I noticed some friends have a slightly advanced interpretation of this innovative exemption. 1. This exemption doesn’t mean 'most U.S. stocks can be tokenized and traded on-chain.' The number of stock types and trading volume allowed are capped, with volume limits set according to the stock’s applicable Limit Up-Limit Down (LULD) tier. If the original stock is suspended on its primary listing exchange, it must also be suspended on-chain. This is a controlled pilot program with clear restrictions on scope and trading scale. 2. It doesn’t mean 'you can do whatever you want without broker-dealer approval.' The exemption applies to two types of qualified entities: A. Platforms temporarily not classified as 'exchanges' within the specified scope. B. Entities using their own funds to provide tokenized stock liquidity to licensed AMM pools, temporarily not classified as broker-dealers. Other registration requirements for securities brokerage services are not canceled as part of this exemption. Platforms must still be U.S.-based, comply with OFAC sanctions, disclose operational and trading data, and adhere to anti-fraud and anti-manipulation regulations. 3. It’s not 'anyone can jump into the pool and trade.' Smart contracts must be public, auditable, and deployed on open, permissionless blockchains. However, trading qualifications are permission-based, and participants must meet the platform’s admission criteria. Open blockchain access doesn’t mean trading is open to everyone—connecting your wallet doesn’t automatically grant you the right to buy and sell. In plain terms, the SEC is allowing qualified platforms to conduct small-scale on-chain stock trading, with limits on stock types and trading volume. Developers can use public blockchains to build platforms and liquidity pools, but platforms must meet regulatory requirements, and users need to pass platform reviews to gain trading qualifications. @Gate Crypto, U.S. stocks, Hong Kong stocks, Korean stocks, gold, CFDs, prediction markets—all-in-one trading.