It's clear that Robinhood's stock tokenization strategy is correct. Currently, most companies are taking a very cautious and conservative approach to this kind of experimentation. For example, JPMorgan Chase said last week: "We are optimistic about tokenization, but we need to carefully consider how our own stock will be represented and traded. We will not participate at this stage." The logic is easy to understand: I won't do it until you demonstrate results; if the market validates it, then I will support you. Robinhood's current solution is essentially a certificate or IOU, not 1:1 real stock, so it doesn't require the company's consent. Selling it on-chain to non-US users is unlikely to be regulated in the current regulatory environment. If the market size grows significantly, the success rate of persuading these companies will be much higher.