Wu said that ARK researcher Lorenzo Valente stated that the current chaos caused by second-layer and third-layer SPV packaging structures may be exactly the problem that the tokenization of stocks in the crypto RWA (Real World Assets) space will face. He believes that Bullish's acquisition of Equiniti, along with institutions like Securitize promoting "real, compliant stock rights" on the blockchain, is key to whether tokenized stocks can enter the institutional market. In the future, the market may still see a large number of packaged products, including equity SPVs, debt notes, and other derivative structures. If the underlying rights, transfer restrictions, and investor rights are unclear, tokenized stocks could become speculative assets with multiple layers of packaging.