"I'd love to see blockchain based exchanges here in the United States. I think the potential of on chain markets is huge... we're modernizing and upgrading our rules and regulations so that the exchange that wants to put their markets on a blockchain can do so here in the United States." The regulatory posture in the US has shifted from hostile to highly accommodative regarding blockchain infrastructure. If the CFTC is actively upgrading rules to keep on-chain markets onshore, US-regulated crypto exchanges and forward-thinking traditional derivative exchanges will be the primary beneficiaries. They will be able to launch decentralized, on-chain derivative products without the fear of enforcement actions that plagued the previous administration. LONG. A friendly CFTC actively courting blockchain exchanges provides a massive regulatory moat and growth vector for established US digital asset platforms (COIN) and traditional exchanges adopting blockchain tech (CME). Legislative gridlock (failure to pass the Clarity Act) could leave regulatory gray areas, or overlapping jurisdiction battles with the SEC could stall the rollout of new on-chain derivative products.