Michael Selig

But it is important that each product has integrity and that they're not susceptible to insider trading and manipulation.

Well, certainly.

There's a range of different products out there, right?

And certain products we just saw with Kalshi listing a product related to Mr. Beast and it brought an enforcement action against an employee of Mr. Beast who had information about when the videos would be posted and contents of the videos and was able to

predict certain things and trade ahead of that.

And insider trading is certainly a crime under our authority.

That said, other products, right, you have controls and you ensure that there's not the ability to misappropriate insider information and trade on it.

You block certain, for example, players from trading in their own contracts or people with information about an employer that they can trade ahead on.

So it's important to enforce that in our markets.

We have the same risks in our securities markets and

You know, you could have someone insider trading on a broker, trading ahead of a customer, for example.

So we do set rules and we enforce them.

And some products, of course, are more susceptible than others.

And maybe those shouldn't be listed by exchanges as they're evaluating what's susceptible to manipulation.

Well, we've got all sorts of different products out there.

You start with insurance, you have securities, you have derivatives, and yes, there's gambling at the state level.

They're all structured differently.

These are different activities, different products.

I can design an insurance contract that looks a lot like a derivatives contract, but there's different economic variables that are at play and the way that it's structured is documented differently, all of that.

When you go into a casino and you make a bet with a bookie, the house usually wins.