Mike Selig

And so now we've got the floodgates open with all these new products.

Unfortunately, the prior administration was so busy suing everyone that they didn't put rules in place to regulate this stuff.

And so we're moving quickly to get the right investor protections, customer protections, and guardrails around the products and the exchanges.

And the exchanges have been great partners in that, setting up their own insider trading programs and so on and so forth.

So we expect these markets to flourish here in the US.

We're going to take a free market approach and make sure that we're checking our news media and the fake polls and the hoaxes and all of that here in the United States.

Derivatives are derivatives.

So the underlying asset, even if it is the silly stuff about the tie that Andrew Sorkin gave me a hard time about as well.

But the reality is some of this stuff is readily susceptible to manipulation and the exchanges are the first line of defense.

They should not be listing contracts under our statute.

It's prohibited to list contracts that are readily susceptible to manipulation.

Hmm.

The exchanges review these contracts, they self-certify them.

We have the ability to reject them.

The issue has been, and I don't want to be the guy that regulates by enforcement, that was Gary Gensler.

What we want to do is put out clear guidelines and guardrails around this stuff so that the exchanges can do their job.

Unfortunately, the lawsuits and all of that really, some of these things got lost in translation.

So, we're making sure that the exchanges understand their obligations.

We put out guidance a few weeks ago that explains some of that.

Certainly, there's differences of opinion and we want to work through that with the exchanges and with different stakeholders.