Balaji, a former Coinbase CTO, said that as the traditional IPO and merger and acquisition (M & A) path is blocked, security token offerings (STOs) on the blockchain may become a new window for technology companies to raise funds. He pointed out that SEC regulations make it difficult for small companies to IPO, and the recent US FTC (FTC) tough stance on large-scale mergers and acquisitions has further restricted the exit path for start-up companies. This policy environment could weaken the flow of funds and competitiveness of the startup ecosystem. However, he believes that policy changes in the crypto space have opened the door for STOs, and the new government's supportive attitude towards cryptocurrencies has made a blockchain-based funding model more attractive. STOs can not only reduce the cost of going public for small businesses, but also provide startups with a source of capital independent of large tech companies. Balaji stressed that this model is in line with the government's goal of small businesses remaining independent, while also providing global investors with the opportunity to participate without having direct ownership of the business.