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+The CFTC has been aggressive. They went after Intrade because of predictions on oil prices and so on. So they went after them on the basis of a similarity to commodities. So they have been aggressive about reaching outside the United States when they want to.

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+If you are broadcasting prices on which contracts are based, if you are functioning like the Wall Street Journal and just publishing information, generally it creates no liability as long as it is truthful. If you are playing a larger role somehow, then there might be a liability. Who is performing what function? In the traditional world, we knew who the swap execution facility was. So in the blockchain maybe that's not true, maybe the developers will be called into it? We don't know. That's part of the uncertainty that we face in this industry. We need short and straightforward conversations. The law always lags behind business models and innovation. For many of the creative things that will be built, there is no clear law for whether you can do it. You need to sit down with attorneys and go through all the facts. Is there something that makes it clearly illegal? Generally there's a risk profile. What are the factors that agencies will consider? Are you in the light, or dar grey, or dark dark? Also understand how, and this is what we often do, you are proposing you want to do this, if you make some light changes you might be in a much safer legal position. So that's part of the process of figuring out what to launch to minimize the chance of getting shut down by one of the agencies before you get far enough out of the blocks.