When Crypto and U.S. stocks accelerate their integration, the advantages of U.S.-based exchanges are becoming more apparent. Kraken leveraged strong connections to secure a $400M allocation in SpaceX's IPO; Bybit and Bitget got their allocations through Kraken. Backpack Securities has built a solid compliance framework, with the former acting chairman of the SEC joining Backpack's board. In the past, when playing in the crypto space, offshore Chinese exchanges were enough—we had significant advantages in product experience and operational efficiency. Moving forward, these factors will still be fundamental in U.S. stock trading, but they might not create a big gap anymore, as the issuance and pricing power of premium AI company assets are in the U.S., giving them the upper hand. But it seems like Coinbase is still just chilling.