00:00 Joe Saluzzi, partner and co-founder of Themis Trading. It's good to have you. How are we
00:05 doing today?
00:06 Doing great, gentlemen. How are you guys doing?
00:08 Doing great. Let's get into this market and let's take a look. I know I just mentioned
00:13 a little bit about Coinbase and I know that you've been keeping a close eye and I know
00:18 that you even saw kind of former SEC chairman talking about this. What do you think about
00:24 kind of the crypto and the future whole situation and the battle that's going on to get the
00:29 market in its spot?
00:30 Yeah, I think that whole spot Bitcoin thing is a... I don't think it deserves to be an
00:36 ETF, first of all, because number one reason is the SEC has said many times we need an
00:40 underlying market that has cross-market surveillance. And let's just look at what's happened over
00:45 the last year. How many criminals and fraudsters and really, you know, they were all getting
00:50 arrested. Everybody knows there's a disaster underneath this market. So what do they want
00:54 to do? Let's put a wrapper around it and put a wrap around this stink and call it an ETF
01:00 and shove it into pension funds portfolios. That's what this is all about. So someone
01:03 can buy their crap. And I say, listen, I don't have a problem with the whole concept of crypto
01:08 and blockchain. If you think it's a better thing and one day it's going to be more efficient
01:12 and maybe we can actually settle trades that way. Wonderful. Let's keep moving on it. But
01:16 when you're trying to put an asset into a portfolio of a long term investor, it better
01:21 have some surveillance and better have some legitimate things. Now, I think what the SEC
01:25 made a major mistake when they approved the futures Bitcoin ETF, because everyone's saying,
01:31 look, you did it for the futures. We're not the spot. It made no sense why they did futures
01:34 because that's a derivative of a derivative. It makes it crazy. So listen, maybe one day
01:38 we get there, but I still think we are a long way away from putting that thing out there.
