As President of Te-Ray Resources, LLC, in Oklahoma, I recognize the importance of dependable rules and investor confidence in markets. Tokenization may offer new ways to access and trade securities, but the protections investors receive should not depend on whether they hold a traditional share or a tokenized representation of one. I encourage the Commission to clarify how core investor protections will apply to tokenized securities trading under the Innovation Exemption. Investors need clear, consistent information about the rights attached to a token, the safeguards that apply to its trading, and the responsibilities of the platforms offering it. Without that clarity, people may assume that a token carries the same protections as a traditional stock when important differences remain. The SEC should ensure that the same basic standards for investor protection and market integrity apply across trading venues, regardless of the technology used. A consistent framework can support innovation while helping investors make informed decisions and preserving confidence in U.S. markets. Sincerely, Justin Manning President Te-Ray Resources, LLC