Haseeb

And so if you're talking about perps on real world assets, so one, CFTC has explicitly said that they are not encouraging people to apply with perps for equity instruments or for securities.

So they say particularly perps are really appropriate for crypto, works great, not appropriate for equities, not appropriate for ag products.

Why not?

I mean, presumably ag products because, you know, the ag industry kind of controls everything behind the scenes.

And then for, there are all these rules around, you know, there was a story that I tweeted about where Kalshi, they restricted their agriculture-related markets

to not be tradable on weekends and after 8 p.m., unlike every other contract on call sheet, just because the ag industry complained so much.

So I don't totally understand why ag hates weekends or price discovery or whatever, but it's very important to them that Onion Futures have no price discovery after 8 p.m.

But for equities, I think for the CFTC, it's very obvious is that they have really, really large stakeholders.

have a very strong vested interest that they get to go first.

So if you're the CME, if you're CBO, you do not want some, you know, some crypto bros going in and saying, great, I get to create totally new financial instruments that trade 24-7 and on the weekends and give arbitrary amounts of leverage to retail traders.

That is not happening.

Despite how crypto-friendly this administration is, you are playing the biggest game with the biggest boys when you enter into, okay, I'm going to offer derivatives on equities.

So we've seen some products being contemplated right now, but most of these products are not available to U.S.

customers.

The BTC PERP, which was offered here, is obviously very vanilla because the CFTC is kind of like, look, if you want to offer PERPs on Bitcoin...

whatever what's gonna you know what's the worst that could happen it's already bitcoin you know it's a crypto it goes up and down whatever but the the reason why they do not want these these derivatives to be issued willy-nilly on real world uh assets is the argument that the ag industry always makes is that look what if the prices get manipulated

and then it breaks my business that onion futures are now priced at blah, blah, blah, and it breaks my yield, and now I can't plant this season, and whatever, I don't know, all sorts of stuff like this that I probably don't understand.

But these prices are very important inputs into how all these systems work.

And if these prices are just yielded arbitrary amounts of speculation,

then there's much more volatility in the underlying markets and that's bad for real world businesses.