I wasn’t planning to talk too much about this to avoid turning it into an argument. But some basic concepts still need to be clarified. The issue with this statement is that it mixes up “having a clearing license” with “whether the stocks belong to the customer.” I 100% agree that having a clearing license is indeed a dividing line for a brokerage’s strength. This is also the advantage of top-tier brokers like IBKR, Schwab, and Fidelity. But not having self-clearing capabilities doesn’t mean the stocks customers buy don’t belong to them. If that were the case, the Introducing Broker business model wouldn’t exist, and the SEC wouldn’t have regulatory requirements for Introducing Brokers. They’d simply deem it non-compliant. But in reality, that’s not how the SEC evaluates it. The U.S. securities market inherently operates on a street name or beneficial ownership structure. For the vast majority of retail investors buying U.S. stocks, the stocks aren’t directly registered under their personal names but under the names of brokers, clearing firms, or nominees. Customers’ beneficial ownership is reflected through the broker’s ledger. For example, if you buy Nvidia on IBKR, your personal name won’t appear directly on the DTCC ledger. This is very, very basic knowledge, and it’s honestly not worth debating this kind of issue repeatedly. Another key point is that you can see from the transfer information: when transferring stocks from another broker to BIT, the broker name is Matrix Gelephu Pte Ltd, the DTC is DTC 4305, the Account Number is “Your BIT securities account number,” and the Account Name must match the name on the outgoing account. At the very least, this shows that BIT’s U.S. stock business isn’t fake. It’s genuinely connected to the U.S. clearing system via the DTC network, with Matrix Gelephu as the service entity and RQD Clearing as the DTC participant. There’s at least a real securities transfer chain in place—it’s not just a fake stock database. One last time, I’ll say this doesn’t really matter much. Let time be the judge. If BIT’s U.S. stock or stablecoin deposit/withdrawal services encounter any issues, I will immediately report it to the relevant regulatory and judicial authorities, including Singapore’s MAS, BVI FSC, and the regulatory bodies in the jurisdictions where the actual service entities are located. I will also pursue civil, regulatory, and even criminal liability against the relevant legal entities and responsible individuals based on the account agreements, fund flows, actual control relationships, and information disclosures.