And when I look at your history, I'm looking at this seasoned Wall Street veteran who knows

everything about some of the most complex instruments in the world from derivatives to swaps

to options, things that I used to even trade. And yet, you're on holiday with your kids.

And they're telling you about this thing called crypto. And it sounds like you actually listened.

And that maybe changed the future of what happened. So maybe you can tell me a little about

that story because it sounds crazy. Well, so, so we had been looking at crypto at the agency

for years. It started back in 2015 when the CFTC, the commodity futures trading commission,

declared Bitcoin to be a commodity and therefore under its jurisdiction. And from there,

we went forward into 2017 when I became chairman of the agency. And after a lot of consideration,

we green-lighted the first regulated market on crypto, which was Bitcoin futures. So by the time

I met with my kids, we had green-lighted it. We had been studying it and it was all very academic

and thorough and and and analyzed. But suddenly that what the conversation with the kids

brought a new facet to it that I hadn't appreciated. And that was the generational aspect.

That's one thing that all of the spreadsheets, all of the staff presentations hadn't quite

brought out. That this was a generation unlike mine. Look, I had an institutional relationship with

a bank when I was in high school because I had a summer job and I needed to cash my checks.

But these kids, long before they set foot in a branch bank, had had social media accounts.

They were online shopping. They had mobile devices. For them, a branch banking is a foreign

subject compared to these other relationships. And my kids were gamers. They were trading tokens.

They were trading suits of armor. They were engaged with people in games that were all around

the world. And everything was instantaneous. And suddenly the financial system, three days to

settle a check, difficulties moving money around the world, fees, physicality of having to go

...