Alex Heath

That is like, you are not supposed to make that information public by trading, because actually trading with that information is in some way, one way of making it public.

Like you can go make information public by like saying it to the press or saying it to friends, but another way is actually trade on it.

Because if you trade on it, you're moving the price in a certain direction.

And so that's another way to make it public.

And the same rules apply to calci.

And so that applies to people at the companies, government, members of, for example, like Congress, if they have an impact or knowledge on a specific like a bill or something that they are themselves doing.

And it kind of, you know, it's kind of like a case by case, also applies to sports.

So a few things.

Because we've, like, okay, why do we take this whole regulated approach?

We take this whole regulated approach because, look, we believe this market could be very large and, you know, we believe that one of the ways to go, like, the only way to go mainstream really is to kind of build it regulated, regulated rails so that institutions, big partners, can adopt it over time.

But then the second thing is that

You want to build something with the right set of safeguards so that you mitigate and avoid the risks to happen.

Any new technology, especially financial technology, comes with a certain set of risks.

That's always true.

Self-driving cars, Uber, Airbnb, all of it comes with risk.

And regulation, what it does is it is a forcing function because you have a regulator that has decades of experience that have seen how things go wrong.

whether it's in drugs or in financial markets or whatever, to basically pressure test your systems.

And we've done four years of pressure testing before we went live.

Now, kind of since start to finish, we started in 2019, now we're basically 2026.

It's been like seven years of pressure testing the system.