Mike Selig

Right.

Well, the regulators are subject matter experts.

We spend all day working on the same statute, the Commodity Exchange Act at the CFTC, and then all the rules and regulations that we're constantly developing and have developed over the years.

So we're subject matter experts.

We really understand how our rules work, how our statute works, how to implement.

And then the staff are really narrowly focused.

So they might be focused on a single provision or a single area within our statute.

And we provide technical assistance to the Hill.

So we're working with the legislators to make sure they get things right.

But it's really important that we're at the table and helping to drive policy.

So the Hill uses us as a resource, which I think is great.

But sometimes people get so lost in the big picture and it really derails things.

I think it's important that we remain focused and make sure that we get the right policy in place.

So we're glad to be at the table on that.

I think some of these issues around yield and so on and so forth, you're losing the real core aim here.

We need to make sure that we have

future proof legislation in place to protect the industry here in the US.

And some of these little details, things like yield, I'd prefer for that to be worked out with the regulators.

We've got great prudential regulators in the OCC and in the FDIC and the Treasury and others.

So I'd like to hopefully have legislation that's bigger picture and let the regulators work out some of the details.