Mike Selig

And that means new products, new services, new platforms.

And we can't fear that we have to embrace it and come up with a pathway for it.

Because in my view, if we erect barriers, if we push this activity offshore,

it will go offshore, and it's not going to benefit the American people because they're going to go use a VPN and access it anyway, and they have none of the protections.

So if we can come up with a path for it, the United States will do it, and we're going to certainly work on it.

Well, security futures, so whether it's perpetual or not, those products require joint authorization by both agencies.

So the CFTC regulates the platforms, the exchanges that offer these products, and then the exchange that has to notice register.

So it goes through a shortened abbreviated

registration process with the SEC and approval process there.

So we have collaborated on that in the past.

But unfortunately, the CFTC and SEC have always been in these turf battles fighting with one another.

And so they've not wanted to work together to bring these products to market.

And so usually, the products sort of wind up on the sidelines and don't make it to market.

We're working together.

We want to get this right.

We want to bring security futures, security perpetuals, and other types of assets to market.

We are working together to make sure also that persons trying to offer these products and engage in these markets aren't caught in the crosshairs

Like the Gary Gensler, Russ Benham years where the two agencies were just bringing enforcement actions right and left.

You know, you go and comply with the CFTC and then the SEC brings an enforcement action.

You comply with the CFTC, you know, and the opposite.