Dear Commissioners: People saving for retirement usually aren’t trading every hour of the day. They are trying to build security over time. As an employee benefits professional and accredited SEC private individual investor, I believe new investment options should be judged in part by whether ordinary savers can understand the risks the new investment options bring to that long-term plan. Tokenized stocks may trade on venues and at times that differ customary NYSE hours. If liquidity is thin, prices may swing sharply or separate from the underlying stock. A saver could see a quoted price without knowing whether it reflects a healthy market, or whether a trading interruption elsewhere has changed the picture. Before this tokenized stock trading activity expands, the Commission should require clear and understandable explanations of how tokenized prices are formed, what can happen when trading is thin or outside regular market hours, and how pauses or disruptions are handled. Investors also need to know whether a token can be traded when the underlying stock cannot, and the implications to price and liquidity. New investment opportunities should not introduce new risks that ordinary savers cannot reasonably understand or anticipate. Please ensure that market safeguards and clear risk information keep pace with the technology, so people making long-term financial plans are not left to discover the consequences during a volatile market. Respectfully, Leo D. Tinkham, Jr. MBA Certified Employee Benefits Specialist ( CEBS) SEC accredited private investor