00:00 Speaker A

I’m not trying to just talk about Coinbase today, but we have to because they’re not stopping at payments. They’re now controlling almost every stage of a regulated derivatives trade. Also from the Coinbase blog, Coinbase received CFTC approval for Coinbase clearing LLC. Sounds like a landscaping company.

00:20 Speaker A

The CFTC has approved them, right? So now Coinbase controls three core pieces of derivatives trading, right? They have the exchange where derivatives are obviously listed and traded. They’re the broker which connects customers to those markets, and now they can also be the clearing house, which stands between buyers and sellers, manages the collateral, and settles the contract. So…