Will Price

And, and I don't know exactly, uh,

or I don't even think the SEC and CFTC know exactly how the regulations are going to shape out.

But certainly there are people from the crypto industry that are there to advocate for common sense.

Yeah, that's correct.

And I think that obviously the U.S.

market is a big piece of the picture.

And whatever the requirements wind up being for accessing the U.S.

market, whether it's on-chain KYC or maybe it's assurances about the exchange operating fairly, I think that blockchain protocols are well-positioned to compete.

Okay, interesting.

So one of the big reasons that I think that building on top of LIDAR is attractive is that the underlying fee structure is more appealing.

And so if you are the party like Charles Schwab or Fidelity or any of these U.S.

trad institutions,

And you're making this kind of decision.

The first thing you're going to look for is, is the underlying venue regulated.

And then once you've checked that box, you're going to be like, okay, what are the commercial terms?

And, you know, I would say that blockchain products generally tend to have lower structural costs and are therefore better positioned to offer more appealing commercial terms to their customers.

Yeah, well, I mean, the Oracle part is slightly more complicated, but you're right.

Anything you can get a price feed for, you can trade.

And so the most important financial primitive is the order book.

Leiter's built a fully verifiable order book on-chain that is a performant, low-latency place to trade these markets.