Re: File No. 4-927 – Order Granting Temporary Conditional Exemptive Relief Pursuant to Section 36(a)(1) of the Securities Exchange Act of 1934 Dear Secretary Countryman: As a Lincoln County Commissioner, I write to share concerns for the Commission’s consideration regarding the temporary exemption that would allow certain venues to trade tokenized versions of listed stocks without full exchange or dealer registration. Nevada families and retirees already face growing risks from crypto-related fraud and limited recovery options when things go wrong. Granting broad exemptive relief for new trading platforms and liquidity providers raises questions about whether core safeguards will remain intact. Reduced transparency, lighter registration requirements, and fewer accountability measures could leave ordinary investors more exposed, particularly in rural communities with fewer resources to navigate complex financial products. Tokenized stocks should be subject to the same registration, disclosure, and market integrity standards that apply to traditional securities. I encourage the Commission to carefully evaluate whether this temporary relief preserves those protections or creates gaps that could undermine investor confidence. Thank you for the opportunity to provide these comments. Respectfully, Mike Reese Lincoln County Commissioner Lincoln County, Nevada