Chris Cho Closter, Closter City Councilman and Small-Business Owner – Regulatory Overreach Dear Commissioners: As a councilman, I have seen how decisions made before the public has a chance to weigh in can miss practical concerns. As a small-business owner and investor, I also know that people need clear, dependable rules before they make decisions that affect their money and their future. I understand why the SEC wants to make room for new ways to trade securities. Tokenization may offer real benefits. But the Innovation Exemption took effect immediately and will shape this area of the market for years. Investors, businesses, and issuers should have a meaningful opportunity to tell the Commission what is working, what is not, and what needs to be clarified before the framework becomes entrenched. I encourage the SEC to explain how it will evaluate the exemption in practice and give the public a clear chance to comment on what it learns. That input should include people who use financial markets and businesses that may be affected—not just the firms building the platforms. Good rules should be workable in the real world, and public input is one way to find out whether they are. Please use the comment process to hear from affected communities and develop a lasting approach that supports innovation without leaving investors uncertain about the rules. Sincerely, Chris Cho Closter, Closter City Councilman and Small-Business Owner