Directly entering the core regulatory area of the United States, we see that the parent company of the New York Stock Exchange (NYSE), Intercontinental Exchange (ICE), and OKX have announced the establishment of a joint venture OKXICE (50-50 equity ratio, each holding half) to jointly develop tokenized securities and other financial products. The joint venture is co chaired by former New York Governor Andrew Cuomo and ICE Senior Vice President of Futures Markets Trabue Bland. It can be said that with the cooperation with ICE, OKX has directly entered the core regulatory area of the United States. Why do you say that? 1. ICE is not an ordinary exchange, operating approximately 13 global exchanges (including multiple registered stock exchanges under the NYSE Group), covering major financial centers worldwide, supporting price discovery, listing, trading, and clearing of diversified asset classes. The exchanges under ICE are mainly divided into two categories: futures/derivatives exchanges (under the ICE brand) and stock/equity exchanges (mainly through the NYSE Group). From this perspective, ICE is a core provider of global financial infrastructure (matching engines, clearing, data, settlement), and itself is the most important core participant in the US financial system (with multiple clearing houses under its umbrella, designated as central counterparties by CFTC/SEC). It has an extremely close relationship with regulatory authorities - as a market participant, it often participates in discussions on market structure reform, and even undertakes some "quasi regulatory" functions in certain areas (risk management, transparency requirements, etc.). Compared to ordinary asset management institutions or investment banks, ICE has a greater say. It has a long history of cooperation with the CFTC, SEC, even the Federal Reserve and the Treasury Department. This JV is not simply a 'collaboration', but rather leveraging ICE's regulatory moat and infrastructure to directly upgrade OKX from its position as an offshore exchange to a 'regulated compliance bridge'. 2. The joint venture OKXICE plans to apply for the FCM+Broker Dealer license, which is equivalent to directly obtaining the two toughest licenses in the US financial regulatory system: 1) FCM license: allows clearing and brokerage business to be conducted in futures markets regulated by CFTC, including commodities, energy, encrypted futures, etc. 2) Broker Dealer license: allows brokerage and proprietary business to be conducted in SEC regulated securities markets (including stocks, tokenized securities, etc.). These two licenses are the strictest "admission tickets" for traditional finance in the United States. After obtaining it, OKXICE can legally and directly: 1) Enable OKX global users (especially overseas users) to access ICE futures and NYSE tokenized stocks through compliant channels. 2) Conduct regulated tokenized securities and cryptocurrency related derivative businesses in the United States. 3) Participate in core infrastructure processes such as liquidation, custody, and risk management. Previously, offshore exchanges tried their best to bypass US regulations, which is completely different. They are now actively embedded in the US regulatory framework, using traditional financial licenses and infrastructure to "legalize" cryptocurrency business 3. The advantages of ICE-OKX hybrid mode are also very obvious 1) Being able to legally promote NYSE tokenized stocks and ICE futures to OKX's 120 million users is a "blue chip asset" that is difficult for pure cryptocurrency exchanges to replicate, building a product moat; 2) Using ICE's existing clearing, risk management, and data systems for tokenized assets is much more compliant and efficient than building on its own, which is equivalent to reducing maintenance and cracking down on infrastructure; 3) Former New York Governor Cuomo serves as co chair (he has had an advisory relationship with OKX since 2023), coupled with ICE's regulatory network, effectively helping OKX build the strongest US regulatory compliance team The essence of this cooperation is that ICE connects encrypted traffic with traditional financial infrastructure and regulatory resources, while the encryption platform OKX upgrades its compliant operations with the endorsement of the most important core participants in the US financial system. In the increasingly regulated regulatory environment, pure encryption models have become increasingly difficult to expand on a large scale in the United States and major financial centers. The significance of establishing OKXICE as a joint venture goes far beyond just an ordinary cooperation, and also signifies that traditional financial infrastructure is systematically embracing and reshaping the cryptocurrency market.