Mike Selig

But to the extent firms want to engage on that, we'll consider it.

But to your point, the deliverable supply issue, looking at the commercial realities, some of these contracts, they're dated for a reason because the commodity comes to harvest during that period.

There's other seasonal changes in the market.

And so...

it may not make sense to have a corn or a live cattle perpetual contract.

And we certainly have not greenlit any of that.

We've been very clear in our release that that's something that we would expect heavy engagement with the staff if someone were to try to bring to market.

There are other products that may be closer to crypto that we're happy to engage on.

But the two areas where we expect engagement in the near term are additional crypto products and

and some of these equity products.

And that equity engagement will be between the SEC and the CFTC.

That's right.

Look, some of these incumbents may not like perps and want to offer perps too.

And that's totally fine.

I think there could be competition between a 24-7 model that someone wants to offer and feels comfortable with versus a perpetual 24-7 model.

So I think there will be all sorts of options available to the market and the marketplace will decide.

I think it's a free option.

and people can go purchase the assets they want to purchase.

But we're going to make sure that there's rules and regulations in place to protect investors when they do so.

Well, if you look at other commodity asset classes, this is not uncommon because you have so much leverage in the derivatives markets.