Robinhood is planning to launch an L2 chain on ETH based on Arb. I see some people in the industry criticizing it for using certain centralized technologies (like KYC and freezing functions) Honestly, there’s no need for that. For a brokerage like Robinhood, issuing tokens like RWA ETFs on their own chain is essentially a new form of regulatory arbitrage. Glad to see they deeply understand the coolest thing about Crypto: using technology to legitimately achieve **regulatory arbitrage** . Stablecoins exploit the benefits of U.S. banking/dollar bank accounts, and similarly, Robinhood is leveraging the advantages of traditional securities regulations. For regulators (except in mainland China), these securities assets are under their jurisdiction, but once they’re on-chain, technically, they’re no longer under their control. So, at least for quite a long time, it’ll be “old rules for old players, new rules for new players,” giving on-chain RWA enough time to grow steadily. Just like stablecoins—when they were small, no one cared, but as they grew bigger, they forced the creation of things like the ‘Genius Act.’ Who would’ve imagined ten years ago that people worldwide could get a U.S. dollar account in just five minutes? In a few years, when everyone is casually trading wrapped RWA U.S. stock tokens on-chain, we’ll have Robinhood’s forward-thinking strategy to thank. People always say the assets on-chain now are garbage—air coins and meme tokens everywhere. But when these good assets arrive, even if they come with freezing functions, they’re still better than the bad ones we have now. So, overall, this is still a good thing for our entire industry.