Thank you for your interpretation, let's talk about exchanging the S&P 500 or other US stocks on-chain. I thought about this, but it's not feasible because it's not compliant. Even the #BTCFi scheme I created is wrapped in a layer of funds or offshore companies, and then these funds or companies hold #BTC, $MSTR, and $IBIT as the three assets, and only then can the assets in the fund be packaged to issue tokens; otherwise, it would be non-compliant.
I also wanted to directly issue a token for MSTR that tracks the price of MSTR, but unfortunately, that’s not possible, as the SEC could shut it down at any time, so the only way is to use an intermediary to execute it, trying to avoid compliance issues as much as possible. Some friends ask why certain people can do it; that's because they are not afraid, but it doesn't mean it's compliant.
The current scheme is compliant in most countries. Although it is a bit troublesome.
