I have talked about it before. When everyone is compliant, compliance means it doesn't exist because it is a line that must be followed. However, this is not right. Even when everyone is within the red line of compliance, this line is not a straight line. I don't know if anyone remembers, but in the previous cycle FTX was at the forefront of compliance, and not only was it seeking compliance, but Sam also met Gary, who was then the chairman of the SEC, through President Biden's introduction. He also provided many suggestions for the basic laws of cryptocurrency in the United States. More importantly, Gary will share many decisions and attitudes within the SEC with Sam, and of course, seek Sam's professional opinion. If Sam did not embezzle public funds, it is likely that FTX would not only be compliant, but also participate in the formulation of rules. The advantage of this is that one can know in advance what can be done, what cannot be done, and what is encouraged by the SEC or the US stock market. Therefore, even if they are all compliant, having rule makers or being able to jointly formulate rules is the first to take the lead. @Although Backpack_CN was not as leading as FTX at the time, it inherited FTX's "aggressiveness" in terms of compliance. The latest news is that former US SEC commissioner Michael S. Piwowar has been appointed as a member of the Backpack US board of directors. Piwowar served as a commissioner of the US SEC from 2013 to 2018 and as acting chairman of the SEC in 2017. His resume covers securities regulation, capital market structure Dodd-Frank、JOBS Act、 There are multiple core issues such as over-the-counter derivatives, investor protection, and capital formation. This means that the step of Backpack US is not simply to find a former regulatory official to do image packaging, but to incorporate the understanding of US securities and capital market rules into the strategic judgment at the board level. At the same time, publicly available SEC Crypto Task Force meeting minutes also show that when communicating with the SEC Crypto Task Force, Backpack discussed topics such as entering the US market, engaging with the CFTC on DCM and DCO licenses, and securities law application issues, which may even affect the direction of US cryptocurrency compliance to some extent. So now Backpack's US strategy is no longer just about opening an exchange. This year, we announced the launch of Backpack Securities, emphasizing the combination of traditional securities ownership, tokenized distribution, and unified asset portfolio infrastructure, allowing users to convert between traditional securities equity and on chain tokenized securities. The official Backpack also mentioned that it will integrate with the US securities infrastructure, including ACATS and DTCC rails, which is at the forefront of compliance frameworks at every step.