Today, while researching, I confirmed a crucial matter: bStocks should be viewed in the context of tax information exchange, with a focus on the differences between CARF and CRS. CRS mainly focuses on traditional financial accounts, such as bank accounts, brokerage accounts, and custodial accounts. Buying real US stocks and placing assets in the securities system is closer to CRS. CARF mainly focuses on encrypted assets, especially those that can be transferred on chain, self managed, and circulated through exchanges and on chain protocols. After bStocks is converted into tokens, it already has the characteristics of on chain assets, so it should be placed in CARF for further consideration. This is also some of bStocks' solutions for "taxation". Because it can be converted 1:1 with real US stocks, for example, if there are 100 real US stocks, they can be converted into 100 bStocks with one click, and 100 bStocks can also be converted back to 100 real US stocks with one click. That is to say, the same exposure to the US stock economy, when placed in a real US stock account, follows the path of CRS. After converting to bStocks, the path taken is CARF. Especially now, there are no transaction fees for the transfer of US stocks and bStocks. CRS focuses on traditional financial accounts, while CARF focuses on cryptocurrency trading. BStocks happens to be very special, with real US stocks connected to the left and on chain tokens connected to the right. Real US stocks can be deposited into brokerage accounts, bStocks can be mentioned as on chain wallets, can also enter some DeFi scenarios, and even serve as collateral. This is a place where bStocks can be worth studying. On the surface, it appears to be a listing on the US stock market, but more importantly, the asset form has changed. Real US stocks are securities assets in the account, while bStocks are tokenized securities that can be transferred on the chain. Although they are all the same thing in terms of understanding, there are significant differences in taxation when it comes to which set of rules to put them into. So my understanding is that the focus of bStocks is to connect real US stocks with on chain assets, so that the CRS and CARF sets of information exchange rules can also be chosen independently. After all, Chinese Mainland has not joined CARF yet.