Why are more and more players from the cryptocurrency space coming to trade in the US stock market?

The US stock market has experienced a nearly 17-year bull market since 2008. I started getting involved in the US stock market at the end of 2015, and the Hong Kong and US stock brokerage industry in mainland China also rapidly rose in that year, until it was halted in 2022 due to regulatory reasons.

Despite the continuous rise of the US stock market, I only achieved stable positive returns after 2019. For investors like me, with a maximum capital of a few million RMB, it is difficult to exceed an annualized return of 50%. Worse still, by focusing on the US stock market, I missed many opportunities in the cryptocurrency space, such as the Ethereum and DeFi boom in 2020, and the meme storm in 2024.

However, starting last year, I noticed that many people who made a lot of money in the cryptocurrency space began to shift to the US stock market. On one hand, the launch of the BTC ETF has connected the cryptocurrency space with the US stock market; more importantly, the US stock market is almost an unavoidable market for large funds when allocating assets. In the past two years, there have been too many players in the cryptocurrency space who have earned over A8, all of whom will have a demand for US stock investments.

In 2019, I worked at a Hong Kong and US stock brokerage and led a cryptocurrency stock product called MStock, which catered to the market demand at that time (due to the bull market in Hong Kong stock IPOs, attracting a large number of new users). We even considered a decentralized solution, but since DeFi was not mature at that time, we ultimately chose a centralized exchange (CEX) solution. After the product was launched, I built a seed community through live streaming lectures and was preparing for large-scale promotion. However, a major incident occurred at that time; the owner of BISS exchange, @BMANLead, went missing. BISS was involved in cryptocurrency stock trading, and although we later learned that Bman’s incident was unrelated to the cryptocurrency stock product, it had a significant impact on our boss and my team. Moreover, our cryptocurrency stock platform was an unregulated business and did not receive support from the risk control department within the company, leading to the urgent offline of the product. This remains a regret in my working career, and I have always hoped for a truly compliant cryptocurrency stock product to emerge.

After BISS and FTX, there have been few attempts to create cryptocurrency stock products. It wasn't until March of this year that Coinbase announced plans to tokenize the stock $Coin and list it on the exchange, that I realized perhaps cryptocurrency stock trading could achieve compliance through RWA. However, Coinbase has mentioned this goal for a long time without a formal launch, and the legal processes involved are likely not simple. I hope that after Coinbase takes the lead, the US stock market can truly achieve seamless integration with the liquidity of the cryptocurrency space through RWA. I believe that one day we will see coins and other US stock targets traded on the Coinbase exchange. Recently, I saw that @BTCBruce1's @MyStonksCN platform is preparing to create a DeFi version of cryptocurrency stock trading, which resonated with me deeply. I sincerely hope that such platforms can succeed, but I am unsure how they will ultimately resolve compliance issues.

In the evening, I found the promotional posters for the product from back then on my laptop; six years have passed, and it feels like a lifetime ago.

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