in the last administration between Chair Gensler and Chair Benham, where there was definitely

a turf war over who had jurisdiction over what parts of the industry.

Now, Chair Seleague used to be senior counsel for Chair Atkins at the SEC, and so they obviously

have a very good relationship.

So this may be the closest we're going to get to having a unified regulator, unified front from the regulatory

side.

Both the SEC and CFTC talking about something called harmonization.

Yeah.

I mean, I think that we've heard these spicy rumblings in the past about should we merge the SEC and the CFTC?

The U.S. is one of the only places in the U.S. that has these bifurcated regulators, UK, EU, and many other countries, Japan are all around the world, have these unified financial regulators.

And so I think that has been some of the push and pull. And we

certainly saw that in the last administration between Chair Gensler and Chair Benham, where there was

definitely a turf war over who had jurisdiction over what parts of the industry. Now, Chair Seleague

used to be senior counsel for Chair Atkins at the SEC. And so they obviously have a very good

relationship. So this may be the closest we're going to get to having a unified regulator,

unified front from the regulatory side. I think it'll be really interesting to see what they have to

say. Yeah, I agree with that 100%. I mean, first of all, we're never going to see completely

emerge agencies here in the United States

least anytime soon. There's too many reasons for the Senate Agriculture Committee and the Senate Banking Committee

to want to protect their own turf to use your term of turf war. But this term of organization, I view,

is sort of really the administration saying, look, we want these two agencies to be

operating in the same direction, going in the same way, and being unified. And I agree with you

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