On June 11, Coinbase CEO Brian Armstrong posted on X platform, stating that an important event from last week was overshadowed by market noise: Coinbase has been approved to offer genuine global cryptocurrency perpetual contract trading services in the United States. This achievement comes after years of effort, and we are the first platform to bring global liquidity to U.S. users. The background is as follows: For years, due to the lack of clear regulatory rules in the U.S., cryptocurrency trading activities have increasingly shifted to overseas markets. Perpetual contracts, which are preferred by traders, have not been legally offered in the U.S. until now. Frankly, about 50% of the perpetual contract trading volume may come from U.S. users trading on overseas platforms via VPNs, relying on relatively lax KYC requirements. This is almost an open secret in the industry. Penalties for such behavior are rarely enforced, which is undoubtedly frustrating for companies like Coinbase that strictly adhere to U.S. regulations. Meanwhile, some competitors have circumvented regulatory restrictions by establishing offshore entities. After my numerous trips to Washington D.C. and the persistent efforts of our policy team, I am proud to announce that we have finally received approval, allowing U.S. users to access a truly globally connected perpetual contract market. This development is significant as it will create a unified liquidity pool for the perpetual contract market, bridging the U.S. and international markets. Coinbase has a strong advantage in the U.S. market, which is also the largest trading market globally. Therefore, we now have the opportunity to build a genuine global network effect around liquidity. At the same time, U.S. traders will be able to use these products through a company that operates under U.S. regulations, thus gaining better customer protection. Special thanks to CFTC Chair Caroline Pham Selig (referred to as Chair Selig in the text) and Paul Atkins for recognizing the importance of this matter. They understand the significance of this innovation for the development of U.S. capital markets. In the future, we will continue to promote the upgrade of the financial system in a compliant manner and strive to become the most trusted trading platform for users.