Crypto world earthquake!

BlackRock, along with other Wall Street giants such as Citadel Securities, has gathered support from all sides of Wall Street, including friends and family, to plan the creation of a new national stock exchange in Texas called the Texas Exchange (TX), due to dissatisfaction with the regulation of the New York Stock Exchange and Nasdaq.
James Li, its CEO, publicly stated that the headquarters of the exchange will be established in Dallas and has raised over $120 million in funding from individuals and large investment firms. The plan is to submit registration documents to the U.S. Securities and Exchange Commission (SEC) this year, with the goal of commencing matching trades in 2025 and holding the first IPO in 2026, welcoming the first listed product. Although registration documents still need to be submitted to the SEC, the mainstream view in the market is that with the support of BlackRock and Citadel, who will be unable to pass any hurdle? Of course, in addition to dissatisfaction with the current rules of existing exchanges, another reason for creating an exchange is the geographical shift in the landscape of U.S. enterprises.
This is very interesting. Nowadays, many large enterprises are relocating their headquarters to Texas for better tax rates or a more friendly regulatory environment. Now the number of Fortune 500 companies in Texas has equaled that of New York, such as American Airlines, etc., are all located in Texas. This new exchange also claims to be more friendly to CEOs, unlike NASDAQ and NYSE, which often raise compliance costs. It focuses on fully electronic trading, providing a simpler and more convenient listing channel for companies in the United States and globally.
So what does this have to do with cryptocurrencies? Well, one very important player in the story - Underwriting Securities - has long had ambitions in the cryptocurrency field. In June 2023, it joined forces with Fidelity, JPMorgan Asset Management, and other pros to support the establishment of the EDX exchange, dedicated to providing trading services for mainstream cryptocurrencies such as Bitcoin and Ethereum to retail brokers. Their products never touch the altcoins recognized as securities by the SEC, nor do they directly control client funds. They simply provide a market for buying and selling, allowing investors to place orders through brokers, just like traditional stocks.