On-chain stocks = real equity, not synthetic products, note the key point

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BlockBeatNews
SEC Commissioner: On-chain tokenized stocks' "innovative exemption" only applies to currently tradable stocks in the secondary market
BlockBeats News, May 22 — U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated, "Thank you all for your interest in on-chain trading tokenized NMS stocks (National Market System stocks), but I do not agree with the exaggeration. The exemption scope is limited and only applies to digital representations of genuine underlying equity securities, meaning the same underlying stocks that investors can purchase in the secondary market, not synthetic products."
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