Blind guess! I think @ okx's US stock strategy is unlikely to simply replicate the models of other exchanges Mainly because of ICE (Intercontinental Exchange). ICE officials have clearly stated that OKX will provide users with access to the ICE US futures market and the NYSE tokenized stock market in the future. ICE will also authorize OKX's spot cryptocurrency prices to be used for US compliant cryptocurrency futures. So in terms of futures, it is likely to be the CME model but tokenized, while in the spot US stock trading model, it is likely to become the global distribution gateway for the NYSE tokenized securities market. Moreover, NYSE has announced that it will support 24/7 trading, real-time settlement, stablecoin ordering, and use NYSE's Pillar matching engine combined with on chain settlement system. More importantly, ICE officials wrote that this platform supports tokenized stocks that can be exchanged with traditional stocks, as well as native digital securities, and tokenized shareholders will participate in traditional dividends and governance rights. So the most likely way for OKX to proceed next is: 1. In the DEX field, @ wallet+@ XLayerOfficial is likely to use NYSE's on chain system, which fully supports the compliance of on chain US stocks, and can also be connected to OKX's main trading system, allowing on chain and centralized stocks to be exchanged. 2. Connect to the tokenized stock market of NYSE spot US stocks on a centralized exchange. Users can use stablecoins to buy tokenized stocks in the NYSE system on OKX. All underlying transactions, clearing, settlement, corporate actions, and shareholder rights are supported by the NYSE system. 3. Integrate ICE US futures into the centralized exchange's US stock futures market. Especially in the field of encrypted futures, ICE will use OKX's spot price data to design compliant futures contracts in the United States. This is equivalent to integrating OKX into ICE's regulatory futures and clearing system. If regulation continues to be relaxed in the future, US stock index futures, ETF related derivatives, and individual stock related derivatives may also enter OKX's trading system through similar entrances. In this way, OKX will not only be an entry point for spot US stocks, but also become a connecting layer between traditional financial derivatives and encrypted funds. OKX is unlikely to take over all of its securities business on its own in terms of compliance. A more realistic approach would be for OKX to handle front-end, distribution, wallet, account, and trading experience. Securities issuance, clearing, custody, shareholder roster, company actions, and compliant transfers would be handled by NYSE or ICE, as well as their recognized broker dealer, transfer agent, and custody systems. If this path runs smoothly, OKX's US stock strategy will be completely different from many exchanges now. Other exchanges are more connected to the US stock market, and OKX may become an extension of NYSE and ICE in the tokenization market of the US stock market. So what are OKX and ICE waiting for now? Of course, we are waiting for regulatory approval.