It seems that we still need to popularize the importance of stock compliance! Preface: The fourth point is the vast difference between compliance and non-compliance. If SpaceX's stock sources are all genuine, then even so, the biggest difference between compliant exchanges and MSX lies in the fourth point! This is almost one of the biggest pain points for non compliant exchanges. After the compliance of major exchanges with underlying securities firms, the stocks on these compliant exchanges theoretically have a basis for mutual conversion. Especially Binance and Bitget, as they both have underlying access to licensed securities infrastructure such as Alpaca in the United States, as long as the exchange is willing to open up transfers, users have the opportunity to transfer their stocks between different platforms. Even further, as long as these exchanges use genuine US brokerage, clearing, and custody systems, rather than just internal accounting, there will be opportunities for stock assets to be transferred within the traditional brokerage system in the future. That's also why compliance is important. Firstly, after compliance, users' assets are no longer solely stored on the exchange's own platform. Exchanges are more of a front-end entrance, where real order execution, clearing, settlement, and custody are handled by licensed securities firms and traditional financial infrastructure. Only in this way can the stocks purchased by users have the opportunity to correspond to the underlying real assets, rather than the platform's own price mapping for you. Secondly, after compliance, the boundaries of responsibility will be clearer. Who is responsible for trading, who is responsible for clearing, who is responsible for custody, who handles dividends, stock splits, mergers, and company actions, all of which follow the procedures of the traditional financial system. If an exchange only issues its own so-called stock token, users will ultimately rely on the exchange's credit. But if the underlying is connected to real securities firms, users can at least trace back to the underlying securities firms, custody, and clearing chains. Thirdly, asset migration is only possible after compliance. Traditional securities firms can already do stock transfer custody between themselves. In the future, if all cryptocurrency exchanges are connected to a compliant securities system, users may not necessarily be locked into a single platform. For example, in this case, users of Tiger, Futu, and Changqiao do not have to sell all their stocks, but can transfer these stocks to other securities firms. In the field of cryptocurrency, it's actually more interesting. Do you know which exchanges have used Alpaca's solution? I'll count for you: A. Binance B. Bitget C. Kraken PS: You may not know that Kraken's US stock ETF trading is launched through a partnership with Alpaca, and xStocks also has Alpaca as its underlying stock partner. D. Gate E. Bybit F. Gemini PS2: Gemini's tokenized stocks are provided by Dinari dShares, while Alpaca's ITN startup partners include Dinari. So Gemini's supply chain may come into contact with the Alpaca system through Dinari. So as I mentioned at the beginning, the stock exchange is still in its early stages. If the exchange is willing to open up, at least these exchanges with Alpaca as the underlying platform can be transferred to each other. Fourthly, after compliance, the sources of liquidity will be clearer. (Most importantly) After truly integrating into the US stock brokerage system, liquidity is no longer solely dependent on the exchange's internal trading volume, nor on the platform's own market making. Instead, there is an opportunity to undertake the liquidity of the underlying US stock market, brokerage routing, clearing system, and external trading network. For public market assets such as NVDA, TSLA, VOO, QQ, and even newly logged in Space X, the core advantage lies here, because the underlying assets themselves have mature markets, real transactions, and continuous quotes, and the platform only connects this liquidity portal to encrypted users. In human terms, after compliant exchanges connect with underlying securities firms, liquidity is no longer provided by the exchanges themselves, but is shared by exchanges such as the New York Stock Exchange or Nasdaq. The counterparties you buy and sell stocks are likely to be traditional funds traded on Nasdaq. This benefit is self-evident: Firstly, the price is more likely to be close to the real market and is less likely to become the platform's own pricing. Secondly, the buying and selling depth of large assets will be better, especially mainstream US stocks and ETFs, which do not need to rely solely on the exchange to pull their own market. Thirdly, the sliding point will be lower when users make large transactions, as it is backed by mature market liquidity. Fourthly, in the event of extreme market conditions, the pricing, trading, and clearing system in the real market is more reliable than internal market making on a single platform. All those who claim to be traders should know the above four points, which are the key points!! If you can't recognize any of this, really, don't even consider yourself a trader because you don't even understand liquidity. The difference between this and MSX is very obvious. MSX is a Pre IPO asset with the selling point of early access, allowing users to participate in popular companies such as SpaceX, OpenAI, ByteDance that have not yet gone public. But the biggest problem with this product is that users usually receive not their own stocks, but rather a certain SPV, contract structure, platform certificate, or economic equity. The most crucial factor here is not whether there is a Token, but who holds the underlying shares, where the custody certificate is located, whether the issuing company recognizes it, how to exit in the future, and whether it can be truly redeemed. Of course, many people don't care about these things and only care about getting money, which is right and not a problem. However, Pre IPO assets like MSX are not compliant, and all stocks are self issued tokens. Even if there is no risk of running away, the liquidity is the liquidity established by oneself. As long as the platform does not provide liquidity or there is not enough buying demand, users may find it difficult to sell even the most valuable assets. MSX colleagues, it goes without saying that you can compare the liquidity of Space X in MSX with other compliant exchanges. Of course, you can also compare it with Nasdaq after the US stock market opens on Monday, and you will have a very clear understanding that the difference in liquidity is the biggest difference between compliant and non compliant. I remember a friend said that after reading my tweet, they bought less SpaceX shares in MSX's IPO, resulting in less profit. So, I would like you to take a look at SpaceX's liquidity in MSX and tell me, if you buy $1 million worth of SpaceX stock, can you sell it? How much can it be sold for?? So the core values of compliant stock solutions such as Binance and Bitget that integrate with Alpaca are standardization, trustability, liquidatability, and potential transferability in the future. The core values of Pre IPO RWA products like MSX are early opportunities, big stories, and scarce amounts, but the risks are also concentrated in complex structures, difficult verification, and uncertain exits. This is also a clear boundary between compliance and non compliance, one is a globally unified market, unified liquidity, and regulation, and the other is self issued coins, self determined market making, and money in the hands of the platform. This is the value of compliance. Ju Coin is a lesson from the past. The gimmick of buying coins at a discount did indeed make many investors make money, but people are greedy. If you want returns, Ju Coin wants your principal. I have never said that MSX will follow the old path of Ju coin, but at least we need to know the capital structure of MSX. Recently, many friends have been stealing addresses. Do you know why some exchanges are sacrificed every cycle? It is precisely because these exchanges do not comply with regulations and use users' assets for other purposes that users do not have enough money to withdraw, resulting in the collapse of forced entry into FTX. The money belongs to you, it has nothing to do with me. I never blame any exchange for innovation mistakes, and non-compliance is also not a problem. But non-compliance should be alerted instead of deceiving by pretending to comply.