They say diamonds are forever, but in Washington, legislation is the most permanent thing.

So we're very excited to hopefully get clarity across the line.

But in the meantime, we're working to get rulemakings in place,

and rulemakings offer a fair amount of certainty in the market.

We're working quickly to codify clear rules of the road for the asset class

and hopefully get some legislation in the near future as well.

So our guest, Mike Seelg, has had a whirlwind for months.

It's hard to believe that he's only really got started in his role as chairman of the Commodity Futures Trading Commission

at the start of the year.

I'm sure it feels a while the agency does have

its sort of traditional vast footprint

in global finance, the crypto industry,

and its cousin sector, the prediction markets, have been an outsized draw on his attention.

So welcome to consensus, Chairman Saley.

Let's get right into area that may be the biggest ticket crypto action at CF to date, and that's your guidance from April that spells out a new

crypto taxonomy, which is the stance that explains how to place crypto assets somewhere in five

regulatory buckets to help the audience. That's digital commodities, digital collectibles, digital tools, stable coins,

and digital securities. I get there right?

That's right. Okay. And before CFTC, you also worked on the SEC's

Crypto Task Force, which did this jointly with the CFDC. So how big a deal is this initiative?

I think this is a massive shift in the regulatory landscape for crypto.

For so long, market participants have been afraid to build here in the United States, and

...