As things currently stand today, no operating exchange or other intermediary can register with the SEC in a way that would allow it to list and trade registered digital asset securities. It's one of the reasons why we follow our petition for rulemaking back in July. We've been banging on the SEC's door to work with it to develop a sensible path to registration that will work for everyone, including investors and consumers. What I'm confused about, Paul, is why Gary has so much confidence. They already are going after XRP, which is its own beast of a fight. But now they've picked fights with Coinbase and Binance,. Like why does he feel so confident that he can do this

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