One bonus thing this approval leaves completely unaddressed: how tokenized securities interact w the UCC & commercial law Article 8, perfection of security interests, what constitutes "control" over a tokenized security are all unaddressed here (which also kind of makes sense since it's a state law issue, not directly an SEC issue) and it matters enormously for institutional adoption @propelforward @Prof_CarlaReyes and many others have been raising these questions for a while. They're still open questions and we need to address them at some point. As with my hope for how SEC regs around tokenized securities land on more cryptonative approaches, I hope the UCC does the same and doesn't slap a new coat of paint on the same set of standards.