The SEC allows on-chain stocks to trade through AMM liquidity pools, quick breakdown: Bullish: HOOD, COIN, ONDO Underlying blockchains/L2: ETH/ARB, SOL, BNB AMM/DEX: UNI, ORCA, etc. Oracle: LINK Cross-chain: LayerZero/ZRO, etc. RWA channels: Ondo, Superstate, etc. Bearish for traditional trading infrastructure: ICE, NDAQ, CME, etc.