Wu Blockchain has learned that Galaxy Research's Head of Research, Alex Thorn, stated that the U.S. SEC's latest exemption for tokenized securities innovation allows third-party tokenized stocks but has a narrower scope than what the market currently refers to as 'third-party tokenization.' Eligible tokens must represent real NMS stocks and grant holders full legal, economic, and governance rights. Instruments that only provide stock price exposure, such as notes, swaps, SPV equity, or other packaged securities, do not qualify. Thorn pointed out that some current third-party tokenized stock models in the market, such as Robinhood, Ondo, and xStocks, differ from this standard. For example, Robinhood Stock Tokens are defined by Robinhood itself as 'tokenized debt securities' providing economic exposure, but holders do not have legal or beneficial ownership of the underlying company, making them non-compliant with the SEC exemption criteria. https://www.(wublock123.com)/news/galaxy-sec-limits-third-party-tokenized-stocks-robinhood-noncompliant-68685