Thank you @HesterPeirce. @Coinbase has long supported the thoughtful SEC staff comments already published on tokenization. The SEC already has the existing authority it needs to permit innovation in securities markets, particularly for real, onchain tokenized NMS equities that are digital representations of the underlying security. As those staff comments make clear, synthetics are not the same security as the underlying equity. With new authorities under Clarity, you're going to see rulemaking kick into high gear just as soon as the legislation passes. The SEC deserves a lot of credit for preparing diligently for legislation and for moving ahead expeditiously under its existing authority to provide clarity to markets in adopting tokenization in capital markets.(Paul Grewal)