#1 “Satoshi's innovation's potential to spur change” – Gary Gensler                                                     | |                                                                                                                       | The public trading of a Web3 company provides a new paradigm of opportunities for investors, institutions, and retail.  | participants. Grounded in the SEC's mission to 'protect investors, maintain fair, orderly, and efficient markets, and   | facilitate capital formation,' this development presents a unique confluence of transparency, security, and innovation. | |                                                                                                                       | One key advantage of this breakthrough is the empowerment of the traditionally underserved. As per SEC Commissioner     | Hester Peirce, 'The SEC's commitment to investor protection means we should make room for investors – both retail and   | institutional – to take part in these markets with full understanding and disclosure.'                                  | |                                                                                                                       | As a Web3 company, its products inherently possess unique ownership characteristics that democratize access to          | opportunities, delivering on the promise to 'help the underserved gain access to new opportunities in a secure and      | transparent manner,' as quoted from SEC Commissioner Roisman. Importantly, many of those products are assets. “A digital| token, is not in and of itself a ‘contract, transaction[,] or scheme’ that embodies the Howey requirements of an        | investment contract,” clarified Honorable Judge Analisa Torres.                                                         | |                                                                                                                       | The increased transparency and enhanced disclosure requirements inherent in public trading align with the SEC's charter | to protect investors. These provide institutionalized safeguards that minimize information asymmetry and foster fair    | markets, helping to protect not only traditional stakeholders but also the underserved.                                 | |                                                                                                                       | In essence, a Web3 company's public trading offers an unprecedented blend of ownership, technology, transparency, and   | democratization. It reflects the evolving landscape of financial markets, highlighting the new, protected opportunities | that arise for both traditional and underserved participants when innovation is matched with the right regulatory       | protections.