I’ve read a lot of posts from friends, and while some have a slight misunderstanding, turning it into an argument just makes it unpleasant to watch. For example, the DTCC situation—there’s some misunderstanding among friends. In the U.S. securities market, retail investors’ names aren’t directly registered with DTCC. When users buy U.S. stocks through IBKR, Schwab, or Fidelity, most of the time it’s under a nominee/street name structure, and the DTCC ledger won’t directly list the individual investor’s name. The real key isn’t whether your name appears on DTCC’s ledger, but whether the backend broker-dealer’s client books, clearing records, confirmations, and monthly statements can identify your ownership rights. The SEC’s official Investor Bulletin clearly states that most investors hold securities in street name, with broker-dealers maintaining records as beneficial owners. Unless someone actively transfers their shares from the broker to the issuing company’s transfer agent (like Computershare), only then can their name be directly registered on the issuer’s ledger. At that point, the shares would be removed from DTCC’s ledger and no longer appear under Cede & Co. However, the vast majority of retail investors (including those buying through IBKR, Schwab, or Fidelity) don’t do this unless they specifically apply for DRS. So, it doesn’t make much sense to generalize, and arguing about it is even more pointless. The development of an exchange isn’t based on words but on long-term validation and consensus. Right now, saying anything doesn’t mean much—let’s wait and see.