Mike Selig

And all of these are regulated products.

And that's really the theme here.

This administration cares about regulation, but we also care about innovation.

So we are opening the doors to new products.

And we think this is the beginning.

It's certainly not the end.

There's many more crypto and other types of products that people want to offer here in the U.S.

that for so long have existed only offshore.

So this is the beginning and not the end for sure.

Well, one important point is just in the week since we saw the green lighting of the Bitcoin perpetual contract, we've now seen a number of products self-certified as perpetual contracts in the digital commodity world.

So we break down at the SEC and CFTC

crypto assets using clear rules, unlike the last administration, uh, the, the crypto assets in the category.

So we have digital commodities and these are assets that derive their value from a network or a protocol or an application, things like Bitcoin, Ethereum, Solana, uh, Uniswaps token, these types of tokens that derive value from a, from a network or product or application, uh,

all of those products with certain requirements around the product being listed, the products have to have a ready market, have to be not readily susceptible to manipulation, and so on and so forth.

But provided that the contract meets our requirements, those can be self-certified.

That means that the exchange can list those products without having to ask for permission first.

They can essentially submit them and we...

We can reject the contract if we believe there's an issue with our regulations, but they can be listed fairly easily.

So we've seen a number of those be listed in the past week.

We expect to see more in the future.