the business are you looking to bolster with M&A, and what types of assets are you looking at?

Speaker #4: I can take this . Yeah , I think 2025 was a fantastic year for M&A at Coinbase . And included some some great marquee pickups , Deribit and echo and others .

Emilie Choi: ... I can take this. Yeah, I think 2025 was a fantastic year for M&A at Coinbase and included some great marquee pickups, Garabit and Echo and others. We made 10 acquisitions and acqui-hires, and each of them accelerates our product roadmap. In 2026, we're obviously being very selective as usual, but we're going to be aggressive where assets meaningfully pull forward the roadmap. And thematically, we're looking for incremental M&A opportunities in advancing the Everything Exchange, owning more on-chain infrastructure, and bundling stablecoins and payments infrastructure.

Speaker #4: We made ten acquisitions in acqui hires and each of them accelerates our product roadmap . In 2026 . We're obviously being very selective as usual , but we're going to be aggressive where assets meaningfully pull forward .

Speaker #4: The roadmap and, thematically, we're looking for M&A opportunities in advancing the everything exchange, owning more on-chain infrastructure, and bundling stablecoins and payments infrastructure.

Speaker #3: Our next one is from Crypto. Pete Christiansen at Citi. There's a debate that the original version of L2s as branded shards for scaling is no longer entirely valid, as Ethereum L1 is improving its own capacity and L2 decentralization has been slower than expected.

Anil Gupta: Our next one is from Peter Christiansen at Citi. There's a recent debate that the original version of L2s as branded shards for scaling is no longer entirely valid, as Ethereum L1 is improving its own capacity, and L2 decentralization has been slower than expected. The debate further argues that L2s should focus on value-added features, including AI, privacy, et cetera. What's Coinbase's view on the Base L2 value prop going forward in this respect, and how might potential DeFi regulations shape Base's future?

Speaker #3: The debate further argues that L2's should focus on value added features , including AI , privacy , etc. . What's Coinbase's view on the base L2 value ?

Speaker #3: Prop going forward? In this respect, how might potential DeFi regulations shape Base's future?

Speaker #1: Yeah , sure . So Vitalik had a great post on this recently . And , you know , I think in some ways he's right .

Brian Armstrong: Yeah, sure. So Vitalik had a great post on this recently, and, you know, I think in some ways he's right. Ethereum doesn't need dozens or, you know, hundreds of different L2s. We've seen that Base has rapidly become the number 1 L2 on Ethereum, and it's really a broad utility that makes it attractive to developers, right? It's really great for payments, it's great for trading, it's great for DeFi. People wanting to build different types of applications can come in. And Base, it does have amazing scale, right? It's been able to move really fast, have great speed of execution, and, you know, frankly, move a little faster than the Ethereum L1, which is by design. I mean, they, they should be a little bit.

Speaker #1: Ethereum doesn't need dozens or hundreds of different L2s. We've seen that Base has rapidly become the number one L2 on Ethereum, and it's really a broad...

Speaker #1: It's a broad utility that makes it attractive to developers . Right . It's really great for payments . It's great for trading . It's great for DeFi .

Speaker #1: People wanting to build different types of applications can come in and base . It does have amazing scale , right ? It's it's been able to move really fast , have great speed of execution .

Speaker #1: And , you know , frankly , move a little faster than the Ethereum L1 , which is by design , I mean , they should be a little bit .

Speaker #1: They're probably even more decentralized , a little , you know , a little more cautious . Right . But we can inherit a lot of the security constraints from the L1 .

Brian Armstrong: They're probably even more decentralized, a little, you know, a little more cautious, right? But we can inherit a lot of the security constraints from the L1, and then the L2 can move a bit faster. So the scale, speed of execution on Base has been really good. We're also working on adding novel features like, like you mentioned, privacy. I think private transactions or optional private transactions will be a big differentiator. And, you know, the Base app is good for distribution, like the Base token we're exploring, et cetera. So there's a lot that we can do there. You know, longer term, I do think the line between L1s and L2s could be a little blurry, and, it's, it's not entirely clear, you know, that there's a definition, a hard definition of one versus the other.

Speaker #1: And then the L2 can move a bit faster. So the scale and speed of execution on Base has been really good. We're also working on adding novel features, like you mentioned, privacy.

Speaker #1: I think private transactions are optional . Private transactions will be a big differentiator . And you know , the base app is good for distribution , like the base token .

Speaker #1: We're exploring , etc. . So there's a lot that we can do there . You no longer term . I do think the the line between L1 and L2 could be a little blurry .

Speaker #1: And it's , entirely clear . You know , that there's a definition hard definition of one versus the other . So anyway , we'll continue to to build base in rapid succession .

Brian Armstrong: So anyway, we'll continue to build Base in rapid succession and just... I think we can attract a lot of development, activity, and adoption.

Speaker #1: And I just think we can attract a lot of development activity and adoption.

Speaker #3: Next question is from Devin Ryan at Citizens. Stablecoin adoption is a 2026 priority. But we've seen market cap flatline for the last couple of months.

Anil Gupta: Next question is from Devin Ryan at Citizens. Stablecoin adoption is a 2026 priority, but we've seen market cap flatline for the last couple of months. Why has that been, and what gives you confidence around growth in 2026? And can you give any color around incremental adoption trends?

Speaker #3: Why has that been, and what gives you confidence around growth in 2026? And can you give any color around incremental adoption trends?

Speaker #2: I'll start here . Brian , if you want to add on . So I think there's two things that are happening . One is we've seen risk appetite be relatively range bound .

Alesia Haas: I'll start here, Brian, if you want to add on. So I think there's two things that are happening. One is we've seen risk appetite be relatively range-bound, and when you think about stablecoins, first and foremost, product market fit was as a trading pair to enable global traders to move money across the exchange ecosystem. They used it against the longer tail of assets. We've seen a shift now where there's not as much risk appetite for those longer tail, and so we've seen speculation activity come down a little bit. And as a result, stablecoin market cap has not been expanding because there was no risk and leverage expansion. The second thing that we see is higher velocity of stablecoin payments, settlements, remittances. So we've seen more transaction volume, but not necessarily a higher market cap as a result of that.

Speaker #2: And when you think about stablecoins, first and foremost, product-market fit was as a trading pair to enable global traders to move money across the exchange ecosystem.

Speaker #2: They used it against the longer tail of assets. We've seen a shift now where there's not as much risk appetite for those longer tail.

Speaker #2: And so we've seen speculation activity come down a little bit. And as a result, stablecoin market cap has not been expanding because there was no risk and leverage expansion.

Speaker #2: The second thing that we see is higher velocity of stablecoin payments, settlements, and remittances. So we've seen more transaction volume, but not necessarily a higher market cap.

Speaker #2: As a result of that . So we're monetizing stablecoins in incremental and new ways . I think we still have confidence in optimism for 2026 , because we are more deeply embedding stablecoins in our products and services .

Alesia Haas: So we're monetizing stablecoins in incremental and new ways. I think we still have confidence and optimism for 2026 because we are more deeply embedding stablecoins in our products and services. What we've demonstrated is that we have been a key driver of USDC's market cap growth and a key driver of our growth in assets on our platform, due to our ability to embed and create differentiated experience with USDC in our products and services. And so we're excited about our ability to continue to do so and to more deeply create, create value through the payments priorities that Brian articulated as our second growth area, and through just the growth of the Everything Exchange, where we believe that using USDC on our platform will become a great experience for our users.

Speaker #2: What we've demonstrated is that we have been a key driver of USDC's market cap growth and a key driver of our growth in assets on our platform due to our ability to embed and create differentiated experiences with USDC and our products and services.

Speaker #2: And so we're excited about our ability to continue to do so and to more deeply create value through the payments priorities that Brian articulated as our second growth area.

Speaker #2: And through just the growth of the Everything Exchange, where we believe that using USDC in our platform will become a great experience for our users.

Speaker #1: Yeah, I guess the only thing I'd add is that one of the things that gives me confidence about continued growth is just the Genius Act passing in the U.S.

Brian Armstrong: Yeah, I guess the only thing I'd add is that one of the things that gives me confidence about continued growth is just the GENIUS Act passing in the US, and we saw, I think, 150 companies in the three months following that piece of legislation going into law that came out and announced stablecoin integrations. And it's just, it's faster, it's cheaper, it's more global. There's no company in the world that wants to pay more money for moving their money, right? So I think that's an incredible tailwind to see the continued adoption of stablecoins. And, you know, in particular, it's important that these stablecoins preserve the ability to have rewards programs. There are US-regulated stablecoins don't exist in a vacuum. In fact, today, they're the minority of all dollar-issued stablecoins globally.

Speaker #1: And we saw, I think, 150 companies in the three months following that piece of legislation going into law that came out and announced stablecoin integrations.

Speaker #1: And it's just, it's faster, it's cheaper, it's more global. There's no company in the world that wants to pay more money for moving their money.

Speaker #1: Right . So I think that that's an incredible tailwind to continued adoption of stablecoins . And , you know , in particular , it's important that these stablecoins preserve the ability to have rewards programs .

Speaker #1: There are the US regulated stablecoins don't exist in a vacuum . In fact , today they're the minority of all dollar issued stablecoins globally .

Brian Armstrong: Now that we have this legislation, we need to make sure that the US-regulated ones can actually remain competitive, right? Like, the Chinese central bank digital currency came out and said they're going to pay interest on stable coins. Some of the offshore regulated ones would love it if the regulated ones in the US couldn't pay rewards, just because it would make them preserve their profit margins, right? And so for the US-regulated stable coins to be competitive, bring this industry, you know, repatriate that, those reserves and bring it within the US regulatory perimeter, they're going to have to be competitive, and paying rewards is a big part of that.

Speaker #1: And now that we have this legislation, we need to make sure that the US-regulated ones can actually remain competitive, right?

Speaker #1: Like the Chinese central bank, digital currency came out and said they're going to pay interest on stablecoins. Some of the offshore regulated ones would love it if the regulated ones in the US couldn't pay rewards, just because it would make them preserve their profit margins.

Speaker #1: Right . And so for the US , regulated stablecoins to be competitive , bring this industry , you know , repatriate that those reserves and bring it within the US regulatory perimeter .

Speaker #1: They're going to have to be competitive, and paying rewards is a big part of that.

Speaker #3: Our next question is from John Todaro at Needham. Can you provide an update on how much USDC market cap is currently on the Coinbase platform, i.e., a January average or February number?

Anil Gupta: ... Our next question is from John Todaro at Needham. Can you provide an update on how much USDC market cap is currently on the Coinbase platform, i.e., a January average or February number?

Speaker #2: We don't provide January , February data on Usdc balances , so I point to our shareholder letter for our end of year balance in our products , as well as any details on the revenue that we earned on Usdc in that period .

Alesia Haas: We don't provide January or February data on USDC balances, so I'd point to our shareholder letter for our end-of-year balance in our products as well as any details on the revenue that we earned on USDC in that period.

Speaker #3: Next one is from Bo Pay at US Tiger. Can you quantify the effective take rate compression from Simple to Advanced and Coinbase One users? Structurally, where do you see normalized consumer take rates settling over the next 2 to 3 years?

Anil Gupta: Next one's from Bo Pei at US Tiger. Can you quantify the effective take rate compression from simple to advanced and Coinbase One users? Structurally, where do you see normalized consumer take rates settling over the next 2 to 3 years?

Speaker #2: Thank you , Bo , for my quarterly take rate question . What we saw in the quarter was a mixed shift with more volume going to our advanced product , and more trading volume coming from Coinbase .

Alesia Haas: Thank you, Bo, for my quarterly take rate question. What we saw in the quarter was a mix shift with more volume going to our Coinbase Advanced product and more trading volume coming from Coinbase One users. So as we grow our Coinbase One members, an increasing amount of trading volume we expect to shift under the Coinbase One membership umbrella, and they benefit from up to no trading fees, although we do still generate a spread on those transactions, which is showing up, recorded as retail transaction revenue. So I don't have a view, and I can't tell you when the take rates will need to compress from simple to advanced. What I can say is we are very focused on growing Coinbase One membership, and I think with the growth of Coinbase One membership, what you will see is more and more trading occur under that membership umbrella.

Speaker #2: So, as we grow our Coinbase One members and increase the amount of trading volume, we expect to shift under the Coinbase One membership umbrella.

Speaker #2: And they benefit from up to no trading fees. Although we do still generate a spread on those transactions, which is showing up recorded as retail transaction revenue.

Speaker #2: So I don't have a view, and I can't tell you when the take rates will need to compress from simple to advanced. What I can say is we are very focused on growing Coinbase One membership, and I think with the growth of Coinbase One membership, what you will see is more and more trading occur under that membership umbrella.

Speaker #3: Our next one is from Gus Gala at Monash. Crispy Hart, adoption on Commerce and developer rails. You talked about it on page 19 of the shareholder letter.

Anil Gupta: Our next one's from Gus Galla at Monness, Crespi, Hardt. Adoption on commerce and developer rails, you talked about on page 19 of the shareholder letter. How do you work with Circle and USDC on real-world volume commercialization? Can you give us an update on the time you expect it takes to get up the S-curve in B2B payments? How is this different from potential revenue S-curve? Contrast that with USDC on Base for more consumer-centric volumes via X 402.

Speaker #3: How do you work with Circle and USDC on real-world volume commercialization? Can you give us an update on the time you expect it takes to get up the S curve in B2B payments?

Speaker #3: How is this different from potential revenue ? S-curve . Contrast that with Usdc on base . For more consumer centric volumes via x 402 .

Speaker #5: So what I will share with you .

Alesia Haas: So what I will share with you is that we work on our own products as it relates to driving payments on USDC. We partner with Circle on overall items, but we also compete with them, and our goal is to drive a payments vertical, as Brian shared in our goals for 2026, where we create the best place for businesses to come transact in USDC on Base to enable their payments businesses. You'll see more about this as we go through the year. This is early in our product journey, but we're really pleased with the advancements in Q4 to build out the product set and APIs, and now we're working on go-to-market and driving customer growth and adoption.

Speaker #2: Is that we work on our own products as it relates to driving payments on USDC. We partner with Circle on overall items, but we also compete with them, and our goal is to drive a payments vertical.

Speaker #2: As Brian shared in our goals for 2026, we want to create the best place for businesses to transact in USDC on Base to enable their payments.

Speaker #2: Businesses. You'll see more about this as we go through the year. This is early in our product journey, but we're really pleased with the advancements in Q4 to build out the product set and APIs.

Speaker #2: And now we're working on go-to-market and driving customer growth and adoption.

Speaker #3: And our final question comes from Dan Dolev at Mizuho. How should we think about the strength of the casual crypto trader in this winter?

Anil Gupta: Our final question comes from Dan Dolev at Mizuho. How should we think about the strength of the casual crypto trader in this winter? Any pattern you can call out for when they come back eventually?

Speaker #3: Any pattern you can call out for when they come back eventually?

Speaker #2: I guess I will take that one too. I think that we, I’ve been in this seat now, it’ll be eight years.

Alesia Haas: I guess I will take that one, too. I think I've been in this seat now, it'll be eight years come April. Emily's been here over eight years. Brian has been here 12 plus. We've seen lots of crypto market price cycles at this point in time. What continues to be true for at least the last eight years is that the majority of retail consumers on our platform huddle through price declines. They tend to be more active in periods of high volatility. What we're pleased to see in Q1 is for those who are active, they are in a net buy versus sell position. Consumers are tending to be buying the dip right now, but we are seeing more pullback as markets move to a risk-off. We've seen this before.

Speaker #2: Come April . Emily's been here in over eight years . Brian has been here 12 plus . We've seen lots of crypto market price cycles at this point in time .

Speaker #2: What continues to be true for at least the last eight years is that the majority of retail consumers on our platform hodl through price declines; they tend to be more active in periods of high volatility.

Speaker #2: What we're pleased to see in Q1 is for those who are active , they are in a net buy versus sell position . Consumers are tending to be buying the dip right now , but we are seeing more pullback as markets move to a risk off .

Speaker #2: We've seen this before. It speaks to our goals of diversification, both in the growth of our subscription and services business, but also in diversifying the assets so they can trade anything under the sun and not be limited to crypto assets.

Alesia Haas: It speaks to our goals of diversification, both in the growth of our subscription and services business, but also in diversifying the assets so they can trade anything under the sun, and not limited to crypto assets. We're really pleased with what we've released so far, and as we go through the year, we're hoping to demonstrate to you that we can continue to diversify those revenue streams.

Speaker #2: We're really pleased with what we've released so far, and as we go through the year, we're hoping to demonstrate to you that we can continue to diversify those revenue streams.

Speaker #3: All right. Well, that does it for today. Thank you for joining us, and we look forward to speaking to you again on our next call.

Anil Gupta: All right, well, that does it for today. Thank you for joining us, and we look forward to speaking to you again on our next call.

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Speaker #9: Beautiful milk . That's what we're here for . We're going to be discussing milk and whole milk and how good it is . How nourishing .

Speaker 9: Beautiful milk. That's what we're here for. We're going to be discussing milk and whole milk, and how good it is, and how nourishing. And these people all come from beautiful farms. They have a wonderful life, and they're happier today than they would have been if we didn't sign this. So we'll be talking about that in a second. Will, could you read the first two items, and we're gonna get going after that, and we'll be talking about a couple of things. We have some news on Iran, which we're gonna talk about.

Speaker #9: And these people all come from beautiful farms. They have a wonderful life, and they're happier today than they would have been if we didn't sign this.

Speaker #9: So, we'll be talking about that in a second. Well, could you read the first two items? And we're going to get going after that.

Speaker #9: And we'll be talking about a couple of things. We have some news on Iran, which we're going to talk about.

Speaker 10: So shortly before you all came in, the President signed 2 executive actions. The first is the result of a Section 232 trade investigation into critical mineral supplies. What it does is it sets up a mechanism, a process by which the United States will seek to secure its international supply chain of critical minerals, and critical mineral-derived products. The second is actually the result of another Section 232 trade investigation. This one into semiconductors. It sets up a 2-phase process. Under the first phase, semiconductors that are imported into the United States of America, that are not then used domestically to build out our AI or computing architecture here, will be subject to a 25% tariff.

Speaker #10: Shortly before you all came in . The president signed two executive actions . first is the result of a section 232 trade investigation into critical minerals , supplies What it does , is it sets up a mechanism , a process by which the United States will seek to secure its international supply chain of critical minerals and critical minerals products .

Speaker #10: The second is actually the result of another section 232 trade investigation . This one into semiconductors . It sets up a two phase process Under the first phase , semiconductors that are imported into the United States of America that are not then used domestically to build out our AI or computing architecture , here will be subject to a 25% tariff .

Speaker #10: So, for example, semiconductors that were transshipped through the United States to other foreign countries would be subject to that 25% tariff.

Speaker 10: So, for example, semiconductors that were transshipped through the United States to other foreign countries would be subject to that 25% tariff. But those are two executive actions that the President re-reviewed shortly before you all came in.

Speaker #10: But those are two executive actions that the President reviewed shortly before—before you all came in.

Speaker #9: So, they're going to sell chips, basically. And it's a chip. It's not the highest level, but it's a very good level.

Speaker 9: So they're gonna sell chips, basically, and it's a chip. It's not the highest level, but it's a very good level, and China wants them, and other people want them, and we're going to be making 25% on the sale of those chips, basically. So we're allowing them to do it, but the United States is getting 25% of the chips in terms of the dollar value, and I think it's a very good deal. Great deal. We've taken $ billions, and they've done a fantastic job. But it's not the Blackwell or the Rubin. Those are the two top, but it's a very good chip, and people want it, and we think it's in our best interest to do. And we have some other little things to talk about. Maybe we'll start that first.

Speaker #9: And China wants them and other people want them. And we're going to be making 25% on the sale of those chips, basically.

Speaker #9: So we're allowing them to do it. But the United States is getting 25% of the chips in terms of the dollar value.

Speaker #9: And I think it's a very good deal Great deal . Taking billions of dollars . And they are they've done a fantastic job , but it's not the Blackwell or the Ruben .

Speaker #9: Those are the two top. But it's a very good chip. And people want it. And we think it's in our best interest to do.

Speaker #9: And we have some other little things to talk about. Maybe we'll start that first. Should I start that first? I think they're going to want me to.

Speaker 9: Should I start that first? I think they're gonna want me to. I have a feeling they're gonna want me to. We have been notified and, and pretty strongly, but we'll find out what that all means. But we've been told that the killing in Iran is stopping, and it's stopped, and it's stopping, and there's no plan for executions or an execution or executions. So I've been told that on good authority. We'll find out about it. I'm sure if it happens, we'll all be very upset, including you will be very upset. But that's just gotten to me from information, that the killing has stopped, that the executions have stopped. They're not gonna have an execution, which a lot of people were talking about for the last couple of days. Today was gonna be the day of execution.

Speaker #9: I have a feeling they're going to want me to. We have been notified, and pretty strongly, but we'll find out what that all means.

Speaker #9: But we've been told that the killing in Iran is stopping , and it's stopped . And stopping . And there's no plan for executions or and execution or executions So I've been told that on good authority , we'll find out about it .

Speaker #9: I'm sure , if it happens , we'll all be very upset . Including you will be very upset . But that's just gotten to me from information that the killing has stopped , that the executions have stopped .

Speaker #9: And they're not going to have an execution, which a lot of people are talking about for the last couple of days. Today was going to be the day of execution. Another piece of information that I think is very important is the leaker has been found and is in jail right now.

Speaker 9: And, another piece of information that I think is very important is the leaker has been found and, is in jail right now, and that's the leaker on Venezuela. We had a very bad leaker, so there could be some others, and we'll let you know about that. We're hot on their trail, but, the leaker has been found, and the leaker's in jail and will probably be in jail for a long time. Let's see what happens. We'll let you know. We'll keep you apprised as to what's gonna happen with that. And I wanna thank all of the incredible people behind me. Political people, both Republicans and Democrats, because they like whole milk. Whether you're a Democrat or a Republican, whole milk is... Right?

Speaker #9: And that's the leaker on Venezuela, and a very bad leaker. So there could be some others, and we'll let you know about that.

Speaker #9: We're hot on their trail, but the leaker has been found, and the leaker is in jail and will probably be in jail for a long time.

Speaker #9: Let's see what happens . So we'll let you know . We'll keep you apprised as to what's going to happen with that . And I want to thank all of the incredible people behind me , political people , both Republicans and Democrats , because they like whole milk .

Speaker #9: Whether you're a Democrat or a Republican , whole milk is right . The great thing that Senator was in the office many years ago , it feels like many years ago , but quite a while ago , right at the beginning of my first term , Elijah Cummings , right with Elijah , a very good person .

Speaker 6: Agreed.

Speaker 9: It's a great thing. Yeah. Senator was in the office many years ago. It feels like many years ago, but quite a while ago, right at the beginning of my first term.

Speaker 6: Yeah, Elijah Cummings.

Speaker 9: Right, with Elijah, a very good person.

Speaker #9: You and I had a good relationship with him at that time. I think you were a Congressman, and you've made a lot of progress very well.

Speaker 6: Was.

Speaker 9: You and I had a good relationship with him. At that time, I think you were a congressman, and you've made a lot of progress. Done very well.

Speaker #11: Some would disagree .

Speaker 6: Some would disagree.

Speaker #9: I don't disagree , I think . I think you did a great job , but it's great . It's great to have you here again .

Speaker 9: I think you've done a great job.

Speaker 6: Thank you.

Speaker 9: But it's great, it's great to have you here again.

Speaker #9: Thank you. We appreciate it.

Speaker 6: Thank you.

Speaker 9: Appreciate it.

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Speaker #9: So today, I'm delighted to sign the Whole Milk for Healthy Kids Act into law, which is a very important thing for our farmers.

Speaker 9: So today, I'm delighted to sign the Whole Milk for Healthy Kids Act into law, which is a very important thing for our farmers, and I think maybe more important for our people, the people that drink milk. This is the first bill signing of the new year, and it will ensure that millions of school-aged children have access to high-quality milk as we make America healthy again. I want to thank Secretary of Agriculture Brooke Rollins, who's behind me, Secretary of Health and Human Services Robert F. Kennedy Jr., Senators John Boozman, Mike Crapo, Roger Marshall, and Peter Welch, as well as Representative G.T. Thompson and Tim Walberg. All great people. Also with us today is USDA National Nutrition Advisor Dr. Ben Carson, my friend for a long time. We went head-to-head, and it was not easy going head-to-head with Ben. He's a great guy. He still looks good.

Speaker #9: And I think maybe more important for our people , the people that drink milk . This is the first bill signing of the New Year , and it will ensure that millions of school aged children have access to high quality milk .

Speaker #9: As we make America healthy again, I want to thank Secretary of Agriculture Brooke Rollins, who's behind me, and Secretary of Health and Human Services Robert F. Kennedy Jr.

Speaker #9: Senators John Boozman and Mike Crapo , Roger Marshall , Peter Welch , as well as Representative G.T. Thompson and Tim Walberg , all great people .

Speaker #9: Also with us today is USDA National Nutrition Advisor , Doctor Ben Carson . My friend for a long time , we went head to head and it was not easy going head to head with Ben was Craig .

Speaker #9: He still looks good. That's because he drinks a lot of milk. And some of our nation's wonderful dairy farmers and their children—they're going to be farmers for a long time.

Speaker 9: That's 'cause he drinks a lot of milk. And some of our nation's wonderful dairy farmers and their children. They're gonna be farmers for a long time, we hope. As it currently stands, schools participating in the National School Lunch Program are only able to offer students low or non-fat milk options. That was changed during the Obama administration, and a lot of people disagreed with it at the time. With this legislation, schools will finally be able to expand their offerings to include nutritious whole milk. It's actually a legal definition, whole milk, and it's whole with a W, for those of you that have a problem. Most of the media will mess up. This is the perfect follow-up to the new Real Food Pyramid, and Secretary Kennedy and Secretary Rollins announced that last week. You probably heard.

Speaker #9: We hope, as it currently stands, schools participating in the National School Lunch Program are only able to offer students low or nonfat milk options.

Speaker #9: That was changed during the Obama administration , and a lot of people disagreed with it at the time . With this legislation , schools will finally be able to expand their offerings to include nutritious , whole milk .

Speaker #9: It's actually a legal definition , whole milk , and it's whole with a W . For those of you that have a problem , most of the media will go .

Speaker #11: Black .

Speaker #9: This is the perfect follow-up to the new Real Food Pyramid, and Secretary Kennedy and Secretary Rollins announced that last week. You probably heard this legislation also allows parents to directly request a substitute for milk for children with dairy intolerance.

Speaker 9: This legislation also allows parents to directly request a substitute for milk for children with dairy intolerance. Previously, parents were required to submit a written statement from a doctor, but we're eliminating that rather ridiculous policy and allowing parents to choose what is best for their child, which is a big move. Hard to believe that that would be a big thing, but it is. Of course, these changes will be major victories for the American dairy farmers, who we love and who voted for me in great numbers, I will say. I think I got every one of them.

Speaker #9: Previously, parents were required to submit a written statement from a doctor, but we're eliminating that rather ridiculous policy, allowing parents to choose what is best for their child, which is a big move.

Speaker #9: Hard to believe that that would be a big thing, but it is. And of course, these changes will be major victories for the American dairy farmers who we love and who voted for me in great numbers.

Speaker #9: I will say , I think I got every one of them in December . I also signed the Secure Rural Schools authorization Reauthorization Act , and I'm proud to say that these two pieces of legislation will give school aged children across the country the resources and support that they need , not just to succeed , but really to thrive in life .

Speaker 9: In December, I also signed the Secure Rural Schools Authorization, Reauthorization Act, and I'm proud to say that these two pieces of legislation will give school-aged children across the country the resources and support that they need, not just to succeed, but really to thrive in life and later on in life. So I want to ask, Secretary Rollins, to say a few things, and then I'd like to ask Secretary Kennedy and Dr. Carson. I'd also like to hear from these great political leaders, senators, congressmen, if they'd like to say something; I'd be honored. So, Brooke, do you want to start?

Speaker #9: And later on in life. So I want to ask Secretary Rollins to say a few things, and then I'd like to ask Secretary Kennedy and Doctor Carson.

Speaker #9: I'd also like to hear from these great political leaders , senators , congressmen , if they'd like to say something , I'd be honored .

Speaker #9: So, Brooke, do you want to start?

Speaker #11: Yes , sir . Thank you . And what a joy and an honor it is to be here . I , I feel like I have the best job in the world with representing all of these farmers .

Speaker 13: Yes, sir. Thank you, and what a joy and an honor it is to be here. I feel like I have the best job in the world with representing all of these farmers. Mr. President, not in our lifetime has a president been a president who loves and supports our farmers more, and certainly the dairy farmers. I wanna thank all of our farmers here today, sir. Most of them are fifth and sixth generation. They represent states from all across our country and bringing the children, too, and seeing what the next generation of dairy farmers looks like. The amazing thing is some of these farmers back here from Butler, Pennsylvania, milk-

Speaker #11: And, Mr. President, not in our lifetime has a president been a president who loves and supports our farmers more, and certainly the dairy farmers.

Speaker #11: I want to thank all of our farmers here today , sir . Most of them are fifth and sixth generation . They represent states from all across our country and bringing the children to and seeing what the next generation of dairy farmers looks like .

Speaker #11: The amazing thing is , some of these farmers back here from Butler , Pennsylvania , he he where Butler , Pennsylvania

Speaker 9: Where?

Speaker 13: Butler, Pennsylvania.

Speaker #9: I love Butler, I do.

Speaker 9: I love Butler. I do.

Speaker #11: It , yeah . And they love you . They love you . But he milks about 40 to 60 cows . And then we have Jamie from Wisconsin who milks about 5000 cows .

Speaker 13: Yeah.

Speaker 9: We love you, too.

Speaker 13: And they love you. They love you. But he milks about 40 to 60 cows.

Speaker 9: Yep.

Speaker 13: Then we have Jamie from Wisconsin, who milks about 5,000 cows. So they represent all across the spectrum-

Speaker #11: So they represent all across the spectrum . And and what this means . And I think it's important to note that in the last year , your support for these American farmers , for rural America , the one big , beautiful bill was the largest investment in rural America in history .

Speaker 9: Wow!

Speaker 13: And what this means. And I think it's important to note that in the last year, your support for these American farmers, for rural America, the one big beautiful bill was the largest investment in rural America in history. I think that's important to note. The trade, and I see my friend Jamison Greer over there and Howard Lutnick on this end. We've opened up more than 24 different markets. Milk exports, dairy exports are up 23% just in the last year.

Speaker #11: I think that's important to note. The trade, and I see my friend Jamison Guerrero over there and Howard Lutnick on this end.

Speaker #11: We've opened up more than 24 different markets . Milk exports , dairy exports are up 23% . Just in the last year . And when you think about the AG deficit that happened under Joe Biden and the four years we went from a surplus of agricultural products , when we left the first time to a $50 billion deficit , when we came back .

Speaker 9: Wow!

Speaker 13: When you think about the ag deficit that happened under Joe Biden and the four years, we went from a surplus of agriculture products when we left the first time to a $50 billion deficit when we came back.

Speaker #11: So these are massive , massive wins for America . And I think it's important to note that . I also want to note , and you said it as well , that over a decade ago , Michelle Obama , in this very room made an announcement on a short sighted campaign to ditch the whole milk in schools .

Speaker 9: Yep.

Speaker 13: So these are massive, massive wins for America, and I think it's important to note that. I also want to note, and you said it as well, that over a decade ago, Michelle Obama, in this very room, made an announcement on a short-sighted campaign to ditch whole milk in schools, and that's what we're working to fix today. Last week, Bobby Kennedy, Ben Carson, Dr. Oz, and the whole crew, sir, announced the Dietary Guidelines for Americans, 2025 to 2030, which also reintroduced full-fat dairy into a healthy diet.

Speaker #11: And that's what we're working to fix today . Last week , Bobby Kennedy and Ben Carson and Doctor Oz and the whole crew , Sir , announced the Dietary Guidelines for Americans 2025 to 2030 , which also reintroduced full fat dairy into a healthy diet .

Speaker #11: And today , by signing this bill , Senator Marshall and Congressman Thompson and all the wonderful men to the right who worked so hard on this Peter Welch , it is a bipartisan issue and understanding where we are in this country and how important the health of our children are is so important .

Speaker 13: And today, by signing this bill, Senator Marshall and Congressman Thompson and both all the wonderful men to the right who worked so hard on this, Peter Welch, it is a bipartisan issue and understanding where we are in this country and how important the health of certainly our children are is so important. USDA is posting today the guidance. So we're signing the bill, and USDA, we're moving at Trump time, is posting today the new rulemaking that is necessary to get whole milk back into school lunches. So that's a really, really big deal.

Speaker #11: USDA is posting today the guidance . So we're signing the bill and USDA , we're moving at Trump time is posting today the new rulemaking that is necessary to get whole milk back into school lunches .

Speaker #11: So, that's a really, really big deal.

Speaker #16: So, how long will that take?

Speaker 7: So how long will that take?

Speaker #11: It should just take a few weeks . And then the milk starts moving in . So it's it's a it's a big announcement sir , for our schools and our children .

Speaker 13: It should just take a few weeks, and then the milk starts moving in. So it's a big announcement, sir, for our schools and our children. And I know Secretary Kennedy will talk a little bit about the health issue, so I won't do that. I'll skip over that. You mentioned, and the last thing I'll say, I know we're here to sign the bill on whole milk, but Senator Crapo's work and our wonderful friend, Doug LaMalfa, who we lost way too soon-

Speaker #11: And I know Secretary Kennedy will talk a little bit about the health issue, so I won't do that. I'll skip over that.

Speaker #11: You mentioned in the last thing I'll say, I know we're here to sign the bill on whole milk, but Senator Crapo's work and our wonderful friend Doug LaMalfa, who we lost way too soon.

Speaker 7: Right.

Speaker #11: Their work on securing the Rural Schools Reauthorization Act—how important that, too, is for rural America. Seven hundred eligible rural counties across the nation are now guaranteed funds for schools and roads and infrastructure.

Speaker 13: their work on securing Rural Schools Reauthorization Act, how important that too is for rural America. 700 eligible rural counties across the nation are now guaranteed funds for schools, roads, and infrastructure. So, sir, you say it all the time, those are your people. They voted for you and with us and saw your vision from the beginning. This is who we're here to support today, in addition to the whole milk for healthy schools, which will help all children. Just remember, eat real food, eat real food, and drink whole milk. What a joy again it is to be here, and I especially want to thank all of our incredible farmers for what you do. So, sir, with that, I'll turn it over to Secretary Kennedy.

Speaker #11: So , sir , you say it all the time . Those are your people . They voted for you . And with us and saw your vision from the beginning .

Speaker #11: This is who we're here to support today . In addition to the whole milk for healthy schools , which will help all children , just remember eat real food , eat real food and drink whole milk .

Speaker #11: What a joy it is to be here. And I especially want to thank all of our incredible farmers for what you do.

Speaker #11: So , sir , with that , I'll turn it over to Secretary Kennedy . .

Speaker #9: Just before you do that, how are we doing with food prices? Are we bringing them down?

Speaker 7: Just before you do that, how are we doing with food prices, bringing them down?

Speaker #11: Yes , sir . Well , I'm glad you asked , because I brought a chart and it just happened to be right behind me .

Speaker 13: Yes, sir. Well, I'm glad you asked because I brought a chart, and it just happened to be right behind me. So, speaking of milk, milk is actually way down, and I know we're here to talk about that today, obviously.

Speaker #11: So, speaking of milk, milk is actually way down. And I know we're here to talk about that today.

Speaker #9: 44% .

Speaker 7: Forty-four percent?

Speaker #11: That's right , sir .

Speaker 13: That's right, sir. And-

Speaker #9: Eighty-four percent down, milk. Forty-four percent down.

Speaker 7: 44% down, milk. 44% down.

Speaker #11: Eggs is way down . Milk is way down . This is just since we took office , sir . Fresh , whole chicken down .

Speaker 13: Eggs is way down. Milk is way down. This is just since we took office, sir. Fresh whole chicken, down 2%, cheese down, tomatoes down, butter down. Of course, eggs are way down, potatoes down almost 3%, fresh fruits down almost 3%. But this is just the beginning. And as we continue to bring the cost of farming down, bring the cost of inputs down, open up the market, support our farmers, we'll see even more affordability moving forward.

Speaker #11: 2% . Cheese down , tomatoes down , butter down . Of course . Eggs are way down . Potatoes down . Almost 3% .

Speaker #11: Fresh fruits down . Almost 3% . But this is just the beginning . And as we continue to bring the cost of farming down , bring the cost of inputs down , open up the markets , support our farmers , we'll see even more affordability moving forward .

Speaker #9: And eggs are down 31%. So it's really something with Bobby.

Speaker 7: Eggs are down 31%.

Speaker 13: Yes.

Speaker 7: So that's really something. Where's Bobby?

Speaker #11: Bobby's right here .

Speaker 13: Bobby's right here.

Speaker #9: Right here , Mr. President . Go ahead . Wherever you are . Go ahead . We like Bobby . I want to echo what Brooke said about finally having a president that sees the alignment between farm prosperity , good food policy and health of our children .

Speaker 14: Right here, Mr. President.

Speaker 7: Good, wherever you are. Go ahead. We like Bobby.

Speaker 14: I want to echo what Brooke said about finally having a president that sees the alignment between farm prosperity-

Speaker 13: That's right

Speaker 14: ... good food policy, and the health of our children. These are common sense associations. Democrats been talking about them for eons. Republicans been talking about them. We finally have a president that is implementing these, these policies and getting real food to our children. Today, President Trump signs the Whole Milk for Healthy Kids Act of 2025, a long-overdue correction to the school nutrition policy that puts children's health first. For years, Washington treated fat, especially saturated fat, as the enemy. It made a war on saturated fat. This is the peacetime president. He's made it 8.5 years ending wars, and he's also ended the war on saturated fat. As a result, whole and 2% milk disappeared from school menus, even though science has never shown that whole milk harms children, and evidence increasingly shows the opposite.

Speaker #9: These are common sense associations. Democrats have been talking about them for eons. Republicans have been talking about them. We finally have a president who is implementing these policies and getting real food for children.

Speaker #9: Today, President Trump signs the Whole Milk Healthy Kids Act of 2025, a long overdue correction to the school nutrition policy that puts children's health first.

Speaker #9: For years , Washington treated fat , especially saturated fat , as the enemy . It made a war on saturated fat . This is the peacetime president .

Speaker #9: He's made it eight and a half deals and the wars, and he's also ended the war on saturated fat. As a result, all the 2% milk disappeared from school menus.

Speaker #9: Even though science has never shown that whole milk harms children Evidence increasingly shows the opposite . The panoply of nutrients in all milk is critical to brain development and physical development in our children , all in 2% milk provide 13 essential ingredients critical for growth , development , immune system function , and overall health , including protein , calcium , vitamin D and healthy fats .

Speaker 14: The panoply of nutrients in whole milk is critical to brain development and physical development in our children. Whole and 2% milk provide 13 essential ingredients critical for growth, development, immune system function, and overall health, including protein, calcium, vitamin D, and healthy fats. Yet since these milk options were removed more than a decade ago, school milk consumption and meal participation have declined dramatically. Today, between 68% and 94% of school-aged boys and girls fail to meet recommended dairy intake, according to federal guidelines. When schools limit milk choices, the kids do not move to healthier substitutes. They move to caffeinated drinks, to sugar drinks, and to sweetened beverages with little or no nutritional value and the potential to wreak havoc on metabolic health, which is driving the chronic disease epidemic in our country.

Speaker #9: Since these milk options were removed more than a decade ago , school milk consumption and meal participation have declined dramatically Today , between 68% and 94% of school age boys and girls fail to meet recommended dairy intake , according to federal guidelines and schools limit milk choices .

Speaker #9: The kids do not move to healthier substitutes; they move to caffeinated drinks, to sugar drinks, and to sweetened beverages with little or no nutritional value.

Speaker #9: And the potential to wreak havoc on metabolic health , which is driving the chronic disease epidemic in our country . During the same period , that whole milk was regulated out of lunchroom rates of childhood obesity and diabetes rose significantly , removing whole milk and not improve health .

Speaker 14: During the same period that whole milk was regulated out of lunchrooms, rates of childhood obesity and diabetes rose significantly. Removing whole milk did not improve health; it damaged it. Thanks to President Trump's leadership, this law fixes that mistake. It allows schools and the National School Lunch Program to offer whole, reduced-fat, low-fat, or fat-free, flavored or unflavored, organic or conventional. It restores choice to schools, parents, and students and encourages consumption of nutrient-dense foods that kids will actually drink. The law also removes unnecessary bureaucracy by allowing parents or legal guardians to request milk substitutes without a necessity of involving a doctor. And it corrects a flawed technical rule by excluding fluid milk from saturated fat calculations that distorted school menus. Milk fat is not junk food. Treating it that way undermined nutrition and ignored the science.

Speaker #9: It damaged it . Thanks to President Trump's leadership , this law fixes that mistake . It allows schools in the national school Lunch program to offer whole reduced fat , low fat or fat free , flavored or unflavored organic or conventional .

Speaker #9: It restores choice to schools , parents and students , and encourages consumption of nutrient dense foods that kids will actually drink . The law also removes unnecessary bureaucracy by allowing parents or legal guardians guardians to request milk substitutes without the necessity of involving a doctor , and it corrects a flawed technical rule by excluding fluid milk from saturated fat .

Speaker #9: Calculations that distorted school menus , milk fat is not junk food . Treating it that way undermine nutrition and ignored the science Last week , Secretary Rollins and I unveiled President Trump's new food pyramid and updated our dietary guidelines with a clear message eat real food This law puts that principle into action .

Speaker 14: Last week, Secretary Rollins and I unveiled President Trump's new food pyramid and updated our dietary guidelines with a clear message: "Eat real food." This law puts that principle into action. As Secretary of Health and Human Services, I support this reform because it aligns federal policy with evidence-based nutrition, not ideology or dogma. Healthy kids need real food. They need real protein, they need healthy fats, and they need policies grounded in reality and science. I want to thank President Trump again for his vision, for signing this bill, for continuing to put children's health first. This is exactly the kind of practical change that will make America healthy again.

Speaker #9: As Secretary of Health and Human Services, I support this reform because it aligns federal policy with evidence-based nutrition, not ideology or dogma. Healthy kids need real food.

Speaker #9: They need real protein . They need healthy fats , and they need policies grounded in reality . And science . I want to thank President Trump again for his vision for signing this bill for continuing to put children's health first .

Speaker #9: This is exactly the kind of practical change that will make America healthy again.

Speaker #16: Thank you. Thank you.

Speaker 9: Thank you.

Speaker 14: Thank you.

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Speaker #16: Thank you, Bobby. We have some milk here. It's been sitting here for five days, so it's from the original bottle, and I brought it to the press.

Speaker 9: Thank you, Bobby. We have some milk here. It's been sitting here for 5 days, so. It's from the original bottle, and I brought it so the press can have some. You can swig it all out of here. Remember the old days when we were kids, everybody shared a bottle? Today, we tend not to do that, but if you'd like to, if you trust the person that you're drinking right there, it's right here. It's yours, okay? It's semi-fresh, 5, 6 days old. Thank you. So Ben Carson, a special man, knows a lot about health. He looks better than ever. So Ben, how about it?

Speaker #16: Can have some. You can swing it all out of. Remember the old days when we were kids? Everybody shared a bottle.

Speaker #16: Today, we tend not to do that. But if you'd like to, if you trust the person that you're drinking after, it's right here.

Speaker #16: It's yours . Okay . Semi-fresh five six days old . Thank you . So , Ben Carson , special man . Knows a lot about health .

Speaker #16: He looks better than ever . So , Ben , how about it ? Well .

Speaker #19: Thank you , Mr. President . Thank you for being interested in the health of the people . It's made a big difference . And facilitating and atmosphere where the agencies can work together .

Speaker 18: Well, thank you, Mr. President. Thank you for being interested in the health of the people. It's made a big difference in facilitating an atmosphere where the agencies can work together. You know, Secretary Rollins, Secretary Kennedy, Marty Makary, Dr. Oz, the whole group, every week, at least, meeting once to talk about these things, and it's made a big difference. And I want to thank the dairy farmers. I know you guys have been in the doghouse for a little while. You're out of the doghouse as of today.

Speaker #19: You know , Secretary Rollins , Secretary Kennedy , Marty Makary , Doctor Oz , the whole group . Every week , at least meeting once to talk about these things .

Speaker #19: And it's made a big difference. And I want to thank the dairy farmers. I know you guys have been in the doghouse for a little while.

Speaker #19: You're out of the doghouse today . Yes , sir . And you know , whole milk is a wonderful beverage . Good protein .

Speaker 9: Yes, sir.

Speaker 18: And, you know, whole milk is a wonderful beverage. Good protein. We talk about real food. It is real food, healthy fats, important nutrients. You look at vitamin D, you look at, calcium, phosphorus, the things that are absolutely essential for bone development and for teeth. But as a neurosurgeon, the thing I really like is for the brain, what it does for the brain.

Speaker #19: We talk about real food . It is real food . Healthy fats . Important nutrients . You look at vitamin D , you look at calcium , phosphorus , the things that are absolutely essential for bone development .

Speaker #19: And for teeth . But as a neurosurgeon , the thing I really like is what the brain , what it does for the brain , you know , the brain starts to develop right after conception .

Speaker 9: Yeah, right.

Speaker 18: You know, the brain starts to develop right after conception, and adds millions of neurons every single day. Continues to do that right up until the mid to late twenties. Now, it's important what that brain is getting during the development. Is it getting soda or is it getting milk?

Speaker #19: And at millions of neurons , every single day . Continue to do that right up until the mid to late 20s . Now , it's important what that brain is getting during the development .

Speaker #19: Is it getting soda, or is it getting milk?

Speaker #16: So the milk would help your cognitive ability?

Speaker 9: So milk would help your cognitive ability?

Speaker #19: Absolutely. You can tell who's been.

Speaker 18: Absolutely. You could tell who's been drinking milk.

Speaker #16: I've been taking cognitive tests. I've taken a lot of them. I've aced every one of them because I drink milk.

Speaker 9: Take a cognitive test. I've taken a lot of them. I've aced every one of them 'cause I drink milk.

Speaker #19: It's good for it, and it shows.

Speaker 18: It's good for it, and it shows.

Speaker #16: You consider that to be a big difference in taste between what you are having and this—it's just, it just looks so good sitting there, right?

Speaker 9: Do you consider there to be a big difference in taste between what you were having and milk?

Speaker 14: Absolutely.

Speaker 19: Oh, yeah.

Speaker 9: This is just... It just looks so good sitting there, right?

Speaker #16: Yes , sir . It looks better . They think . Go ahead , interrupt you .

Speaker 14: Yes, sir.

Speaker 9: It looks better.

Speaker 19: Yes, sir.

Speaker 9: Nice, thick. Go ahead, Ben, sorry to interrupt you.

Speaker #19: You know , when you go to school and you get the kids milk , real milk . They love it when you pour the stuff that looks like , you know , dish pan water .

Speaker 18: You know, when you go to school and you give the kids milk, real milk, they love it. When you pour this stuff that looks like, you know, dish pan water, they don't particularly want that. It doesn't taste good either. So this is a great day. It's only a part of what's happening with our emphasis on health. You know, our longevity has been going down, in other industrialized nations it's been going up. It's because we haven't been paying attention to this. That has changed, and we want to thank you for your leadership.

Speaker #19: That's particularly why it doesn't taste good either. So this is a great day. It's only a part of what's happening with our emphasis on health.

Speaker #19: You know, our longevity has been going down and, in other industrialized nations, it's been going up, and it's because we haven't been paying attention to this that has changed.

Speaker #19: And we want to thank you for your leadership.

Speaker #16: Well , thank you very much , Ben . Appreciate it . I appreciate all you've done , too , for the country I'd like to ask a few of our senators to say a couple of words .

Speaker 9: Well, thank you very much, Ben. Appreciate it. Appreciate all you've done, too, for the country. I'd like to ask a few of our senators to say a couple of words. Maybe we should start with a Democrat in our midst. What do you think, Pete?

Speaker #16: Maybe we should start with the Democrat in our midst . What do you think , Peter Welch ? How about Peter Welch ? And thank you very much for being here , Peter .

Speaker 14: Peter Welch.

Speaker 9: How about Peter Welch?

Speaker 19: Yeah.

Speaker 9: Thank you very much for being here, Pete.

Speaker #16: No, thank you. You know, our dairy farmers are so vitally important. And they have a way of life to transmit from one generation to another.

Speaker 19: No, thank you. You know, our dairy farmers are so vitally important, and they have a way of life that transmits from one generation to another, and it's tougher than ever for our dairy farmers in Vermont, our dairy farmers in Pennsylvania and others, South Carolina, are here. But they're the lifeblood of the community. Nobody works harder, and nobody does things that are better for our nutrition. And also for our kids, I'm in agreement that the kids having access to healthy milk is really good milk, whole milk, is really good for them. And one of the things that I get very excited about, that really the Vermont farmers talked about, is they have their milk from their farm that then goes directly to many of our schools.

Speaker #16: And it's tougher than ever for our dairy farmers in Vermont, our dairy farmers in Pennsylvania, and others. South Carolina, are here.

Speaker #16: But they're the lifeblood of the community. Nobody works harder, and nobody does things that are better for our nutrition and also for our kids.

Speaker #16: I'm in agreement . The kids having access to healthy milk is a good milk . Whole milk is really good for them . And one of the things that I get very excited about really , the Vermont farmers talked about , is they have their milk from their farm , that then goes directly to many of our schools , and then kids come out to the farms and start seeing how milk is made with farming is about that's good for America .

Speaker 19: And then kids come out to the farms and start seeing how milk is made, what farming is about. That's good for America. It's not a party deal. This has been a bipartisan effort. I appreciate working with my colleague, Senator Marshall, who did a great job, and JT when I was in the House. And Tim, thank you. Thank you, Mr. President.

Speaker #16: It's not a party deal . This has been a bipartisan effort . I appreciate working with my colleague , Senator Marshall , who did a great job in GT when I was in the House .

Speaker #16: And Tim , thank you , thank you , thank you . It's got to be like a 90 over ten issue . Another one of those 9010 .

Speaker 9: Thank you, Peter. It's, it's got to be like a 90/10 issue, another one of those 90/10.

Speaker #16: It's good to have you on our side . But it's a great it's a great issue and it's a great thing to do .

Speaker 19: Yeah.

Speaker 9: It's good to have you on our side. But, it's a great, it's a great issue, and it's a great thing to do, and we're very proud of it. We're very proud of our farmers. Senator, you want to say a few words?

Speaker #16: And we're very proud of it. We're very proud of our farmers. Senator, say a few words.

Speaker #20: Sure. I'll be very brief. We all want to see you sign this bill, but I really appreciate you and Brook bringing up the Secure Rural Schools legislation.

Speaker 16: Sure. I'll be very brief. We all want to see you sign this bill. But I really appreciate you and Brooke bringing up the Secure Rural Schools legislation. This is critical legislation to our rural communities across this country, and we have to fight every couple of years to get it extended just a couple of years. And this extension we got this year went back to pick up a few years that we missed and is going to expire again at the end of the next year. And Mr. President and Secretary, I'm going to encourage us to get back in here to sign a-

Speaker #20: This is critical legislation to our rural communities across this country. And we have to fight every couple of years to get it extended.

Speaker #20: Just a couple of years. And this extension we got this year went back to pick up a few years that we missed, and it's going to expire again at the end of next year.

Speaker #20: And Mr. President and Secretary, I'm going to encourage this—to get back in here to sign a Secure Rural Schools bill that is permanent.

Speaker 20: ... help a Secure Rural Schools bill that is permanent.

Speaker #20: I want to set a goal, or hope that you'll set a goal with me, to get that done.

Speaker 21: Mm-hmm.

Speaker 20: I want to set a goal, or hope that you'll set a goal with me to get that done. Thank you.

Speaker #16: Thank you. Thank you.

Speaker #19: Very much .

Speaker 15: Thank you very much.

Speaker #20: Great

Speaker #16: Anybody Mr. . Roger ?

Speaker 21: Go ahead.

Speaker 15: Anybody? Please, Roger.

Speaker #20: Yeah, yeah. Mr. President, thank you.

Speaker 22: Yeah. Yeah, Mr. President, thank you so much for, for having us here. On behalf of Kansas dairy farmers, thank you. Milk is the most wholesome, nutritious drink known to humankind. Not only is it full of essential nutrients, it's full of healthy fats, as well as protein. As Dr. Carson pointed out, those healthy fats are what helps that brain develop and help you absorb the fat-soluble vitamins. The protein is why you drink milk and you're not hungry again in 30 minutes. And I have to point out that under the previous couple of administrations ago, thanks to them, we have a whole generation of young adults who have osteopenia and osteoporosis because they never drank milk for an entire generation. So getting milk back in the schools is gonna give us healthy bones and healthy minds.

Speaker #10: Thank you so much for having us here on behalf of Kansas Dairy Farmers. Thank you. Milk is the most wholesome, nutritious drink known to humankind.

Speaker #10: Not only is it full of essential nutrients, it's full of healthy fats as well as protein. As Doctor Carson pointed out, those healthy fats are what help that brain develop and help you absorb the fat.

Speaker #10: The fat soluble vitamins , the protein is why you drink milk and you're not hungry again in 30 minutes . And I have to point out that under the previous couple administrations ago , thanks to them , we have a whole generation of young adults who have osteopenia and osteoporosis because they never drank milk for an entire generation .

Speaker #10: So, getting milk back in the schools is going to give us healthy bones and healthy minds. It sticks to your ribs, and it tastes great. Thank you for your leadership.

Speaker 22: It sticks to your ribs, and it tastes great.

Speaker 15: Thank you.

Speaker #10: Thank you. Yes, sir. Mr. President, thank you. Anybody?

Speaker 22: Thanks for letting me share.

Speaker 15: Thank you.

Speaker 22: Yes, sir, Mr. President, thank you.

Speaker 15: Anybody? Politically first, and then we can go to the farmers.

Speaker #16: Politically first . And then we're going to go to the farmers . Yes , please . Mr. president , thank you so much .

Speaker 23: Yeah.

Speaker 15: Yes, please.

Speaker 23: Mr. President, thank you so much. I want to ask Dr. Carson if there's an age limit on the cognitive building. Drinking a whole lot of milk.

Speaker #16: I want to ask Doctor Carson if there’s an age limit on cognitive ability, drinking a whole lot more. Thank you so much.

Speaker 21: Yeah, exactly.

Speaker 23: But thank you so much.

Speaker #16: Thank you . We literally have legislatures here , legislators here that have worked on this for years . This is something that's been very , very difficult .

Speaker 15: Thank you so much.

Speaker 23: You know, we literally have legislatures here, legislators here that have worked on this for years.

Speaker 21: Mm-hmm.

Speaker 23: This is something-

Speaker 15: Really?

Speaker 23: -that's been very, very difficult. You're able to help us get it over-

Speaker #16: You're able to help us . You would think it would have been very easy actually . Exactly . But you were able to help us get it over to you and your great team , Brooke .

Speaker 15: You would think it would have been very easy, actually.

Speaker 23: Mm-hmm. Exactly, but you were able to help us get it over the finish line.

Speaker 15: Yeah.

Speaker 23: You and your great team, Brooke, and all of these, these people have done such a good job, not only with this issue, but all that we're doing for the farm community, which is so, so very important. So thank you very, very much, and I know that you're gonna continue to support farmers like you have-

Speaker #16: And all of these people have done such a good job , not only with this issue , but all that we're doing for the farm community , which is so , so very important .

Speaker #16: So thank you very, very much. And I know that you're going to continue to support farmers like you have. We do, right from the beginning.

Speaker 15: We do, right from the beginning.

Speaker 23: ... since you were elected. Thank you.

Speaker #16: Thank you . Thank you very much , Mr. President . G.T. Thompson , chairman of the House Agriculture Committee . have been working on this bill for 15 years .

Speaker 15: Thank you very much. Go ahead.

Speaker 24: Mr. President, G.T. Thompson-

Speaker 15: Yep

Speaker 24: ... chairman of the House Agriculture Committee. I have been working on this bill for 15 years. And, thank you.

Speaker #16: And thank you. It's amazing, because of your support and your leadership, we were able to get this across the line. It's such a shame that it would be so hard.

Speaker 15: That's amazing.

Speaker 24: Because of your support and your leadership, we were able to get this across the line.

Speaker 15: It's such a shame that it would be so hard.

Speaker #16: You know , common sense would was lost and in the , you know , the benefits today go to those precious children that we see over there .

Speaker 24: Oh, common sense would-

Speaker 15: Yeah

Speaker 24: ... it was lost. And the, you know, the benefits today go to those precious children that we see over there. It goes to our dairy farm families who work so hard, seven days a week. There's no day off for a dairy farmer. And quite frankly, our rural communities, who, when the misguided move to take whole milk and two percent milk and play around the schools, we lost a generation, probably two generations of milk drinkers, and it devastated those rural communities. 'Cause you lose the dairy farms, then you lose all the supplies, businesses, and then you lose grocery stores, and you lose community pharmacies. Well, that day ends today with your signature, and we reverse that trend, and we build a robust rural economy.

Speaker #16: It goes to our dairy farm families who work so hard seven days a week . There's no day off for dairy farmer . And quite frankly , our rural communities who when the misguided move to take whole milk and 2% milk and flavor out of the schools , we lost a generation , probably two generations of milk drinkers and a devastated those rural communities because you lose the dairy farms , then you lose all the supplies , businesses , and then you lose grocery stores , and you use lose community pharmacies .

Speaker #16: Well, that day ends today with your signature. And we reverse that trend, and we build a robust rural economy. And I'll just close with what will be the theme of my next bumper sticker.

Speaker 24: I'll just close with what will be the theme of my next bumper sticker: "Whole milk heals.

Speaker #16: Whole Milk Hill's .

Speaker #11: Amen .

Speaker 21: Amen.

Speaker #16: That's right . That's what they say . I think it's probably true . Anybody else ? Mr. president , the chairman of Education and Workforce Committee .

Speaker 15: That's right.

Speaker 24: Yeah.

Speaker 15: That's what they say. I think it's probably true. Anybody else?

Speaker 25: Well, Mr. President, as chairman of the Education and Workforce Committee, this fits, you know, with the kids, with what they, they can enjoy in school and grow from. Also, to have G.T. Thompson sponsor the bill on that committee, and I think I've worked with you for 15 years, but we finally got it done in committee. This makes an impact for education, for our workforce, the health that's there, and the reality of what this farming industry does. I live in the most diverse farm district in Michigan. Thanks for coming to Michigan yesterday.

Speaker #16: This fits . You know what the kids with , what they they can enjoy in school and grow from Also , to have GT Thompson sponsor of the bill on that committee .

Speaker #16: And I think I've worked with you for 15 years , but we finally got it done . And committee , this makes an impact for education , for our workforce .

Speaker #16: The health that's there and the reality of what this farming industry does. I live in the most diverse farm district in Michigan.

Speaker #16: Thanks for coming to Michigan yesterday . It was great and my kids were raised on it's legal now . Raw milk taken right out of the bulk tank , and my oldest son became a Pulitzer nominated journalist for the Chicago Tribune .

Speaker 15: Yeah, it was great.

Speaker 25: My kids were raised on, it's legal now, raw milk taken right out of the bulk tank. My oldest son became a Pulitzer-nominated journalist for the Chicago Tribune.

Speaker #16: And I think the milk did it right. I think then I have the benefit of Dr. Carson being a graduate of Andrews University in my district.

Speaker 15: Wow.

Speaker 25: And I think the milk did it, right? Then I have the benefit of Dr. Carson being a graduate of Andrews University in my district. So all of that goes together. Thank you for signing this-

Speaker #16: So, all of that goes together. Thank you for signing. This will make a difference. Great job.

Speaker 15: Thank you

Speaker 25: ... it'll make a difference.

Speaker 15: Great job. So, how about a couple of the farmers? Would anybody like to speak?

Speaker #9: So how about a couple of the farmers ? Would anybody like to speak ? Would you like do you like do you want to just say how great milk is ?

Speaker 22: Yeah.

Speaker 15: Would you like to-

Speaker 22: Yeah.

Speaker 15: Do you like... Do you want to just say how great milk is?

Speaker #21: It's so amazing . Oh Yes . Mr. president , we want to say thank you for doing this . It's been stated several times .

Speaker 22: It's so amazing.

Speaker 15: Well...

Speaker 26: Yes, Mr. President, we want to say thank you for doing this. It's been stated several times how long this took, and so thank you for your support and leadership and finally making this happen. As a mom and a dairy farmer, this isn't just a big win for the dairy farm families across the country, but as it's been said, the millions of school-aged kids that depend on school lunches for their nutrition and to fuel their body. So thank you.

Speaker #21: How long this took . And so thank you for your support and leadership . And finally making this happen as a mom and a dairy farmer , this isn't just a big win for the dairy farm families across the country , but as it's been said , the millions of school aged kids that depend on school lunches for their nutrition and to feel their body .

Speaker #21: So thank you .

Speaker #9: So they've been fighting this for years.

Speaker 15: So they've been fighting this for years then, huh?

Speaker #21: Then 15 years .

Speaker 26: Fifteen years.

Speaker #9: Well, have you been fighting? You're too young to.

Speaker 15: Wow.

Speaker 26: Before these kids.

Speaker #21: Be .

Speaker #9: Fighting. Have you been fighting it for that long?

Speaker 15: Have you been fighting it? You're too young to be fighting. Have you been fighting it for that long?

Speaker #21: For a while, we've been fighting it. I mean, I think I speak for everybody. It's been a long time coming.

Speaker 26: For a while, we've been fighting it. I mean, I think I speak for everybody. It's been a long time coming-

Speaker #21: So your leadership is .

Speaker 15: Right

Speaker 26: ... so your leadership is it.

Speaker #9: Well , it's great . I had no idea you were . It just seems to make sense . Right ? It's hard to believe when you said 15 years .

Speaker 15: Well, it's great. I had no idea when... It just seems to make sense, right? Hard to believe when you'd said 15 years, I said, "You have to be kidding.

Speaker #9: I said , you have to be kidding . It's a government is tough . Government can be very tough . How about you ?

Speaker 25: Yeah.

Speaker 15: It's government is tough. Government can be very tough. How about you? Would you like to say something?

Speaker #9: We'd like to see something.

Speaker #22: So we are very grateful and thankful that you passed this bill because it is common sense as to what we should be consuming: whole foods and whole milk.

Speaker 27: So, we are very grateful and thankful that you passed this bill because it is common sense as to what we should be consuming-

Speaker 15: Right

Speaker 27: ... whole foods and whole milk. Unfortunately, that has not been the case for a few years. But research shows, and our MAHA movement have been taking the right steps to make America healthy. And our children are growing into active teenagers and athletes, and what do they need? They need strong bones, they need the energy, they need the healthy muscles, and so we are so grateful that the science is there, and we are actually at the right point and the right step, making sure America is healthy. So we are very thankful.

Speaker #22: Unfortunately, that has not been the case for a few years. But research shows, and our Maha movements have been taking the right steps to make America healthy, and our children are growing into active teenagers and athletes.

Speaker #22: And what do they need ? They need strong bones . They need the energy . They need the healthy muscles . And so we are so grateful that the science is there and we are actually at the right point and the right step , making sure America is healthy .

Speaker #22: So, we are very thankful.

Speaker #9: And it's so great. I look forward to getting it all the time. I open the refrigerator, I say milk with rice and milk with water and milk with everything.

Speaker 21: Um, lovely.

Speaker 15: It's so great. I look forward to getting it all the time. I open a refrigerator, and I see milk with rice, milk with water, and milk with everything. And I say, "What kind of milk is it?" That's what I like right there.

Speaker #9: And I say , what kind of milk is it ? That's what I like right there . That's great . Thank you very much .

Speaker 25: Yeah.

Speaker 15: That's great. Thank you very much. Please, Kim.

Speaker #9: Beautiful. Please, ma'am.

Speaker #23: Hi , my name is Patricia Onwuka . I am the center director at the Independent Women's Forum . I work on economic policy , but I'm also a mom of boys .

Speaker 28: ... Hi, my name is Patrice Andruka. I am the Center Director at the Independent Women's Forum. I work on economic policy.

Speaker 15: Right.

Speaker 28: But I'm also a mom of boys, as you can see. This is Jesse, he's... Jesse, you wanna say your name and age?

Speaker #23: As you can see, this is Jesse. He's Jesse. I want to say your name and age.

Speaker #24: My name is Jesse. I am six years old. I am seven years old. I want to be an engineer when I grow up.

Speaker 29: My name is Jesse. I am six years old. I am seven years old. I wanna be an engineer when I grow up. I'm a first grader. I also know where does milk come from.

Speaker #24: I am a first grader . I , I , I also know where does milk come from .

Speaker 28: Good job.

Speaker #22: Good job .

Speaker #9: Where does it come from?

Speaker 15: Where does it come from?

Speaker #24: So first, they form the milk, and then next, they put it into a cold tank. And then they take the germs out.

Speaker 29: So first, farmers milk it, and then next they put it into a cold tank, and then, to take the germs out, they put it very hot, and then they put it back in the cold tank, and then they haul it to somewhere that is cold in a big refrigerator.

Speaker #24: They, they, they put it very hot, and then they put it back in the cold tank. And then they hold it to somewhere that is cold, in a big refrigerator.

Speaker #16: That is unbelievable .

Speaker 15: Well, that is wonderful.

Speaker #25: Yeah, I didn't know that, actually.

Speaker 28: Wow!

Speaker 15: I'm gonna give him a medal. Everybody, these guys want it. Let me tell you, politicians want it. I'm gonna give that to you. Is that okay?

Speaker #21: Invite him .

Speaker #25: Out. I'm gonna give him a medal. Yeah, everybody.

Speaker #9: These guys want it , let me tell you , politicians want it . I'm going to give that to you . Is that okay ?

Speaker #21: Sure. Thank you, sir.

Speaker 28: Wow, good job. Thank you, sir.

Speaker #9: Thank you. That's beautiful, Daniel.

Speaker 15: Thank you. That's beautiful. Oh.

Speaker #23: His younger brother Daniel. How old are you?

Speaker 28: This is Daniel, his younger brother.

Speaker 15: Good.

Speaker 28: Daniel, how old are you?

Speaker #24: Five .

Speaker 30: Five.

Speaker #23: And what grade are you in? We're

Speaker 28: What grade are you in?

Speaker 30: First kindergarten.

Speaker #24: Kindergarten .

Speaker #23: Kindergarten ? And these boys are involved in sports . They go to a public school in the Maryland area . And , you know , many of their , their friends , you know , are drinking , you know , the kind of options that they don't really like .

Speaker 28: Kindergarten. These boys are involved in sports. They go to a public school in the Maryland area-

Speaker 15: That's great

Speaker 28: ... and, you know, many of their friends, you know, are drinking, you know, the kind of options that they don't really like. And so it's good that as they get to drink a glass of milk every morning, their friends will be able to drink that at school as well.

Speaker #23: And so it's good that, as they get to drink a glass of milk every morning, their friends will be able to drink that at school as well.

Speaker #23: Thank you very .

Speaker 15: I think it's great.

Speaker 28: So, thank you very much-

Speaker #9: Much .

Speaker #23: For what you're .

Speaker #9: Doing

Speaker 15: Beautiful boys

Speaker 28: ... for what you do.

Speaker #23: For public school kids in particular.

Speaker 15: Beautiful, beautiful people.

Speaker 28: For public school kids in particular.

Speaker #9: Beautiful people . Thank you very much . Doing a great job too . Thank you . Please .

Speaker 15: Beautiful people. Thank you very much.

Speaker 28: Thank you.

Speaker 15: You doing a great job, too.

Speaker 28: Thank you.

Speaker #16: I'm Amber Schwarz .

Speaker 15: Please.

Speaker 31: I'm Amber Schwartz. I'm also with Independent Women, but I'm here with my son, Luke, who is 13 years old. We're in Alexandria, Virginia. Luke needs a lot of protein right now to grow. In fact, his doctor just told us between 60 and 70 grams a week, and that's... I can't feed him a whole chicken every day, so supplementing with milk is really helping us. Unfortunately, at school, they've offered skim milk and

Speaker #23: I'm also with independent women , but I'm here with my son Luke , who is 13 years old . We're in Alexandria , Virginia .

Speaker #23: Luke needs a lot of protein right now to grow. In fact, his doctor just told us between 60 and 70 grams a week, and that's.

Speaker #23: I can't beat him . A whole chicken every day . So supplementing with milk is really helping us . Unfortunately , at school they've offered us skim milk and chocolate , and he does not like either .

Speaker 15: Yeah

Speaker 31: ... chocolate, and he does not like either. And so he has been turning to the juice boxes and, other drinks that have sugar. And so thank you for giving him the opportunity-

Speaker #23: And so he has been turning to the juice boxes and other drinks that have sugar. And so thank you for giving him the opportunity.

Speaker #23: And parents, too, to make a choice.

Speaker 15: Good

Speaker 31: ... and parents, too, to make a choice.

Speaker #9: That's great. That's really great. How about you?

Speaker 15: That's great.

Speaker 31: Yeah.

Speaker 15: That's really great. How about you?

Speaker #16: Thank you, Mr. President.

Speaker 32: Thank you, Mr. President. I'm the one-

Speaker #9: I'm the one beautiful red hair.

Speaker 15: Beautiful red hair. Look at that.

Speaker #25: Yeah, I tried to match here.

Speaker 32: Yeah.

Speaker 15: Try to match here, so.

Speaker #16: But I'm the aforementioned one from Butler , Pennsylvania . So we we , you know that place very well . And we still love you .

Speaker 32: Yes. But I'm the aforementioned one from Butler, Pennsylvania.

Speaker 15: Yes.

Speaker 32: So we, you know that place very well.

Speaker 15: I do.

Speaker 32: We still love you, so.

Speaker #16: So thank you . But , Mr. President , I was thinking last night when I was milking what I was going to say , and I thought , well , this is such a monumental day in agriculture , not just dairy farmers , but for all of agriculture , because this helps me as a producer , helps the also helps these kids here .

Speaker 15: Thank you.

Speaker 32: But, uh-

Speaker 15: Thank you

Speaker 32: ... Mr. President, I was thinking last night when I was milking what I was gonna say, and I thought, "Well, this is such a monumental day in agriculture." Not just dairy farmers, but for all of agriculture, 'cause this helps me as a producer, helps the processors, and it also helps these kids here. So it's good all around, and this is perfect legislation, a great day for America, is what this is.

Speaker #16: So it's good all around. And this is perfect legislation, a great day for America is what this is.

Speaker #9: Thank you very much . Beautifully said . And we appreciate it . And it is a great place that you come from . I love it .

Speaker 15: Thank you very much. Beautifully said, and we appreciate it, and it is a great place that you come from. I love it.

Speaker #9: Please, Mr. President, thank you.

Speaker 32: Yeah.

Speaker 15: Please.

Speaker 33: Mr. President, thank you. It's an honor to be here and, you know, I think this is about choices. You know, this day is a long time coming. We've been waiting on this for many years and, you know, it's great that we're able to provide choices now in schools with whole milk. Well, thank you for that, and thank you for everything that you do for the dairy industry, that us dairy farmers produce, nutrient, valuable nutrients every day for consumers.

Speaker #26: It's an honor to be here and you know , I think this is about choices . You know , this is this day's been a long time coming .

Speaker #26: We've been waiting on this for many years. And, you know, it's great that we're able to provide choices now in schools with whole milk.

Speaker #26: Well, thank you for that. And thank you for everything that you do for the dairy industry, that dairy farmers produce valuable nutrients every day for consumers.

Speaker #9: So you're going to need to produce more milk, because you're not mixing it up with all sorts of things. Right? That's right.

Speaker 15: So you're gonna need to produce more milk because you're not mixing it up with all sorts of things, right?

Speaker 33: That's right.

Speaker #9: That's great . That's a big how much of an increase will that be ? Do you have any idea ? A lot more .

Speaker 15: That's great.

Speaker 28: Mm-hmm.

Speaker 15: That's a big-

Speaker 28: Really great.

Speaker 15: How much of an increase will that be? Do you have any idea?

Speaker 33: A pretty good-

Speaker #25: A lot more, absolutely.

Speaker 15: A lot more.

Speaker 33: A lot more.

Speaker 28: A lot more.

Speaker 33: Absolutely. Absolutely.

Speaker #9: That's a great point. That's so good for the industry. Hard to believe you had to wait so long. Yeah, I think.

Speaker 15: That's great. Well, that's so good for the industry.

Speaker 33: Absolutely.

Speaker 15: Hard to believe you had to wait so long.

Speaker 33: Yep.

Speaker 15: But thank you for the nice things you say.

Speaker #10: Mr. President , I'd like to thank you again for your support behind this . And the gentleman standing behind you , like you said , we worked 15 years on it .

Speaker 30: Mr. President, I'd like to thank you again for your support behind this and the gentlemen standing behind you.

Speaker 15: Yes.

Speaker 30: Like you said, we worked 15 years on it. I advocate for our industry a lot out in the community, and I know I've been in the high schools, I've been in the middle schools where the students want milk. I did a taste test one time at a high school where we gave them whole milk versus the skim milk their school was giving them. The kids loved the whole milk. So just your all support behind us, your support getting it pushed through, I really appreciate what you've done and what the gentlemen behind me were able to do.

Speaker #10: I advocate for our industry a lot out in the community, and I know I've been in the high schools. I've been in the middle schools where the students want milk.

Speaker #10: I did a taste test one time at a high school where we gave them whole milk versus the skim milk their school was giving them.

Speaker #10: The kids loved the whole milk , so just you're all support behind us . Your support getting it pushed through . I really appreciate what you've done and what the gentleman behind you were able to do .

Speaker #9: We support the farmer .

Speaker 15: We support the farmer.

Speaker #25: Yes, sir. Yes, sir.

Speaker 30: Yes, sir.

Speaker #9: The farmer knows what's right . Better than anybody else . Bobby would tell you that . I , the farmer , they know what's right .

Speaker 28: Yes, we do.

Speaker 15: The farmer knows what's right-

Speaker 28: Mm

Speaker 15: ... better than anybody else. Bobby would tell you that. I mean, the farmer, they know what's right-

Speaker #9: Yes , sir . Especially when it comes to things like this . Sorry it took so long . It was 15 years . I can't believe it .

Speaker 30: Yes, sir

Speaker 15: ... especially when it comes to things like this.

Speaker 30: We do.

Speaker 15: Sorry it took so long. It was 15 years, I can't believe it.

Speaker #9: Howard, would you like to say something? What's amazing is that the President has the leadership and common sense to drive the right outcomes.

Speaker 28: Yeah.

Speaker 15: Howard, would you like to say something?

Speaker 34: What's amazing is that the president has the leadership and common sense to drive the right outcomes. Why should kids not be given the choice to drink whole milk? How is that even possible?

Speaker #9: Why should kids not be given the choice to drink whole milk? How is that even possible? So, it's amazing to work for you because you just own common sense, and you drive it through our economy.

Speaker 15: Yeah.

Speaker 34: So it's amazing to work for you because you just own common sense, and you're driving it through our economy, you're driving it through the farmers. You've got great leadership in Secretary Rollins and Secretary Kennedy, and it's great fun to be here because, I mean, think of today. I mean, how much fun is this? It's just common sense. Come on.

Speaker #9: You drive it through the farmers . You've got great leadership . And Secretary Rollins and Secretary Kennedy , and it's great fun to be here because , I mean , think of today .

Speaker #9: I mean, how much fun is this? It's just common sense. Come on.

Speaker #25: You like the Oval Office? Yes. Even the

Speaker 15: People like the Oval Office.

Speaker #9: Media, they come here and they're here a lot. But it's sort of like you're in the Oval Office. It's the whole...

Speaker 28: Yes.

Speaker 15: Even the media, they come here, and they, they're here a lot, but it's sort of like you're in the Oval Office. It's the whole ball game.

Speaker #25: Ballgame .

Speaker #9: It all begins and ends, and then begins here. There is no place like it, right?

Speaker 28: Mm-hmm.

Speaker 15: It all begins and ends and then rebegins here.

Speaker 28: Mm-hmm.

Speaker 15: There is no place like it, right?

Speaker #25: Isn't that exciting ?

Speaker 28: Yes, sir.

Speaker 15: Would you say that?

Speaker #9: There's no place like it if you love the country, especially. There's no place like it. So thank you, thank you.

Speaker 34: Absolutely.

Speaker 15: There's no place like... If you love the country especially, there's no place like it.

Speaker 28: Mm-hmm.

Speaker 15: So thank you. Thank you, Howard, very much. So let's sign it. Should I sign it?

Speaker #9: Howard, very much. So let's sign it. Should I sign it?

Speaker #25: Yes , sir .

Speaker #9: Your last chance .

Speaker 34: Yes, sir.

Speaker 15: Unless, kids, I think we could go another 15 years.

Speaker #25: I can .

Speaker #9: We could go another 15 years. Let's do it. Do it.

Speaker #11: You .

Speaker #9: Got .

Speaker #11: Stand right there .

Speaker 34: Do it.

Speaker 15: Do it? You got it.

Speaker 28: Stand right there.

Speaker #9: Come on . Right here . Come . We have to do a good one here . This is right . This is an important one for me Okay .

Speaker 15: Come on right over here. We have to do a good one here. This is right?

Speaker 34: Yes, sir.

Speaker 15: This is an important one for me.

Speaker 9: ... Okay, not bad. Not bad. It's signed by both of them. So you can never make a mistake. They made a lot of mistakes. Anyway, here it is. Thank you.

Speaker #9: Not bad , not bad So you can never make a mistake . They made a lot of mistakes . Anyway , here it is .

Speaker #9: Thank you

Speaker #12: You probably .

Speaker 35: You probably know Vistaprint for business cards, but did you know we print everything you need to get your brand in front of your fans? We print banners and signs that help your business stand out. We print postcards and flyers that get people talking, and we print must-have merch like tote bags, T-shirts, and water bottles. Whether you want a few or a few thousand, we print on everything so that customers can go from noticing your brand to falling in love with it. Right now, new customers can get 25% off with code NEW25. Because if you need it, we print it at Vistaprint.com.

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Speaker #27: Com

Speaker #16: Great .

Speaker 9: Thank you all very much. Do you have it?

Speaker #9: Thank you all very much. You have it. Thank you.

Speaker #21: Thank you .

Speaker 12: Thank you. Thank you.

Speaker #9: Thank you . I'm gonna let him know we appreciate it . Okay . Thank you very much . That's great . Hold that on for a little while .

Speaker 9: I'm gonna start drinking a lot of milk.

Speaker 12: We appreciate it.

Speaker 9: Okay, thank you very much. That's great. Yeah, hold that on for a little while. You'll give it to us later, okay? Good job you're doing. That's great. So any questions on what we just signed, please?

Speaker #9: You'll give it to us later . Okay . Good job . You're doing This first . So any questions on what we just signed , please , Mr. president , Mr. president .

Speaker 36: Mr. President, on Iran, Mr. President-

Speaker #9: Yeah, let's talk about this. I've got one on the milk coming from a family. My dad was a dairy engineer from Texas Tech University.

Speaker 9: Yeah, let's talk about this.

Speaker 36: I've got a little milk. Coming from a family, my dad was a dairy engineer from Texas Tech University.

Speaker #9: Big , strong guy . There he is . Drink lots of whole milk . In my day . Would you look at this as being a shift from what the industry kind of went ?

Speaker 9: So you're a big, strong guy.

Speaker 36: There it is. Drank lots of whole milk in my day. Would you look at this as being a shift from what the industry kind of went woke with the oat milk and the almond milk-

Speaker #9: Woke with the oat milk and almond milk. What exactly is the opposite direction? Let's talk about the impact of dairy farmers on this whole.

Speaker 9: It's amazing-

Speaker 36: It's going the exact opposite direction. Let's talk about the impact of dairy farmers on this whole milk.

Speaker #9: There are a lot of changes being made in the last year. As you know, we're still a little bit less than a year.

Speaker 9: There are a lot of changes being made in the last year, as you know. We're still a little bit less than a year. I think there's probably never been a year like this for a president or for a country. We have tremendous success. We've had success with everything we've done, and the economy now is coming back, and here's an example of farmers. They're gonna be working harder to produce 'cause it's not gonna be watered down by something. It's great to see it, and if you'd like a zip of that, I'd give it to you. It's actually been here. It's only been here for a few minutes before we started, has it? It's not five days. Five days and open, right? It's not. But, it's, it's an honor. What we've done in the country in the last year, it's incredible.

Speaker #9: I think there's probably never been a year like this for a president or for a country. We have tremendous success. We've had success with everything.

Speaker #9: We've done, and the economy now is coming back. And here's an example of farmers: they're going to be working harder to produce because it's not going to be watered down by something.

Speaker #9: And it's great to see it. And if you'd like a sip of that, I'd give it to you. It's actually been here.

Speaker #9: It's only been here for a few minutes before we started. It's not five. Versus five days and open right now. It's not.

Speaker #9: But it's it's an honor . What we've done in the country in the last year , it's incredible . All of us together .

Speaker 9: All of us together, it's incredible. So I appreciate the question.

Speaker #9: It's incredible, so I appreciate the question.

Speaker #11: Mr. president , on Iran , you said that the killing has stopped . Who told you that the killings have stopped ? There ?

Speaker 37: Mr. President, on Iran, you said that the killing has stopped. Who told you that the killing has stopped there in the civilian regime?

Speaker #11: We been .

Speaker #9: We have been informed by very important sources on the other side, and they've said the killing has stopped and the executions won't take place.

Speaker 9: We have been informed by very important sources on the other side, and they've said the killing has stopped, and the executions won't take place. There was supposed to be a lot of executions today, and that the executions won't take place, and we're gonna find out. I mean, I'll find out after this, you'll find out. But, we've been told on good authority, and I hope it's true. Who knows, right? Who knows. Crazy world.

Speaker #9: It was supposed to be a lot of executions today, and that the executions won't take place. And we're going to find out.

Speaker #9: I mean , I'll find out after this . You'll find out . But we've been told on good authority , and I hope it's true .

Speaker #9: Who knows? Who knows? Crazy.

Speaker #11: So how do you .

Speaker #9: You know? You've seen that over the last few days. And they said people were shooting at them with guns, and they were shooting back.

Speaker 37: We've seen the body bags, so how do you trust them?

Speaker 9: No, no, you've, you've seen that over the last few days, and they said people were shooting at them with guns, and they were shooting back. And, you know, it's one of those things, but they told me that there'll be no executions, and so I hope that's true.

Speaker #9: And you know, it's one of those things. But they told me that there'll be no executions, and so I hope that's true.

Speaker #11: , because .

Speaker #16: Does this mean military action is now off the table against Iran?

Speaker 12: Does this mean military action is now off the table against Iran?

Speaker #9: And we're going to watch and see what the process is. But we were given a very good, very good statement by people that are aware of what's going on.

Speaker 9: No, we're gonna watch and see what the process is, but we were given a very good, very good statement by people that are aware of what's going on.

Speaker 12: Are they bringing military action-

Speaker #16: Military action is that .

Speaker #9: There's no executions. Everyone is talking about a lot of executions were taking place today. We were just told no executions.

Speaker 9: You know, when they say no executions, everyone is talking about a lot of executions were taking place today. We were just told no executions. I hope that's true. That's a big thing. Yes, ma'am.

Speaker #9: I hope that's true. That's a big thing. Yes, ma'am.

Speaker #21: The foreign minister .

Speaker 38: The Foreign Minister of Greenland, she said a while ago in a press conference in an embassy of Denmark, that she made very clear in the meeting that happened here in the White House, what are your limits? She also said that it was a very respectful meeting. Are those limits going to be respected?

Speaker #22: Of .

Speaker #21: Greenland , she said .

Speaker #22: A while ago, in a press conference in an embassy of Denmark, she made very clear in the meeting that happened here in the White House.

Speaker #22: What are their limits? She also said that it was a very respectful meeting. Those limits are going to be respected.

Speaker #9: Well, we're going to see what happens with Greenland. We need Greenland for national security. So, we're going to see what happens.

Speaker 9: Well, we're gonna see what happens with Greenland. We need Greenland for national security, so we're gonna see what happens. They're gonna brief me on the meeting right after this conference.

Speaker #9: They're going to brief me on the meeting right after this conference. In fact, the sooner I get you out, the faster I'm going to know exactly what happened.

Speaker 38: Mm-hmm.

Speaker 9: In fact, the sooner I get you out, the faster I'm gonna know exactly what happened. But we have a very good relationship with Denmark, as you know. We'll see. But, you know, we're doing the Golden Dome. We're doing a lot of things, and we really need it. If we don't go in, Russia's gonna go in, and China's gonna go in, and there's not a thing that Denmark can do about it, but we can do everything about it.

Speaker #9: But we have a very good relationship with Denmark , as you know . We'll see . But , you know , we're doing the Golden Dome .

Speaker #9: We're doing a lot of things, and we really need it. If we don't go in, Russia is going to go in, and China is going to go in, and there's not a thing that Denmark can do about it.

Speaker #9: But we can do everything about it.

Speaker #11: It .

Speaker #22: What they can .

Speaker 38: There's no more things that they can do than?

Speaker #9: Do there . Well , we're going to see I mean , look , we're going to see what happens . But we need it .

Speaker 9: Well, we're gonna see. I mean, look, we're gonna see what happens, but we need it. You know, I'm not the first one. This was talked about in-- by President Truman, and 40 years before President Truman, they were talking about it. They've been talking about this for 100 years. This is not anything so new. A lot of people don't realize that, but this was a hot subject, probably not as hot as it is now, but it was a hot subject for a long time. We need it for national security, and that includes for Europe.

Speaker #9: You know , I'm not the first one . This was talked about by President Truman . And 40 years before President Truman , they were talking about it .

Speaker #9: They've been talking about this for 100 years. This is not anything so new. A lot of people don't realize that. But this was a hot subject.

Speaker #9: Probably not as hot as it is now, but it was a hot subject for a long time. We need it for national security.

Speaker #9: And that includes for Europe . And I spoke with , as you know , Mark , the head of NATO , and he really wants to see something happen .

Speaker 38: Mm-hmm.

Speaker 9: I spoke with, as you know, Mark, the head of NATO, and he really wants to see something happen. It's very important, very important for national security.

Speaker #9: It's very .

Speaker #11: Important .

Speaker #9: Very important for national security.

Speaker 39: Mr. President, it's being reported that Health and Human Services released frozen funds to Planned Parenthood. I'm wondering why this happened and why Planned Parenthood is receiving any federal funds?

Speaker #11: It's being .

Speaker #23: Reported that Health and Human Services released.

Speaker #22: Frozen funds to Planned Parenthood. I'm wondering why this happened and why Planned Parenthood is receiving any federal funding.

Speaker #9: I don't know anything about that, Bobby. Do you know anything about it?

Speaker 9: I don't know anything about that. Bobby, do you know anything about that?

Speaker #11: That? What was the question? It's being.

Speaker 12: What was the question?

Speaker #23: Reported that frozen .

Speaker 39: It's being reported that frozen funds were released to Planned Parenthood in December by HHS. I'm wondering why that happened.

Speaker #22: Funds were released to Planned Parenthood in December by HHS. I'm wondering why that happened.

Speaker #9: I haven't heard, haven't heard that. I have not heard that.

Speaker 9: I haven't heard.

Speaker 12: I have not heard that.

Speaker 9: I have not heard that.

Speaker #11: Mr. president

Speaker 37: Mr. President, on NATO, on NATO, right now, it sounds like you are saying that you would potentially acquire Greenland by force. That would be a NATO country, United-

Speaker #23: Von NATO , right now , it sounds like you are saying that you would . Potentially acquire Greenland by force . That would be a NATO country .

Speaker #11: The United .

Speaker #23: Are you—are you saying.

Speaker 9: Who's saying that?

Speaker 37: Are you saying that? Would you do that?

Speaker #11: Why would you do that?

Speaker #9: You're saying that .

Speaker #11: Would you? I didn’t say no.

Speaker #9: You're telling me that that's what I'm going to do. You don't know what I'm going to do.

Speaker 9: No, you're saying that.

Speaker 37: Would you acquire it by force at all?

Speaker 9: No, you're telling me that that's what I'm gonna do.

Speaker 37: I think we're-

Speaker 9: You don't know what I'm gonna do.

Speaker #11: So what are the .

Speaker #9: Options? Your network doesn't know either.

Speaker 37: So what are the options?

Speaker 9: Your network doesn't know either.

Speaker #11: The Danish .

Speaker 37: The Danish-

Speaker #23: The foreign minister said that there are still fundamental differences after the meeting with Rubio and with the vice president. Are you willing to leave the NATO alliance in order to get what you want with Greenland?

Speaker 40: ...The foreign minister said that there are still fundamental differences after the meeting with Rubio and with the vice president. Are you willing to leave the NATO alliance in order to get what you want with Greenland? What are the options right now?

Speaker #23: What are the options ?

Speaker #9: Well, I wouldn't be telling you what I'm willing to do. Certainly I'm not going to give up options, but it's very important.

Speaker 9: Well, I wouldn't be telling you what I'm willing to do. Certainly, I'm not gonna give up options, but it's very important. Greenland is very important for the national security, including of Denmark. And the problem is, there's not a thing that Denmark can do about it if Russia or China wants to occupy Greenland. But there's everything we can do, you found that out last week with Venezuela. There's everything we can do about things such as that. Not gonna happen. We're not... You know, I can't rely on Denmark being able to fend themselves off. You know, they were talking about they put an extra dog, and they were serious about this. They put an extra dog sled there last month. They added a second dog sled. That's not gonna do the trick.

Speaker #9: Greenland is very important for national security, including that of Denmark. And the problem is, it's not a thing that Denmark can do anything about.

Speaker #9: If Russia or China wants to occupy Greenland, but there's everything we can do. You found that out last week with Venezuela.

Speaker #9: There's everything we can do about things such as that not going to happen. We're not. You know, I can't rely on Denmark being able to defend themselves off.

Speaker #9: You know, they were talking about they put an extra dog, and they were serious about this. They put an extra dog sled there last month.

Speaker #9: They added a second dog sled. That's not going to do the trick.

Speaker #23: Denmark fought alongside the United States and both Afghanistan.

Speaker 40: Denmark fought alongside the United States in both Afghanistan and Iraq.

Speaker #11: Thank you for telling me that.

Speaker 9: Thank you for telling me that. I appreciate it.

Speaker #9: I appreciate .

Speaker #11: It , but .

Speaker #9: I have a very good relationship with Denmark, and we'll see how it all works out. I think something will work out.

Speaker 40: But-

Speaker 9: I have a very good relationship with Denmark-

Speaker 40: There are now-

Speaker 9: And we'll see how it all works out. I think something will work out. Yeah.

Speaker #11: Yeah . President Venezuela

Speaker 12: Mr. President.

Speaker #22: Cabello, the de facto number two in Venezuela right now. He seemed pretty reluctant to work with the U.S., and obviously.

Speaker 41: On Venezuela, Cabello is the de facto number two in Venezuela right now. He seems pretty reluctant to work with the US, and obviously he's-

Speaker #11: He didn't .

Speaker #9: He just gave us 50 million barrels of oil.

Speaker 9: The US? We just gave-

Speaker 41: In-

Speaker 9: They just gave us 50 million barrels of oil.

Speaker #22: The number two, the Venezuela.

Speaker 41: Cabello, the number 2, the Venezuela security chief.

Speaker #9: Security . I know the number one , we just had a great conversation today . And she's a terrific person . I mean , she's somebody that we've worked with very well .

Speaker 9: Well, I don't know. I know the number 1. We just had a great conversation today.

Speaker 41: Good.

Speaker 9: She's a terrific person. I mean, she's somebody that we've worked with very well, Marco Rubio's dealing with. I dealt with her this morning. We had a call, a long call. We discussed a lot of things, and I think we're getting along very well with Venezuela. Yeah.

Speaker #9: Marco Rubio is dealing with her . I dealt with her this morning . We had a call , a long call . We discussed a lot of things , and I think we're getting along very well with Venezuela .

Speaker #11: Yes .

Speaker 40: Mr. President, you have a new assistant attorney general position dedicated to rooting out fraud.

Speaker #22: Assistant Attorney General position dedicated to rooting out.

Speaker #11: Fraud .

Speaker #9: Yeah, he's fantastic. The person is fantastic.

Speaker 9: Yeah, he's fantastic. The person is fantastic.

Speaker #11: Who is it ?

Speaker 40: Who is it?

Speaker #9: It's a he . I will tell you . Maybe within minutes . I mean , I don't know if it's appropriate to say yet because we're going through a process , but we have chosen a person who's very tough , very smart , very fair .

Speaker 9: It's a he.

Speaker 40: When are you gonna announce him?

Speaker 9: I will tell you maybe within minutes. I mean, I don't know if it's appropriate to say yet because we're going through a process, but we have chosen a person who's very tough, very smart, very fair.

Speaker #11: Yesterday, in Michigan, about how you recalibrated.

Speaker 12: Mr. President.

Speaker 42: ... Your speech yesterday in Michigan about how you've recalibrated the American economy to work for workers, US auto factories. We've seen core inflation's completely tamed. You've lowered the trade deficit to the lowest amount since 2009. American exports are growing, but we're also waiting on the Supreme Court case with the tariffs. Given the success that you've had in the first 12 months, what is at stake in this case, sir?

Speaker #28: The American economy to work for workers . U.S. auto factories . We've seen core inflation completely tamed . You lowered the trade deficits , the lowest amount since 2009 .

Speaker #28: American exports are growing, but we're also waiting on the Supreme Court case for the tariffs. Given the success that you've had in the first 12 months, what is at stake in this case?

Speaker #9: A little bit like whole milk. I can't believe we even have a case. This is a case started by a very China-centric people.

Speaker 9: It's a little bit like whole milk. I can't believe we even have a case. This was a case started by very China-centric people and also anti-American people, frankly, people that don't want us to do well. Tariffs have helped us stop eight wars. They've helped us get the best trade numbers we've ever had. They've helped us get $18 trillion brought into the country, and maybe above all else, they've given us tremendous national security. Just the threat of tariffs, you saw that just yesterday when I put tariffs on a certain country. We won't talk about that country, but you know who it is, based on the fact that if you do business with that country, you know, it's gonna make them. It's gonna bring them to the table a lot faster.

Speaker #9: And also anti American people . Frankly , people that don't want us to do well . Tariffs have helped us stop eight wars .

Speaker #9: They've helped us get the best trade numbers we've ever had. They've helped us get $18 trillion brought into the country. And maybe above all else, they've given us tremendous national security.

Speaker #9: Just the threat of tariffs. You saw that just yesterday when I put tariffs on a certain country—we won't talk about that country.

Speaker #9: But , you know who it is based on the fact that if you do business with that country , you know , it's going to make them it's going to bring them to the table a lot faster .

Speaker #9: So we have made hundreds of billions of dollars with tariffs . We have very little inflation . Think of it . Inflation has gone down and productivity , everything has gone up .

Speaker 9: So, we have made hundreds of billions of dollars with tariffs. We have very little inflation. Think of it, inflation's gone down and, productivity, everything has gone up. We're-- We've never taken in money like we have. We've never had anywhere near $18 trillion invested in our country, neither has any other country. It's the biggest number by maybe five times. Five times, not five percent, five times. Nobody's ever seen numbers like this. We have plants going up. You know, you mentioned I was in Michigan yesterday. I was at the Ford plant, where they make the Ford 150. It's one of the original plants. It's, was from before World War I. It's a giant plant. That plant was probably going to be closed, and, two years ago, they were doing very poorly.

Speaker #9: We've never taken in money like we have. We've never had anywhere near $18 trillion invested in our country. Neither has any other country.

Speaker #9: It's the biggest number by maybe five times , five times , not 5% , five times . Nobody's ever seen numbers like this .

Speaker #9: We have plants going up. You know, you mentioned I was in Michigan yesterday. I was at the Ford plant where they make the Ford F-150.

Speaker #9: It's one of the original plants. It was from before World War I. It's a giant plant. That plant was probably going to be closed, and two years ago they were doing very poorly.

Speaker #9: And now they just announced yesterday that they're going to go 24 hours around the clock, three shifts, which they rarely do.

Speaker 9: Now they just announced yesterday that they're gonna go 24 hours around the clock, three shifts, which they rarely do. That's Ford, and Ford's having the best numbers they've ever had. General Motors is having the best numbers they've ever had. Stellantis, which hasn't been here, is now investing tens of billions of dollars on building in the country. We're building auto plants all over the country. We're building AI all over the country. We're leading China by a lot, and a lot of it has to do with tariffs. That would be a very disappointing decision, and especially since the people that are fighting me are people that want China to do well. We're doing great against China. We're doing great against everybody. We're the hottest country anywhere in the world.

Speaker #9: At Ford . And Ford's having the best numbers they've ever had . General Motors having the best numbers they've ever had . Stellantis , which hasn't been here , is now investing billions , tens of billions of dollars on building in the country .

Speaker #9: We're building auto plants all over the country. We're building AI all over the country. We're leading China by a lot, and a lot of it has to do with tariffs.

Speaker #9: That would be a very disappointing decision. And especially since the people that are fighting me are people that want China to do well.

Speaker #9: And we're doing great against China . We're doing great against everybody . We we're the hottest country anywhere in the world . As I say , often , we're right now the hottest country anywhere in the world .

Speaker 9: As I say often, we're right now the hottest country anywhere in the world, and a year and a half ago, we were a dead country. Thank you very much, everybody.

Speaker #9: And a year and a half ago, we were a dead country. Thank you very much.

Speaker #11: Everybody Thank you . Are you thank you , thank you , thank you , thank you , thank you . Press . Let's go .

Speaker 40: Thank you, press. Thank you. Thank you, press. Let's go. Thank you. Thank you, press. Let's go. Thank you. Let's go. Let's go. Thank you.

Speaker #11: Thank you , thank you guys . Thank you . Press . Let's go . Thank you . Let's go , let's go . Thank you .

Speaker #23: Thank you guys .

Speaker #11: Thanks. Yeah, guys, thank you. You guys.

Speaker 41: Thank you, guys. Thank you.

Speaker #12: Mike Chappell here . Patriots founder . My first business startup was in the basement of a factory . We had no customers , just rats .

Speaker 43: Mike Capsule here, Patriot Software's founder. My first business startup was in the basement of a factory. We had no customers, just rats, birds, flies, and snakes. We were broke! One day, my nephew asked me to buy candy bars from his school. Only $12, the exact amount we had in our checking account. We wrote the check and prayed God would send more. He did. That's why I created Patriot Software, to help entrepreneurs do their accounting and payroll without going broke. That's patriotsoftware.com.

Speaker #12: Birds , flies and snakes . We were broke one day , my nephew asked me to buy candy bars from his school . Only $12 .

Speaker #12: The exact amount we had in our checking account . We wrote the check and prayed God would send more . He did . That's why I created Patriot Software to help entrepreneurs do their accounting and payroll without going broke .

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