Mike Selig

So our global derivatives markets are actually 1.2 quadrillion notional.

So there's a lot of trading volume there if you think about that as well.

It's just a lot more to be traded.

That's correct, but I don't necessarily think it tells the whole story.

I think this is something if you mapped on other commodities to that same framework, you'd have a similar amount of leverage in the system, a similar amount of volume disparity from spot to spot.

futures market and also in particular with commodities the futures market is much more liquid and you've got the ability to go trade on an exchange whereas with live cattle you're going to an auction so it's a little bit different market to market but it's certainly something that we're looking at and thinking about the

Core concern for us is that these markets are not readily susceptible to manipulation.

So if we're looking at, for example, Bitcoin relative to some meme coin of choice, Pepe or something like that, we're going to think about how much supply there is, how much spot trading, how much susceptibility there is to manipulation in the spot relative to the futures.

The CFTC hasn't approved a new type of derivative instrument for over a decade.

I think it's incredibly exciting that we now have perpetuals in the lineup, and we're going to continue to engage with the exchanges on bringing some more of these products to market.

So this is just the beginning, as I said.

At the outset, it's not the end.

We expect to see more of these products, and we'll continue to monitor the market and make sure that investors are protected, but we're also encouraging

seeing innovation in our markets.

And I'm very excited to have conversations with the SEC about equity, perpetuals, and other types of products.

So I think it's a time to be excited.

It's certainly a time to be building here in the United States.

And we'll continue to make sure that the United States is the crypto capital of the world.

Chairman Mike Selig, thanks for coming on the show.

Thanks for having me.