Haseeb

So that's the claim that I presume the CFTC would be making if they reject somebody who says, hey, I want to offer 50X SpaceX perps.

It's just like, well, SpaceX is a real business and like, no, you can't do that.

Maybe eventually they will offer guidance about how to do equity perps, but it's very clear right now, they're not ready to do that yet.

Right now they're only offering crypto perps.

I'm not a lawyer.

I might be totally off on this, but this is my understanding from what I've read.

There is no way that Coinbase goes first or that some startup goes first, right?

Or the hyperliquid US goes first.

Like there's just absolutely no way that that's how it happens.

just because of incumbency powers.

Absolutely, absolutely.

I mean, we talk about, oh, you know, crypto is such an organized lobby and so on, but like you're, again, this is a different scale than what we're, you know, the scale of the equity markets and the scale of the commodities markets are much, much, much, much, much larger than the scale of the crypto markets.

So-

letting crypto bros go and beat up on each other and, you know, go get levered long and kind of go crazy.

It's a great sandbox from the perspective of the CFTC to say, hey, let's offer these products domestically.

Let's surveil them.

Let's manage them.

Of course, these are fully KYC'd.

CFTC surveils all these markets and can basically pull records on people if they see weird stuff happening.

Like these are not