According to CoinMeta, Wu said that Alex Thorn, the research director at Galaxy Research, stated that although the latest tokenization securities innovation exemptions in the United States allow for third-party tokenization of stocks, the scope of application is narrower than what is currently referred to in the market as “third-party tokenization.” Tokens that meet the criteria must represent actual NMS stocks and grant holders full legal, economic, and governance rights. Instruments that merely provide stock price exposure, swaps, SPV rights, or other packaged securities do not qualify. Thorn pointed out that some current third-party tokenized stock models on the market, such as Robinhood, Ondo, and Xstocks, differ from this standard. Among them, Robinhood, stock, and tokens are defined by themselves as “tokenized debt securities” that provide economic exposure; holders of these do not possess legal or beneficial ownership in the underlying company and therefore do not meet the conditions for this SEC exemption.