Haseeb Qureshi

You have to KYC, you have to do all this stuff.

And the way you get exposure to that is you buy PolyMarket on the stock market.

But if you want exposure to the off-chain PolyMarket, you go buy the token.

And that thing lives on the blockchain, it's decentralized, it's permissionless.

So I can imagine a world where there's actually a very coherent way to divide into an off-chain business, quote unquote, and an on-chain business, quote unquote.

But most things, I would not categorize that way.

I think most things, if you have both equity and a token, you're probably double dipping or you're doing something very confusing.

Well, that's not their dream.

That might be our dream, but that's not the NASDAQ's dream.

The NASDAQ is not trying to get Chinese people to be able to trade U.S.

stocks.

So we might think that that's a valuable thing, but I don't think the NASDAQ agrees with this.

So in that case... Hold on, hold on, hold on, hold on.

If you're talking about tokenized stocks, the expectation for tokenized stocks is that you are KYC-ing,

on the exchange.

They know who you are.

You can buy fractional shares, which right now you go to stock market, you can't buy fractional shares on a lot of platforms.

Like you can on Robinhood, but you can't on a lot of other platforms.

So you can buy fractional shares.

You can trade them 24-7.