Mike Selig

But if we can get all of that right, I believe that blockchain technology really will revolutionize our financial markets in the near future.

Yes, Hunter Biden's a big fan of that one.

Look, I think on-chain technology, whether it's hyper liquid or any of these on-chain markets, is something that is going to, as I said, transform our markets.

And we're already seeing the global nature of blockchain technology transform the way that we're transacting here in the U.S., the way that our markets are functioning.

24-7 is also something that we greenlit.

We've had this in our crypto markets and prediction markets for some time now, but we just put out some guidance on 24-7 because exchanges are ready for it.

They're excited about it.

And I think that is really driven by blockchain technology, by perpetual sort of accessible 24-7, 365.

When you're looking at these on-chain markets, whether it's blockchain,

perpetuals or other types of derivatives markets that are on chain there are different considerations for on-chain markets certainly some things are automated and smart contracts solve a lot of the things that our rules are designed to force um but you do have considerations we've seen these auto deleveraging mechanisms cause some cascades of liquidations and really um

create some adverse consequences that in the U.S.

we're not used to.

And I'm not going to say that they're worse for investors or better.

And in some cases, maybe these mechanisms work very well and they work as designed.

And maybe the users trust in that code and they understand that the code will work a certain way and they're happy to trade in that environment.

But they're

as a regulator, things that we have to think about and consider.

So we're very excited to see these markets flourish in the United States.

We want to create a path to bring these on-chain markets into the United States, make sure that they comply with some form of regulation.

You know, the last administration was so fixated on