Dear Commissioners: As a crypto investor, I’m interested in what blockchain technology could make possible for financial markets. Wider access and more flexible trading are appealing. But a market that is open longer is not automatically a market that is easier or safer to trade. If tokenized stocks trade on separate venues or outside the hours of traditional exchanges, liquidity may be thinner and prices may move sharply. A token’s price could also drift from the price of the underlying share. Investors need to know how those conditions will be handled - not only how a platform operates in ordinary trading, but what happens when volatility rises or a trading venue pauses activity. I encourage the Commission to clarify how trading pauses and other market safeguards will work across tokenized and traditional markets. It should also explain how platforms will communicate material differences in liquidity, pricing, and trading hours, and how investors can assess whether a token’s price remains connected to the underlying security. New trading technology should expand opportunities without introducing unnecessary market risks. Clear expectations for managing volatility and coordinating safeguards would help investors participate with a better understanding of the conditions they face. I urge the Commission to address these issues as it evaluates the exemption and considers next steps. Respectfully, Ryan Jennings, Crypto Investor