Haseeb

You'll know that I'm wrong about this thesis because, wow, Bitcoin, so much incremental demand, so much buying pressure that we're seeing now from Americans.

But my guess is that we're actually not going to see much movement once US perps go live.

Yes, I think that's an accurate, not accurate, it's a plausible picture of how it might go.

The other thing to remember too is like, why did we invent perps at all?

Perps were not needed for other markets before crypto, right?

So why were perps basically created the way that they are?

There's kind of two answers for it.

One, perps are very simple for retail, and that's one big advantage.

But the second thing is that we had to create an instrument that works in a system without any credit and without any ability to claw back from people who lost money, right?

In the traditional financial system, we know who you are.

There's no randos.

We're not going across multiple jurisdictions where there's no way that we're going to be able to get your money back.

In the traditional financial system, if you go negative, okay, we send you a bill and then we send you to collections and we get the money back from you, even if you go negative.

So part of why perps evolved and became so popular in crypto was because of the particular market structure of crypto being global and unregulated.

So bringing perps domestically, now I do agree that perps are a simple product, easy for retail to understand.

That's great.

But part of why perps thrived is in this environment of being offshore and not having the ability to basically claw back money from people who are deeply red.

And the U.S.

domestic exchanges don't actually have that set of problems.

Otherwise, like, look, perps have been around for, you know, more than 10 years, and yet they're not adopted for almost any other market besides crypto, even still, except for, you know, the perps that we now have on RWAs.