Something that got missed in the noise last week: Coinbase got approved to offer true global crypto perps in the US. This took many years of work, and we're the first to offer this global liquidity to US users. Backstory: For many years crypto trading has been moving offshore because the US didn't have clear rules, and perpetual futures were a superior product that traders wanted but it wasn't allowed in the US. If we're being honest, probably ~half of all perpetual futures volume was Americans using offshore products via VPN with loose KYC controls (an open secret in the industry). Penalties for this were rarely, if ever, enforced, which as you can imagine, was frustrating for us as an American company following the rules. Others set up offshore entities and found ways around it. After dozens of personal visits to DC, and many more from our policy team, I'm really proud we finally got approval to give US users access to true, global perpetual futures. This is important because we'll now see pooled global liquidity in perpetual futures, with the US and international markets being connected instead of fragmented. Coinbase is strongest in the US, and the US is the largest market for trading, so there is now a chance to build a global network effect around liquidity. And US traders can now use these products in a compliant way with a US company, which hopefully provides greater customer protection. Major credit to Chair Selig and Atkins on recognizing the importance of this for US capital markets. And we will keep working to update the system in a compliant way, and to be the best place you can trade.