Mike Selig

That's not the type of insider information that we're concerned about, or I wouldn't call it necessarily insider information.

It's just information, right?

And our markets are efficient, so that gets priced in very quickly.

But when you take information that you have a duty to, for example, your employer or your sports team or someone else, and you misappropriate that and trade on it, that's illegal.

A good example is, you know, the trainer for an athlete, they know someone's got an injury on the team and aren't going to play in a game.

So they go and trade on that.

They have a duty to the team or to their, you know, hospital or whoever is a physician not to trade on that.

So we're certainly monitoring for that.

That's why we've partnered with the sports leagues to make sure we have access to the right information.

And we

Communicate with them on a regular basis.

And then we're also making sure that the exchanges have those relationships and are excluding participants that are likely to be able to trade on inside information.

Right.

And on-chain certainly doesn't mean that regulations don't apply, but there's a range of things, right?

You're looking at whether there's an intermediary, whether there's really someone who's an actor, centralized, and kind of the person that would be regulated for the activity.

But some of our laws and regulations actually apply regardless of whether there's an intermediary.

So certain types of financial instruments like derivatives can't be offered, for example, to retail participants off of regulated exchange.

So just because something is on a blockchain doesn't mean it's, you know,

safe and not subject to our regulation.

That said, I think it's important to create a space for these technologies in our financial markets.