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 Training 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 analyzed.

But suddenly, the conversation with the kids brought a new facet to it that 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.

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

...