is Bitcoin or are these as currently being traded are they a commodity or are they a security or are they both what's so challenging about Bitcoin is it has characteristics of multiple different things one of the phrases that's often used is that bitcoin is a medium of exchange a store of value or a means of account well those three things have different connotations to them if it's a means of a medium of exchange then it's a currency like instrument and yet as we've seen a number of means of exchanges haven't been closed a Bitcoin there was recently a Bitcoin conference that stopped accepting Bitcoin from registrants because they couldn't process the payments so but yet it's still spoken of as perhaps a means of account went and in that case it has implications from the Fed and currency from our point of view when it's used as a store of value then it's very much like an asset like a commodity and in fact what we hear a lot of is people buying and holding if you go on to the Twitter universe you'll see a phrase H odl which means hold on for dear life and the thinking is is that they buy it and hold it in fact I mentioned in my opening remarks my 30 year old niece who it's what bitcoin years ago and she's an h o dl she says I'm gonna own it I don't know what's gonna come of it but I want to hang on to it and she's not a fraudster or me but she's just a kid and and and believes in it and you know I was fascinated talking to her and I think she represents a lot of folks that think there's something in this I want to hold on to it and so in that regard it's a from our point of view it's a commodity and if there's a derivative on that we regulate it the problem is in the cash market we don't have regulatory authority means we can't set the standards but what we will do and we are doing is looking for fraud and manipulation and we intend to be very aggressive if nothing else so that people like my niece can have some security that there's not fraud stir and manipulators out there and there are a lot too many far too many of them

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