Galaxy Research research director Alex Thorn stated that the latest tokenized securities innovation exemption from the US SEC only applies to tokens that represent real NMS stocks and grant holders full legal, economic, and governance rights. Notes, swaps, SPV equity, or other packaged securities that provide price exposure do not meet the criteria. Existing models such as Robinhood, Ondo, and xStocks differ from this standard, with Robinhood Stock Tokens not meeting the SEC exemption criteria as their holders do not have legal or beneficial ownership of the underlying company.