Chris Giancarlo

And I said, wait a minute, hold it.

It's not for presidential appointed regulators to decide whether a new market can go forward.

We're not King Solomon.

If Congress wants to ban an otherwise legal product, that's fine.

But our job, in fact, our duty...

is to put a regulatory structure around a legal product.

If people want to use this product, we don't get to say whether it's in their interest or not.

It's not a paternalist, we're a capitalist system.

If people want to use something, our job as regulators is to find a safe way, free of fraud manipulation for people to engage in it.

And I stick to that today.

So we've got these new things, stable coins.

We've got these new things, prediction markets.

We've got these new things, purpose markets.

regulators job their duty is to build a regulatory structure to figure out all these complicated things and write the rules for it but it's not for them to say oh it's too dangerous so we're just going to somehow try to stop it that was the flaw of the biden administration they they didn't like it and they tried to stop it any way possible and quite frankly that was an illegitimate and actually unlawful approach to that innovation any of them going to get in trouble no it's a truth

It's Venus and Mars.

You know, I spent 30 years in business before going into government, and I couldn't figure out why do we have two different market regulators and their rules are so different.

It took going into government and working at one of them to realize there's really a fundamental difference.

The SEC oversees markets for capital formation.

CFTC oversees markets for risk transfer and risk reallocation.

But the SEC exists really to do one thing, and that is where there's a corporate enterprise and you've got insiders with information, their role is really to even out those information asymmetries.