Firstly, I have no authority or factual evidence to prove whether Mystonks' fraud was involved. I am not sure if the $7 million freeze was due to black gold, but I did inquire out of curiosity whether Mystonks is eligible to issue securities tokens in compliance. Firstly, it is registered with the SEC's STO, which is basically consistent. It can indeed be found that the name Mystonks Holding LLC has been recorded on SEC Form D (Reg D 506 (c)), indicating that its securities issuance has been registered as a qualified investor private placement exemption (private placement exemption, non-public registration). SEC Form D（Reg D 506(c）——Mystonks Holding LLC Key Information Overview: Issuing entity: Mystonks Holding LLC CIK (Central Index Number): 0002079778 Organizational type: Limited Liability Company (DE, established in 2025) Date of First Sale: August 4, 2025 Exemption type: Rule 506 (c) (limited to public fundraising to qualified investors only) Total issuance amount: 575000 USD, all sold (remaining 0) Minimum investment amount: 50000 USD Director/Signatory: Lie Yang, signing as a director However, this is a "private equity exemption issuance" filing, which does not necessarily mean a fully licensed exchange qualification. To put it simply, completing STO filing ≠ "obtaining a comprehensive license in the United States Reg D filing allows companies to issue security tokens to qualified investors, but it is not a public offering license and does not grant the right to operate a digital asset exchange. If you want to publicly operate securities token trading in the United States, you also need to comply with additional license requirements such as ATS (Alternative Trading System) or Broker Dealer. At present, the Form D (Reg D Rule 506 (c)) of Mystonks Holding LLC can be found on SEC EDGAR, indicating that it has completed the notification filing for the issuance of securities (or securities tokens) to qualified investors through private placement exemption. Form D is not approved by the SEC, nor does it grant it the qualification to publicly sell to non qualified investors, nor does it mean that it has the qualifications to operate an exchange/match securities secondary trading. To trade securities tokens to the public, it is usually necessary to register on an exchange or conduct transactions on a regulated ATS, and meet requirements such as Broker Dealer/FINRA/State Blue Sky. So theoretically, Mystonks Holding LLC cannot be sold to the public, only to qualified investors, and does not have the compliance of an exchange. Secondly, FinCEN (MSB registration) also failed to directly locate the entry on the public search page. I have no intention of assuming that Mystonks Holding LLC has not obtained MSB registration, but if it does, the FinCEN registration number or precise name of the legal entity can be searched on the publicly available MSB website. At present, it cannot be found that this information was not obtained from any information of Mystonks Holding LLC, and the white paper cannot be accessed, so it cannot be confirmed that MyStonks holds the Money Services Business (MSB) license of FinCEN in the United States. Then, if there is indeed a custody or brokerage cooperation with Fidelity, according to convention, the official website of Fidelity usually has searchable press releases or web pages; At present, only third-party media have unilaterally described it and it has not been verified yet. There is no information on the official website of Fidelity. After entering the detailed news link provided by Mystonks, the result is 404. The hosting or economic cooperation with Fuda cannot be considered non-existent, but it is necessary to confirm the disclosure of documents that exist, including but not limited to the hosting/brokerage service contract number or a letter issued by Fidelity (sensitive terms can be covered, but the header/seal/date of the other party should be retained). Based on the comprehensive documents currently available, Mystonks Holding LLC does not have sufficient public evidence to prove its eligibility to sell tokenized stocks to the public. It can be confirmed that it has completed a private placement filing for Reg D 506 (c) (only for qualified investors, not equivalent to public sale or exchange operation qualifications); There is no public record of it as a broker/ATS or other necessary licenses, nor is there an official endorsement link from a custodian (such as Fidelity). Selling "tokenized stocks" in the United States is usually considered as selling "securities" and is intended for public trading or matching. It requires registration as a securities firm and registration with the SEC as an ATS (or becoming a national exchange), and is regulated by FINRA; SEC/FINRA's compliance requirements for ATS and digital asset securities. Currently, there are no public records of Mystonks on the SEC ATS list/disclosure or FINRA system. Similarly, I have no intention of making any assumptions. I only need Mystonks to provide the following information to make a comprehensive clarification. 1. Broker Dealer registration+FINRA number 2. ATS (or Registered Exchange) Form ATS/SEC Publicity 3. Registration and exemption documents (prospectus or exemption explanation) at the product level, as well as custody and/or settlement arrangements, require official announcements from the custodian 4. For sales to non US jurisdictions: Provide the local license or application number and regulatory website link. above.