No need to blame CEXs for listing U.S. stocks and causing the native crypto ecosystem to decline further. On the contrary, I think Binance listing U.S. stocks is just a normal business move—this time, they’re even faster and more agile. It’s already known that TradFi assets (like gold, crude oil, etc.) have significantly siphoned off trading volume and attention from altcoins in the first half of this year. This is essentially a prisoner’s dilemma: - If all CEXs and on-chain projects avoid U.S. stocks, the crypto space can maintain an independent valuation system, and everyone might survive the bear market to see the next irrational bull cycle. (-1, -1) - If only HL-related Tradexyz and some small-to-mid-sized CEXs adopt U.S. stocks, the crypto space loses its independent valuation system, but those who adopt will grab a larger market share in the short term, shrinking Binance’s share. (-20, 0) - Conversely, if only Binance adopts U.S. stocks and others don’t, (0, -20) - If everyone fully adopts U.S. stocks, the competitive landscape remains unchanged, but the crypto space can no longer maintain an independent valuation system. In the long term, this could result in (-10, -10). For Binance, the only viable choice now is the fourth option: leading everyone to embrace U.S. stocks and TradFi assets. That’s because other players in the game have already made their moves, and Binance has no choice but to follow. The potential risks are limited to impacting the altcoin market, which would take at least 1-2 years to fully shift trading preferences, and whether this triggers stricter regulatory crackdowns. But for the current decision at hand, these risks are almost negligible.