in addition to that we are also licensed by the cftc. we have other licensure on them through derivatives and we look for forward to continue to work with them to build out our products. we just submitted an 800 page i believe proposal to them a few days ago. and we're happy to talk with other regulars of potential products in the united states. >> let's talk about another regulator that may touch on what you do. you talk a little bit about derivatives and the fact derivatives were sort of a key component in the failure of the financial markets back in '08 and '09. his ftx registered with the sec? >> the core derivative regular is the sec and ftx derivatives is registered with the cftc. with the sec we began discussions and continued discussion. we do not listen securities on a platform now although we can explore in the future under the guidance of the spc. i will also say briefly i would be excited to see a unified adjoint regime with ftc and sec involvement to create harmonious markets regulation between spot derivative contracts and

bitcoin futures right now regulated under the cftc, but what about bitcoin itself?s that a commodity, security? this is the question. being able to have a unified regulatory framework that allows for crypto derivatives to operate under the same platform is going to be critical. matt: why do you think we have not gotten that yet? gansler clearly understands the crypto world quite well. the fcc located derivatives for the futures products, but not for the underlying security, i will say. brett: the issue is that there is no clear market oversight regulatory framework for spot crypto exchanges. you cannot just go in and register as a national securities exchange for a spot crypto exchange because there are so many differences between filing form one for a stock exchange and what is actually required to operating crypto exchange. crypto exchanges are also custody and clearing and risk and marketing and mobile app providers. there is not a clear regulatory framework for spot crypto exchanges. as a result, we have not seen an easy path or a clear path for the various cryp

, the bad can drive out the good how can you self-regulate or should you just actually say to the, cftc>> i think it would make a ton of sense for some culmination to regulate the crypto industry i think there are regulators, a lot of it parts over cleanly there are a lot of pretty nasty points right now in the regulatory framework that have to be worked out where various assets qualify, but i think at its core, you know, market's regulation has the issuance regulation make a ton of sense for the industry >> well, that does make you a bit of an outlier. i think there are some people in the industry who basically enjoy the fact that it's not regulated, which therefore makes it far more difficult for us old mainstream folks to want to go with it. your proposal would make it so billi billions of people around the world would want to be involved with crypto. how do you get yours to be the prevalent view >> how do we get from where we are today to a truly mainstream global industry that has the trust people have become used to i think you have people going back and forth, this is an insecuri

gary, which he was at the cftc, he played a huge part in the drafting i think he brings that tool seting should apply that makes sense to me bringing enforcementcaseser we are doing this by the way, there is no clear path, we'll try to help that. >> what about these interest products they almost look like a money market product of sorts backed by crypto providing a remarkable interest rate. >> yeah, we don't offer this we see other platforms doing that it is a popular thing with consumers. i think the government is right to be weary. you know, andrew, sometimes things are shiny but not gold. i think they warrant attention the bigger picture here is not the derivatives but the buying and selling as a whole that will be the large part of debate in congress today >> i've got a question he wants to know how much of your business is people doing business options asking the dollar amounts and percentage of doing nothing but options it is a minority roughly around 10% of our customers we think it is an important product it is another issue we need to be aware of. >> if it is 10% of people do