Haseeb

hyperliquid style, you know, load up a Privy wallet and just go ham.

These are US regulated, you know, DCM, DCO platforms that are going to be very closely monitored by the CFTC for malfeasance.

That's why they want these markets is they want to bring this activity onshore and under the watchful eye of US regulators.

So I think on a just absolute basis in terms of where I expect the trading volume and where I expect the revenues to be, I think in a world where you see Coinbase and Kalshi and Polymarket and all these guys, to the extent they do launch onshore products, I expect that actually most of the volume will still remain offshore.

Hmm.

Hmm.

I do.

So let me just give you...

Thought experiment, okay?

There are today some exchanges that will take Americans that are like sort of no to low KYC exchanges, right?

They're kind of shady.

They're not the, you know, they're not the really biggest ones, but you can sort of, you know, you can put it in my mind, you know, go to the exchange list, go to like number 10, number 12, and go try to make an account there and decent chance you can figure out how to do it as an American, right?

And these are mostly, you know, Chinese or whatever.

They're somewhere overseas and they're, you know, Seychelles or something.

And these exchanges will take your money.

Okay.

You go on these exchanges, you can go buy perps as an American.

They are not big exchanges.

There's not an enormous amount of demand for people to just go and sling around perps on all these products.

And to the extent that if people on Coinbase can get access to perps, the reality is that part of the reason why Coinbase stock is down and Robinhood stock is down is that people just aren't buying as much crypto.