Mike Selig

And that looks a little bit like a perp, but it's not perpetual.

And so we're going to fix that.

We're going to make sure that it's possible to launch perpetuals here in the US, hopefully in the next handful of weeks to a month, hopefully.

So we're getting very close.

And I think that's going to be a great win for the industry and for the American people.

And we're going to make sure there's the right guardrails around it and all of that.

So it's well regulated.

Well, our statute requires us to regulate the markets, and that's what we're going to do.

I grew up as a lawyer.

That's my former role before entering the private sector.

And I very much take that role seriously where I'm looking to the statute.

I'm looking to our rules and regulations to make sure that we're fulfilling our mission as an agency and no more.

My view is that we need the minimum effective dose of regulation, no more, no less.

we're not going to overregulate and kind of strangle industries or be paternalistic and merit-based as we've seen in the past.

And that's where I think the concern comes from, hey, this agency is trying to drive my industry offshore.

Why is that?

That's not our role.

Our role as a regulator is to set the rules and then let the markets decide, let people engage in the transactions they want to engage in, use the technologies they want to engage in, just making sure we don't take

the risks that our statute requires us to regulate.

We're not here to prudentially regulate the markets, but we're here to make sure that there are investor protections in place.