No wonder coins rallied on Friday—SEC's 9.17 exemption order marks the first time tokenized stocks are allowed to trade in the U.S. using the AMM model for TSV native tokenized stocks. This is most favorable for Coinbase, as holders of existing tokenized stock brokerage products already enjoy equivalent dividends and shareholder rights, closely aligning with the SEC's 'native tokenization' standards. Only minor product upgrades are needed to comply with the exemption. AMM isn't an issue—just integrate with Aerodrome and Uniswap, no need to build from scratch.