Alex Heath

So they have full autonomy.

Well, the relevant team, including exactly the chief regulatory officer, know, but the commercial side doesn't know.

And this, by the way, this is common, for example, you know how at like Goldman, so at banks, you know how like the...

the trading side and the banking side cannot share information between each other i guess the trading side can share with the banking but the banking cannot share with uh with uh with the trading and it's the same thing i guess commercial can share with the regulatory but there's some some set of information the regulatory cannot share with the business

The answer is definitely, I mean, like, look, the CFTC, it's interesting, people talk about the scale of prediction markets.

But look, I mean, this year, prediction markets have grown massive, like, to be clear.

So right now, I mean, I think

So Kalshi is doing something like $70, $80 billion of volume a year.

And the broader industry maybe is $150, $200 billion with millions of customers participating.

But then let's compare that to the commodities markets and the swaps markets that the CFTC regulates.

And actually, let me ask you, how much notion of volume do you think goes through the Chicago Mercantile Exchange a year?

Like I know that, you know, it's still pretty small for a cow sheep.

It's tiny.

Right.

I mean, that number that I was going to mention is a quadrillion.

Yeah, it's 1,000 trillion.

So the CME does like $3 trillion of volume a day.

And it's a massive market.

There's very large diversity of participants in the U.S.

and outside of the U.S.,