According to CoinMeta, Alex Thorn, the research director of Galaxy Research, stated that the latest tokenization securities innovation exemption in the United States only applies to tokens that represent actual NMS stocks and grant holders full legal, economic, and governance rights. Instruments such as notes that provide price exposure, swaps, SPV rights, or other packaged securities do not qualify. Existing models such as Robinhood, Ondo, and Xstocks differ from this standard; among them, Robinhood, stock, and tokens do not meet the conditions for this exemption because holders do not possess legal or beneficial ownership of the underlying company.