This wave of Cex's collective listing on the US stock market feels like it has given second tier players an opportunity to catch up with Binance. Of course, there is currently no evidence of a rebound, but it is possible that the gap may be narrowed Previously, when everyone played spot trading, the reason why I almost only used Binance was partly due to trust in security and a smooth experience. The other part is that the number and liquidity depth of mainstream knockoffs on Binance far exceed those of other platforms. If you buy or sell a coin worth tens of thousands of US dollars, the market price on other exchanges may drop by 5%. As a result, you can only place an order and receive it. If the listing price on Binance drops by less than 1%, the transaction will be completed When I was chatting with market makers at ABCDE, they also stated that for the same coin, Binance has zero more liquidity that can be withdrawn than other currencies But in the era of encrypted US stocks, besides consensus assets such as BTC and ETH, and trading monsters like Lab, how can you buy knockoff VC and NVDA, MU in the same app when you see them in the tag bar next to you? The vast majority of counterfeit liquidity will gradually be siphoned off to the US stock market Then you discover that behind encrypted US stock CEX platforms such as Binance, Bitget, and Gate, there stands Alpaca, the same brokerage firm. In other words, the advantages of the quantity, liquidity, and slippage of counterfeit coins in the past have now been completely erased by a few companies At present, we can only focus on UI, user experience, transaction fees, etc. There may be further factors such as KYC, compliance, and taxation that may affect our future efforts BTW， Yesterday I had a conversation with a quantitative team, and it seems that none of them have yet opened their API for the US stock market. Therefore, the quantitative teams have not yet joined in. After the API is opened, I believe it will be the next stage of the CEX US stock war Finally, let's sweat a little for Alpaca. To be honest, this is not a big or small single point risk. Serving so many exchanges in the industry is equivalent to indirectly serving many cryptocurrency users. From a tax and legal perspective, will the SEC shift its focus? Although Alpaca is a licensed securities firm regulated by FINRA/SEC and is already within the SEC's scope, CEX's user KYC standards are different from traditional securities firms. As the underlying channel, should Alpaca be responsible for the compliance of end users? It may be a potential legal exposure or controversial area in the future Anyway， Competition is a good thing, and personally, I am still a Binance fan. I also hope that others can work hard and catch up in this round!