Chapter 13Last Laps
The engine screamed as he kicked it into third.
He put the right wheel six inches from the grass and kept it there, to a hair, as the car cornered in an insanely fast four-wheel slide.
He flicked it straight and roared at the hill ahead.
— Ken W. Purdy, “Change of Plan,” originally appeared in The Atlantic Monthly, July 1952, reprinted in Ken Purdy's Book of Automobiles, 1972, Cassell & Company, London
Domestic Affairs
CME's Bitcoin futures steadily gained an institutional following. By the anniversary of the product's launch, it had gone mainstream. The gross number of newspaper column inches devoted to Bitcoin fell back into alignment with its underlying price and the clear absence of any threat posed to the global economy. The steady increase in trading had erased most of the controversy around our decision not block self-certification. Even Interactive Brokers, the company run by Thomas Peterffy—who had written the full-page letter upbraiding me in The Wall Street Journal, had become one of the biggest dealers in Bitcoin Futures. The product's success belied all the interagency tension and press lampooning directed at us the year before. I was proud that we had remained resolute under the pressure.
The CFTC was now considered the “go to” federal agency for forward-looking cryptocurrency innovation. That recognition drove a lot of creative initiatives in our direction, including various cryptocurrency derivatives products as well as new exchanges ...
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