David Hoffman

So long as it falls under one of the four categories in the taxonomy that we just went through.

That's the way I see it.

I mean, so it's a new type of capital formation that the SEC is providing as a safe harbor.

Again, so long as on the other side of that, you become some sort of a digital commodity, a collectible, a tool.

I guess payment staple coins probably wouldn't apply, but you have to be one of those.

If you're a security at the other end of that, then, well, you're tokenized security and you'll still remain a tokenized security.

So that's all really good news.

There was also some good news from the CFTC.

The CFTC said this was the first of its kind letter and it totally is.

I mean, the CFTC could always do this if they were pro-innovation, pro-experimentation.

Now they're deciding to.

But I think this is absolutely massive, David, because it blows open wallets as super apps and other non-custodial types of things.

I mean, Twitter could, like X could get in this game, other social media platforms, anyone could get in the non-custodial game.

And this is for two of the most interesting high growth financial products that we have right now.

One is perps, which are effectively being rolled out and legalized right now in the US by the CFTC.

And that's a massive market.

So every market equity crypto asset will have some sort of perp in the US and non-custodial crypto laws can list those.

And also prediction markets, so events-based markets.

Perps and prediction markets, this is blowing open the category of super apps.

Like very good to be a Phantom right now or a Rabi or a Metamask right now and anyone that wants to list these things.