On September 17, the SEC officially launched the Innovation Exemption, providing temporary and conditional regulatory exemptions for eligible Tokenized NMS Stocks, with a maximum duration of 5 years. This framework allows eligible Tokenized Securities Venues to trade tokenized U.S. stocks via on-chain AMM liquidity pools in a restricted environment, while requiring tokenized securities to offer rights and benefits corresponding to traditional stocks. Regulators are starting to establish a clear experimental pathway for 'stock tokenization.' Take a look at Backpack Securities, which has already built this infrastructure: Real U.S. stocks can be converted 1:1 into Tokenized Stocks on Solana, on-chain assets can then be exchanged back into corresponding real stocks, and they can also be transferred into traditional brokerage systems. So now this pathway is becoming quite clear: Traditional securities → Tokenized Stock → 24/7 trading on Solana → Exchange back into real stocks In the past, RWA discussions mostly focused on how assets could be 'tokenized.' Now, regulators are starting to address how tokenized assets can enter formal trading markets. For @Backpack, its core value is gradually extending from 'providing tokenized U.S. stocks' to custody, tokenization, trading, and cross-market circulation. What’s truly worth observing about BP moving forward is how much demand Backpack can handle for securities tokenization, and how many real stocks and trading scenarios this infrastructure can cover.