This topic seems to interest everyone, so I’d like to share a bit more. Nowadays, many exchanges are starting to integrate U.S. stocks, and the first thing they’re competing on is compliance. Don’t underestimate the importance of those two words—compliance. There’s a huge difference between having dividends and not having dividends, or between legitimate dividends and platform-issued dividends. For highly compliant exchanges, the most important factors are asset security and user rights. Especially when everyone is starting from the same playing field, offering users a variety of financial options becomes the key. For example, Binance, OKX, Bitget, and BIT all offer VOO. In theory, VOO can be transferred just like BTC because only assets like this are held by brokers and are compliant. So, where you buy VOO is essentially the same as where you buy Bitcoin. Therefore, the key isn’t where you can buy VOO, but whether holding VOO can bring indirect returns. In the past, exchanges competed on the number of coins, contract depth, fees, and listing speed. But if they all start integrating U.S. stocks, ETFs, gold, treasury bonds, and other RWA assets, then helping users “manage wealth” might become the real test for exchanges. From that point on, exchanges will naturally divide their users into two categories: “investment” and “speculation.” The former is more suited for generating annualized returns with higher stability, while the latter has a greater demand for financial derivatives, leverage, contracts, and altcoins. It’s also from this point that the liquidity between the crypto world and the stock market might have a chance to merge.