Alex Heath

Like if you are an employee of a tech company and you know something about the quarterly earnings, like you cannot buy options based on that knowledge, right?

And the way to draw the line is essentially like you cannot use material non-public information to trade, right?

What does that mean?

So it's basically, you cannot use information that is not supposed to be public.

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.