Gary Gensler

So it's not surprised that that which started as a decentralized ecosystem, and that was the vision, has become more integrated and more centralized.

investors can express themselves in gold and silver through exchange traded funds.

And as of a couple of years ago, actually, all the way back to my first year in the job, they were exchange traded funds on Bitcoin futures, just as there is for gold and silver.

Look, it's something really well understood that our major stock exchanges and futures markets, the Chicago Mercantile Exchange trades, very consequential parts of our U.S.

Treasury market and interest rates markets.

They're critical infrastructure.

On Thanksgiving evening, they had an outage at a data center.

Importantly, it wasn't actually their computers.

It was the chillers, as I understand it, the cooling system in this data center.

And they had an outage for about 10 hours.

And so markets planned for that.

The Chicago Mercantile Exchange considered they didn't go to their backup data center.

They stayed partly because it was Thanksgiving evening, as I understand it.

I'm sure that they at the Chicago Mercantile Exchange and the various regulators will keep looking at it and look for lessons learned.

You always look for lessons learned.

And how can we do things better in the future?

Look, I think that the New York Stock Exchange, CME, the clearinghouses are systemically important.

No doubt about it.

Systemically important.

But what happened here at this specific moment is the cooling system, as I understand, had a glitch.