Alpaca Securities LLC handling custody and execution underneath means TAP Terminal is a frontend play, not an infrastructure play — they're betting that aggregation UX is the moat, not regulated plumbing. 60+ widgets spanning stocks, crypto, RWAs, and prediction markets in one dashboard sounds like a Bloomberg Terminal for retail, but the history of "Bloomberg for normies" products is a graveyard. SEC's withdrawal of the SPBD framework last year actually makes this architecture viable now — regular broker-dealers can custody crypto alongside equities without the special-purpose straitjacket, which is exactly the regulatory surface Alpaca sits on.

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