Don't think you get how securities laws or businesses work. Most of this is just wrong and conflates different concepts: - 13.5% of Robinhood's total revenue last year came from securities lending alone. - The incentives claim confuses our on-chain product with centralized exchange products. There are zero incentives on DeFi - different pools entirely. And Backpack Securities numbers don’t include any CEX numbers, whereas all other issuers do. - Re: regulatory tailwinds, you're conflating permissioned/closed-loop tokens. We actually believe our tokens are the only one that is compatible with both models as it is not a debt security. - Re: secondary market buyer who never onboards having no rights, this is true of every open-loop tokenized stocks today. Again, we believe our product will work with both open-loop and closed-loop models. - And yes, no one would buy tokenized stocks if they have access to IBKR, just as no one would use stablecoins if they have Visa/MC. - Not sure where you’re located but generally, we run APAC users through our NZ broker, EU users will go through our EU MiFiD broker etc. Only a minority of jurisdictions route through Comoros. - Imagine if every token ever launched gave tokenholders 20% of the equity in its Labs/operating/founder's company. - The thesis isn't fees, and it isn’t about tokenized issuers comparing amongst each other. We want to bring NBBO to Solana.