Mike Selig

One important consideration is that each of our exchanges is CFTC registered.

It has to offer a rulebook.

It has to comply with certain core principles that are laid out in our statute.

It's overseen by the CFTC.

We examine each of these exchanges and then also the clearinghouse.

So each

Contract is run through a central counterparty clearinghouse.

That means that there are certain controls that protect customer funds.

Oftentimes, you're using a broker to access the clearinghouse, to access the exchange.

You're not going direct to the market, but we are starting to see many exchanges offer direct access, which

we also think is a valuable thing for our markets.

We like competition.

We like optionality.

So there's a wide range of regulations that apply here in the U.S.

to these platforms relative to, say, something on-chain that doesn't have a regulator.

We also, of course, approve contracts for listing.

So each contract has to not be readily susceptible to manipulation.

I mentioned that some of these go through a self-certification process, which means that we don't have to individually approve

approve each one, but we have the ability to reject when something's submitted for listing.

So that's very important.