In the past, everyone competed on trading volume. In the future, it’s all about licenses. Because the industry has changed. In a bull market, it’s about speed. In a bear market, it’s about products. But to truly enter global competition, the next stage is all about licenses, regulatory approval, and institutional service capabilities. Compliance is no longer a cost—it’s a core competitive advantage. Over the past year, Gate US has been steadily expanding its compliance footprint in the U.S. The number of state-level MTL (Money Transmitter License) licenses has grown from 23 to 36, and its compliant operational coverage has expanded to 47 jurisdictions. These numbers speak louder than any marketing slogan. Many people underestimate the value of licenses. But for a trading platform, a license means access to more markets, connections to more institutional funds, and proof that its security, risk control, and operational capabilities have passed higher standards of scrutiny. True globalization has never been about translating a product into a few languages—it’s about being able to operate sustainably under different regulatory frameworks. An anniversary is just a point in time. What’s truly worth paying attention to is that Gate US is steadily making progress on the three hardest things: “globalization + compliance + institutionalization.” The industry is entering its second half. Traffic will fade, trends will shift. But licenses won’t lose value, trust won’t go out of style, and long-termism will ultimately prove its worth. True hard power has never been built through marketing—it’s accumulated year by year in regulation, products, and services.