The SEC's proposal to allow startups to conduct legal and compliant ICOs in the U.S. reminds me of the narrative from way back during the SOL ICM waves. It’s similar to the idea that small AI companies in Silicon Valley might seek exits on-chain by using the meme coin model. Back then, the main reasons platforms like Believe failed included (but were not limited to): founders not understanding tokens, tokens lacking actual rights, platforms facing high tax burdens, and failing to attract incremental capital. But if this is something permitted at the SEC level, it might actually bring in some incremental funding. The key factor could still be the platform itself. Considering Trump’s recent statements and Robinhood’s position, Robinhood ($HOOD) might play a bridging role between crypto and stocks. It’s both the brokerage used for "Trump accounts" and a significant player in the crypto space. Back in the day, there were too many altcoins trying to get listed on Binance but couldn’t make it, so Binance launched Binance Alpha to accommodate those altcoins that couldn’t get listed. Now, with so many AI startups wanting to get listed on Nasdaq but failing to do so, could Robinhood Chain and $HOOD itself become the stock version of Nasdaq Alpha?