The Crypto President: Part 1

Summary

The Journal. | The Crypto President: Part 1
April 24, 2026
Hosted by Jessica Mendoza & Ryan Knutson | Reporters: Angus Baric & Rebecca Ballhaus

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Episode Overview

The first installment of a two-part investigative series explores how the Trump family, through their new cryptocurrency venture, World Liberty Financial, amassed extraordinary wealth by capitalizing on the global crypto boom. The episode reveals previously undisclosed connections between World Liberty Financial, the world’s largest crypto exchange (Binance), influential investors from the United Arab Emirates, and a controversial presidential pardon.

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Key Discussion Points & Insights

1. World Liberty Financial: The Trump Family's Crypto Ambition

• In September 2024, during Trump’s reelection campaign, he launched World Liberty Financial with a broadcast from Mar-a-Lago ([00:48]).
• The venture was driven in part by Eric and Don Jr., with Eric highlighting the risk of America falling behind in crypto ([01:58] Eric Trump: "If America doesn't do it, we're going to be left behind. We can't be left behind in anything we do. Certainly not digital finance, right?").
• This move represented the family's most significant foray into crypto to date ([02:11]).

2. International Ties & Unprecedented Wealth

• Steve Witkoff—a long-time Trump ally—partnered in the effort and was later named a special envoy ([02:31]).
• Journalists Angus Baric and Rebecca Ballhaus revealed that World Liberty Financial had been working with foreign-owned businesses, including substantial Emirati investments and collaborations with companies barred from US markets ([02:58] Angus Baric: “You've got one of the most powerful officials in the United Arab Emirates who has put a huge amount of money into a company run by the President's family.”).
• Between launch and reporting, the Trump family allegedly received at least $1.2 billion from World Liberty—surpassing years of profit from their traditional companies ([04:17] Rebecca Ballhaus).

3. The Abu Dhabi Connection: Crypto’s Power Players & Whale Deals

• Key players including Eric Trump and Steve Witkoff attended the prestigious 2024 Abu Dhabi Bitcoin MENA Conference ([06:35]).
• The "Whale Room" was where elite crypto investors and executives mingled, and the Trump family sought to legitimize their new company ([08:46]).
• Attendees included Binance founder Changpeng Zhao (“CZ”); fresh out of prison after pleading guilty to failing to prevent money laundering ([09:50]).
  • [10:45] CZ: “I just want to move on. I think it is what it is. I did the time, I addressed it, I just took it head on and now I can move on.”
• A presidential pardon for CZ was viewed as vital to Binance’s US operations ([11:37]).

4. The Pardon—and The Deal Behind It

• In October 2025, Trump granted CZ a presidential pardon, stirring public and industry controversy ([12:21] “President Trump just pardoned one of the most powerful people in the crypto world”).
• During the months between the conference and the pardon, Binance quietly collaborated with World Liberty Financial.
  • Angu’s reporting shows Binance provided engineering to create World Liberty's first stablecoin, USD1 ([15:07], [16:11]).
  • Binance also facilitated a massive $2-billion investment in itself, mandating the transaction occur in USD1, rapidly spiking its market cap ([17:28]).

5. The Money Flow: How the Trump Crypto Surged

• Prior to the deal, USD1's market value was $127 million. Post-transaction, it jumped to $2.1 billion ([17:38]).
• World Liberty could not keep the $2 billion but could invest it in US Treasury bills, earning approx. $80 million per year in interest ([18:32]).
• Shortly after, Binance formally requested Trump’s pardon for CZ, and World Liberty was cemented as a crypto industry powerhouse ([18:40]).

6. Key Questions and Denials

• Trump and World Liberty denied any conflict of interest or ties between the business deals and the pardon. Each involved party (World Liberty, Binance, MGX) issued statements asserting ordinary business and no quid pro quo ([19:16]-[19:59]).
• Despite denials, journalists highlighted anomalies in MGX (a UAE-linked firm) using USD1 for the massive deal — especially when more established stablecoins existed ([22:26]).

7. A Shadow Stake—And Teasing Part 2

• Further investigation revealed a deeper, secretive connection between World Liberty, MGX, and foreign interests; “a foreign government official taking a stake in the President's company... is a first” ([23:22] Rebecca Ballhaus).
• Tomorrow’s episode promises to unearth the details of a covert purchase of half of World Liberty Financial ([23:34]).

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Notable Quotes & Memorable Moments

• Eric Trump at the launch:
  “There's no question that this is the future, guys.” ([02:24])

• Rebecca Ballhaus on the family payoff:
  “World Liberty has doled out at least $1.2 billion to the Trump family…” ([04:17])

• Angus Baric on Abu Dhabi’s crypto scene:
  “There was a DJ… If you've got money to spend and you rent the super yacht and you park it alongside the track and then you invite all your friends...” ([07:11])

• On the undercover Binance-World Liberty partnership:
  “Binance deploys engineers to build the blockchain technology that underpins the USD1 stablecoin, which would become World Liberty's first product.” ([16:11])

• Jessica Mendoza on the significance of the new stablecoin:
  “The transaction was a huge moment for World Liberty. It legitimized the company and USD1 in the eyes of the crypto world…” ([17:59])

• Rebecca Ballhaus on the implications:
  “A foreign government official taking a stake in the President's company right now, before he becomes president, is a first and is not something we've seen in modern American politics.” ([23:22])

• Rebecca Ballhaus on secrecy:
  “The fact that this was done in secret certainly makes you wonder what else we might not know about.” ([23:46])

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Important Timestamps

• [00:48] – Trump announces World Liberty Financial.
• [01:58] – Eric Trump describes the US crypto imperative.
• [02:58] – Angus Baric details foreign funding and Binance ties.
• [04:17] – The $1.2 billion family windfall.
• [06:35] – Introduction to Abu Dhabi bitcoin conference.
• [09:50] – Arrival of CZ at the Abu Dhabi event.
• [11:37] – Reporters discuss Binance’s need for a presidential pardon.
• [12:21] – Trump pardons CZ.
• [16:11] – Binance engineers build USD1 stablecoin.
• [17:38] – Market cap for USD1 leaps to $2.1 billion.
• [18:32] – Interest revenue from stablecoin reserves explained.
• [23:22] – Foreign official quietly takes stake in Trump’s crypto company.
• [23:46] – Episode cliffhanger on secrets yet to be unveiled.

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Tone and Flow

The episode maintains a narrative-driven, investigative tone, combining detailed reporting with conversational host exchanges. It balances complex financial and political maneuvering with personal commentary, making the stakes clear for both the Trump family and the nation’s political landscape. The reporting feels urgent, yet rigorous, as the team follows money trails few have seen.

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Summary

This episode of The Journal uncovers how the Trump family’s World Liberty Financial leveraged international partnerships, behind-the-scenes deals, and its own influence in the White House to rapidly transform from a latecomer crypto venture into a multibillion-dollar powerhouse. The fallout includes questions about ethics, influence, and unprecedented personal enrichment—capped by a controversial presidential pardon and a secret Emirati stake still to be fully revealed in part two.

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For further details, tune in tomorrow for part two, as the investigation delves into concealed foreign ownership and deeper implications for American politics and global crypto power.

Transcript

[Jessica Mendoza]

Hey, everyone, it's Jess and Ryan.

[Ryan Knudson]

A quick heads up before we begin. Our next live show is just days away.

[Jessica Mendoza]

It's happening Tuesday, April 28th. The Journal podcast is gonna be in Los Angeles at the El Rey Theatre.

[Ryan Knudson]

We'll have Oscar and Emmy winner Riz

[Jessica Mendoza]

Ahmed and TV and film producer Franklin Leonard, who created the Blacklist.

[Ryan Knudson]

We'll be talking about the future of Hollywood, plus a few other fun surprises.

[Jessica Mendoza]

And there's still a few tickets left, so grab yours now.

[Ryan Knudson]

Find the link in our show notes.

[Jessica Mendoza]

See you there.

[Ryan Knudson]

April 28th. Can't wait to meet you.

[Donald Trump]

Join me live on Twitter Spaces at 8pm this September 16 for the launch of World Liberty Financial.

[Jessica Mendoza]

In September of 2024, in the final months of Donald Trump's presidential campaign for reelection, he sat down in front of a mic and camera in the library at Mar a Lago. He was launching a new crypto company, World Liberty Financial.

[Donald Trump]

It's a fledgling business and yet it's a massive business, but it has a chance to really be something special.

[Jessica Mendoza]

Also at the announcement was Trump's longtime friend, Steve Witkoff.

[Donald Trump]

People, Steve Witkoff, a great friend of mine, a great businessman.

[Jessica Mendoza]

Witkoff weaved in and out of the room throughout the launch. At one point he hopped on the mic to talk about how World Liberty Financial came to be. And so we had a meeting initially with Eric, Don Jr. And the President and his counsel, and we said, let's go pursue it. Trump and Witkoff had only recently gotten on board with crypto and they credited their sons for that.

[Donald Trump]

Eric and Don know it so well.

[Angus Baric]

They do.

[Donald Trump]

It's almost like younger people know it a lot better than older people.

[Jessica Mendoza]

Eric and Don Jr. Were both at the launch too excited about this new vet venture. Here's Eric.

[Eric Trump]

You've got countries, you've got sovereign wealth funds that are putting their entire fortunes into crypto. If America doesn't do it, we're going to be left behind. We can't be left behind in anything we do. Certainly not digital finance, right?

[Jessica Mendoza]

Throughout Trump's presidential campaign in 2024, the Trump family had been getting increasingly involved in cryptocurrency. But World Liberty Financial was their biggest effort to join the crypto gold rush.

[Eric Trump]

There's no question that this is the future, guys.

[Jessica Mendoza]

Trump, of course, went on to win re election and he appointed his friend Steve Witkoff to a high profile role as special envoy in the incoming administration. Over the past year, my colleagues Angus Baric and Rebecca Ballhaus have been reporting on World Liberty Financial and how much it's grown. And they found the Trump family's crypto company has been secretly working with foreign owned businesses. Here's Angus.

[Angus Baric]

You've got one of the most powerful officials in the United Arab Emirates who has put a huge amount of money into a company run by the President's family. And you've got the world's biggest crypto company, which isn't even allowed to operate in the United States because of its criminal conviction. That has been boosting World Liberty.

[Jessica Mendoza]

And those international business associates wanted something from the US Government.

[Rebecca Ballhaus]

It's something that is totally unprecedented in American politics and, you know, is something that I think previous presidents would absolutely have avoided because it calls into question the motivations behind your administration's foreign policy.

[Jessica Mendoza]

World Liberty said President Trump and Steve Woodkoff haven't been involved in the company since taking office and that Woodcoff has divested. The White House said that President Trump's assets are in a trust managed by his children and that World Liberty is run by the Trump and Wycoff sons independently of their fathers. The White House also said that there are no conflicts of interest and that President Trump, quote, only acts in the best interest of the American public. Rebecca, how much money has the Trump family made from World Liberty Financial?

[Rebecca Ballhaus]

Yeah, it's a pretty amazing number. So World Liberty has doled out at least $1.2 billion to the Trump family. And just to put it in perspective, with Trump's, you know, real estate empire, it took eight years for Trump's real estate, golf and brand empire to make that amount of money between 2010 and 2017. So it's safe to say that Trump is seeing an influx of wealth unlike what he's ever seen before.

[Jessica Mendoza]

Over the course of two episodes, we're diving into the secret dealings that put World Liberty Financial on the map while personally enriching the Trump family. Welcome to the Journal, our show about money, business and power. I'm Jessica Mendoza. It's Friday, April 24th. This is episode one, a new crypto fortune.

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[Jessica Mendoza]

In December of 2024, just a few months after World Liberty Financial's launch at Mar a Lago, a huge week long party was starting on the other side of the world in Abu Dhabi, the capital of the United Arab Emirates.

[Angus Baric]

It's known as Abu Dhabi. The week normally kicks off with the Abu Dhabi Grand Prix.

[Jessica Mendoza]

Abu Dhabi is one of the most pro crypto places on the planet, known for its super wealthy investors. That week, anyone who was anyone in the crypto world was there.

[Angus Baric]

People within that subculture were all there swigging champagne and watching the F1 cars tear past. There was a DJ on there. If you've got money to spend and you rent the super yacht and you park it alongside the track and then you invite all your friends and customers to come first to watch the race and then you kind of party into the evening.

[Jessica Mendoza]

The Grand Prix is a pre game to the main event, one of the most important crypto meetups, the annual Bitcoin Middle east and North Africa Conference.

[Angus Baric]

This is where crypto heavyweights and policymakers in that space fly in for a couple of days. Obviously there's the appeal of trying to score meetings with these deep pocketed Emirati investors.

[Jessica Mendoza]

Two of the founders of the Trump family's crypto venture, World Liberty Financial, were also there.

[Angus Baric]

You had Eric Trump, Steve Witkoff, who by that time had been appointed President Trump's special envoy for the Middle East. It was this incredible intersection of the biggest names in crypto and the incoming President's inner circle.

[Jessica Mendoza]

Going into the Abu Dhabi conference, World Liberty Financial was still brand new. How was World Liberty received by the crypto industry? At least at first it was not

[Angus Baric]

considered a very serious project. I don't think people really kind of thought that it would be kind of a serious competitor in the industry.

[Jessica Mendoza]

But this conference was an opportunity for World Liberty Financial to challenge that perception. Eric Trump and Steve Witkoff were spending time in the conference's VIP room or what's called the Whale Only backroom, which was open to attendees who'd pay $10,000

[Angus Baric]

to get in the whales. This kind of crypto term for like guys that have a lot of crypto wealth. If you scored a whale ticket Then you had access to the whale room, which was a kind of sectioned off part of the conference where all the big dogs would go and hang out.

[Jessica Mendoza]

In that Whale Room, Steve Witkoff and Eric Trump mingled with crypto titans, people like crypto billionaire Justin sun and representatives of Emirati investors with access to billions of dollars. Also at this conference was a whale who had kind of been washed up on the beach. Changpeng Zhao, also known as cz, the founder of the world's largest crypto exchange, Binance. He had only recently gotten out of prison.

[Angus Baric]

You had CZ making one of his first conference appearances since his release from jail

[Jessica Mendoza]

in 2023. The Biden administration said that CZ had harmed national security by allowing criminal groups to move billions of dollars through Binance. Binance pleaded guilty to violating anti money laundering rules. CZ pleaded guilty to a related charge and was forced to step down as CEO. CZ's lawyer told the Wall Street Journal that CZ's forced resignation and imprisonment were, quote, unjust.

[Angus Baric]

He was the emperor of the cryptoverse to suddenly be put into a prison jumpsuit. Cz's always been this industry mogul and I think his jail sentence knocked him down a few pegs.

[Jessica Mendoza]

After finishing his four month stint, CZ's reputation had been tarnished. Here he is in a podcast interview.

[Changpeng Zhao (CZ)]

I just want to move on. I think it is what it is. I did the time, I addressed it, I just took it head on and now I can move on.

[Jessica Mendoza]

And his company was hurting too. Because of the charges, Binance had been barred from operating in one of its most important markets, the us. And according to Angus's reporting, which Binance has disputed, the company's top legal staff worried that the company was doomed. So when CZ showed up at that conference in Abu Dhabi In December of 2024, he and Binance had a lot of problems that needed to be solved.

[Angus Baric]

And I think cz, he is, you know, whatever you think of him, he is most certainly a fighter. He, even in his lowest moments, I think he was searching for ways to climb back.

[Jessica Mendoza]

One path to climbing back, both for CZ and for Binance, could be through a pardon from the incoming US President Donald Trump. A pardon would clear CZ's name at the federal level and open a path for Binance to do business in the US Again.

[Angus Baric]

The company viewed the pardon as the kind of key to solving the company's legal problems because, you know, Binance was still majority owned by cz. Having this felon was really complicating their life all across the world. And a pardon, I mean, it wouldn't fix all of their problems. But in terms of re entering the US markets which they'd been banned from, the pardon would be kind of a huge step in that direction.

[Jessica Mendoza]

Breaking news. President Trump just pardoned one of the

[Rebecca Ballhaus]

most powerful people in the crypto world,

[Jessica Mendoza]

Binance founder Changpeng Zhao, who less than one year after CZ attended that crypto conference, he got the pardon he wanted from President Trump. Zhao had pleaded guilty to failing to prevent money laundering on the platform, the

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latest recipients of a controversial presidential pardon.

[Jessica Mendoza]

That pardon from the president raised eyebrows. After all, CZ and Binance had pleaded guilty to some serious charges.

[Angus Baric]

You know, again, like just over a year before he'd been in this jail cell, you know, he was Persona non grata in the industry. And to have completed this incredible about turn within the first year of Trump's presidency to get a pardon so swiftly was surprising.

[Jessica Mendoza]

Angus and the team at the Wall Street Journal had been digging in and they discovered that in the months that passed between the conference and the pardon, Binance and the Trump family's crypto company, World Liberty Financial had quietly started working together. That's.

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[Jessica Mendoza]

Let's go back now to December of 2024, around the time of that crypto conference in Abu Dhabi. Trump had just won re election. CZ had just been released from prison and World Liberty Financial had just launched. Angus, what was World Liberty Financial at that point?

[Angus Baric]

I mean, it's pretty hazy. They didn't launch with a product, they didn't really launch with a kind of established roadmap to launch any product. It was kind of, you know, we're the Trump family, we're getting into crypto. You know, trust us that we're going to make this a success.

[Jessica Mendoza]

But the Trump and Witkoff families had an idea about how the business could eventually start to make a lot of money. They'd set their sights on launching their own stablecoin.

[Angus Baric]

A stablecoin is effectively, it's like a digital dollar. It's like a dollar that instead of sending it from bank account to bank account, you're sending it across the blockchain.

[Jessica Mendoza]

In order for World Liberty to make that stablecoin idea a reality, they needed some help. And around that Same time, Binance, CZ's crypto exchange was looking for ways to get closer to the Trumps.

[Angus Baric]

We know from our reporting that Binance, they set up an internal task force which consisted of a number of kind of high level executives. And this task force, its aim was to look for ways to fix Binance's legal issues in the U.S. binance was

[Jessica Mendoza]

exploring ways they could work with World Liberty that they could then leverage into a pardon for cz. The Abu Dhabi crypto conference was in December. At some point in the months after that, Binance stepped in to help World Liberty Financial. According to the Wall Street Journal's reporting, Binance built the technology behind the stablecoin that World Liberty Wanted, called USD1.

[Angus Baric]

We know through our reporting that Binance deploys engineers to build the blockchain technology that underpins the USD1 stablecoin, which would become World Liberty's first product.

[Jessica Mendoza]

In March of 2025, World Liberty launched that new USD1 stablecoin. They now had an actual cryptocurrency product they could sell to customers. It was a way for the Trump family's crypto company to start making serious money. But that was just the first step. Now someone needed to actually buy some of that USD1 crypto money. But who would do that? It was a new and untested product.

[Angus Baric]

The important thing in the crypto world that people look at to assess whether a project is kind of legitimate, they look at the market capitalization.

[Jessica Mendoza]

So once again Binance stepped in. According to Angus's reporting, they found someone who was willing to invest a lot of money, $2 billion into Binance. But before the investment happened, Binance asked the buyer to pay not in dollars or euros or YEN, but with USD 1, the Trump family's stablecoin. It was the first major transaction in the cryptocurrency.

[Angus Baric]

So suddenly it went from this minnow, which nobody was really paying any attention to, to one of the largest stablecoins by market cap on the market.

[Jessica Mendoza]

Before the transaction, World Liberty's stablecoin was valued at $127 million. After that, market value jumped to 2.1

[Angus Baric]

billion, which was something that World Liberty then started trumpeting, saying that we are, look at us, we're one of the fastest growing stablecoin issuers on the planet.

[Jessica Mendoza]

The transaction was a huge moment for World Liberty. It legitimized the company and USD 1 in the eyes of the crypto world and it would also ultimately give the company some serious income. It's complicated, but World Liberty couldn't just pocket the $2 billion they needed to hold onto it as backing for their stablecoin USD1. But they could invest that money into US treasury bills. And interest on $2 billion is not nothing. What did that mean for World Liberty?

[Angus Baric]

They suddenly had a product which was going to be generating about $80 million in income each year.

[Jessica Mendoza]

About a month after that huge USD 1 transaction took place, Binance formally applied for a pardon for cz. And by the time that CZ got his pardon In October of 2025, World Liberty was thriving.

[Donald Trump]

I gave him a pardon at the request of a lot of very good people.

[Jessica Mendoza]

That was Trump. At a press conference the same day the pardon became public, he was asked about it again on 60 Minutes. Why did you pardon him?

[Donald Trump]

Okay, are you ready? I don't know who he is. I know he got a four month sentence or something like that, and I heard it was a Biden witch hunt.

[Jessica Mendoza]

World Liberty said it played no role in CZ's pardon and that its business interactions with Binance have been routine and that there are no conflicts of interest. The company also said that neither Binance nor CZ played a role in, quote, USD1's design, coding or issuance. The company also said that Binance's help was, quote, not in exchange for anything. Binance has said neither the company nor CZ have financed or helped World Liberty and disputed that the company created a task force. Binance also said that the company's involvement with USD1 was limited to services that are similarly available to others. A lawyer for CZ said that there was no link between the pardon and and any business decisions and that it came after a formal review process. So to sum it up, one year into Trump's presidency, World Liberty Financial had grown into a major crypto company, CZ got his pardon and Binance was on its way to a comeback. But there's another player here that we haven't told you about. The buyer who had made that huge $2 billion transaction using World Liberty's stablecoin.

[Angus Baric]

So instead of using dollars or any of the other kind of much, much more established kind of stablecoins on the market, this investor picked a currency which at that point in time had barely been used for anything else.

[Jessica Mendoza]

In May of 2025, Steve Witkoff's son Zach, who by this point was the CEO of World Liberty, announced who that buyer was. It's a company called mgx. We thank MGX and Binance for their trust in us.

[American Express Advertiser]

And I think it's only the beginning.

[Jessica Mendoza]

MGX is a company from the United Arab Emirates and it's run by a member of the country's royal family.

[Angus Baric]

This major UAE investor called MGX and World Liberty announced that MGX would use USD 1 to make this $2 billion payment.

[Jessica Mendoza]

MGX was the buyer, the one that had been willing to pay so much money and ended up boosting world Liberty's cryptocurrency USD1. But why would they do it?

[Angus Baric]

We were always left with an open question about why would MGX be so willing to use the President family's own currency.

[Jessica Mendoza]

Here's what the company said about it. An MGX spokeswoman said that Binance asked for the transaction to be settled in cryptocurrency. She also said MGX had selected World Liberty's USD1 for reasons including, quote, business suitability. A lawyer for Binance denied that the company had asked MGX to use World Liberty's USD 1, saying MGX made that choice of payment method itself. World Liberty Financial denied that Binance helped to arrange the use of USD1 in the deal. For Angus and the Wall street journal reporting team, MGX's decision to use USD1 for the deal still seemed peculiar at the time.

[Angus Baric]

It was like, that's strange, strange that MGX would be using this UAE investor, would be using USD1 to invest in Binance. Even people who were connected to this deal raised questions about why would the Emiratis pick this very, very niche currency to make this payment when there were so many other kind of options available.

[Jessica Mendoza]

After a few more months of reporting, Angus and his team discovered that there was more to the story. There was another huge deal that had been left undisclosed.

[Angus Baric]

I think it blew my mind. I think. I think I was about to get on the London tube and I think it stopped me dead. Through our reporting, we discovered that the connections between not only Binance and World Liberty, but also World Liberty and MGX and the Emiratis ran much deeper than we knew previously.

[Rebecca Ballhaus]

A foreign government official taking a stake in the President's company right now, before he becomes president, is a first and is not something we've seen in modern American politics.

[Jessica Mendoza]

On tomorrow's episode, Rebecca Ballhaus reveals that someone had quietly bought up half of World Liberty Financial and that they too would get what they wanted from the Trump administration.

[Rebecca Ballhaus]

The fact that this was done in secret certainly makes you wonder what else we might not know about.

[Jessica Mendoza]

That's all for today. Friday, April 24th. This episode was produced by Sophie Kodner and edited by Laura Morris. Additional reporting in this episode by Elliot Brown, Sam Kessler and Patricia Kausman. Fact checking by Mary Mathis. The theme remix in today's episode is by Nathan Singapak. The Journal is a co production of Spotify and the Wall Street Journal. The show's made by Catherine Brewer, Pia Ghidkari, Isabella Japal, Sophie Codner, Ryan Knudson, Matt Kwong, Colin McNulty, Annie Minoff, Laura Morris, Enrique Perez de la Rosa, Sarah Platt, Allen Rodriguez Espinosa, Heather Rogers, Pier Singh, Jeevika Verma, Katherine Whalen, Tatiana Zamis and Meek, Jessica Mendoza. Our engineers are Griffin Tanner, Nathan Singapak and Peter Leonard. Our theme music is by so Wiley. Additional music this week by Bobby Lord, Emma Munger and Blue Dot Sessions. Thanks for listening. See you tomorrow.

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