Leister

Although there's this exemption, that doesn't mean that the CFTC and the SEC can't do for their own reasons, anti-fraud mechanisms, anti-manipulation mechanisms, false reporting mechanisms.

So when you think of anti-fraud, anti-fraud implies monitoring.

monitoring requires data collection and data disclosures that we don't currently have across the board.

That works fine if it's a central exchange, but when you're talking like a unit swap, they don't collect enough information for to make this happen.

They would have to start doing.

If we talk about anti manipulation,

In the stock market side, I talked about the halting.

They do halting to stop excessive volatility because they're trying to prevent manipulation of the price.

That's what this implies.

In order to make that happen, you would have to require that the chain have things like pause mechanisms and the ability to whitelist, blacklist, et cetera.

You'd have to do that.

You'd have to force it.

Well, to have that, then you have to give the keys to the government to let them do it.

because you wouldn't have a central authority if it's defy, like this is putting it together of what it's implying.

I don't know if it's true.

I'm saying that's what it implies.

And people have to read between what they're saying to understand how would you make anti-manipulation happen other than halting.

It's the only way that you could halting would be freezes and blocks and bands and all that other whitelist blacklist balance sheet, clarity, custody sheet, clarity.

Well,

What is custody?