The era of on chain securities firms is approaching, and the SEC has launched an encryption project to modernize securities rules and regulations, enabling the US financial market to be on chain. This is the key to opening the door to a new world and also a sign of the rise of RWA, the largest application of blockchain in recent cycles. I personally estimate that there will be at least three exchanges on this track that are larger than Binance's current size. Perhaps within the next 1 to 2 cycles.