Mike Selig

We're getting very close.

Everyone loves to talk about perps, but it's really unfortunate that perps have flooded offshore.

You know, around 2017, 2018, these took off.

And for some reason, our markets were so averse to it.

And I think we're for the same reason we're concerned about crypto in the early days.

But the product's really interesting.

It allows for kind of a unique exposure to really any asset class.

But we're focused at the CFTC on studying with crypto.

I know a lot of other asset classes may not work for and may kind of take liquidity from our traditional markets.

So we're going to start with crypto.

We're getting very close.

The biggest issue with perps has been how do we characterize them under our statute?

So the history of our statute is before we had

The Dodd-Frank Act, which amended our act after the financial crisis, we started off with just futures contracts and options.

And so it was very clear what a product was, was either an option or a futures contract.

But now we have swaps, which are much broader in their definition.

And so there's been questions as to, are these truly contracts for future delivery if there's a perpetual existence?

And what we got as a result of this was these long-dated futures contracts.

So Coinbase and others have launched

kind of these quasi perps where it's a 50 year time horizon to settlement.