Subject: File No. 4-927
From: Kathy Willard

A plain explanation is part of good care, and it should be part of good investing rules too. I am writing about the Innovation Exemption for tokenized stocks, which are company shares turned into digital tokens and traded on blockchain-based platforms. The SEC has said that people who hold tokenized stocks should get the same rights and protections as people who hold regular shares. I hope the details back that up. What I cannot tell is how it will work in practice for a family that buys one. If a token is supposed to carry a vote or a dividend, who makes sure it arrives? As an independent pharmacist and small business owner, I know most people do not have a lawyer or a trading desk to sort out fine print. A protection that exists only on paper does little for them. My request is that the Commission clarify how these equal protections will be carried out, require plain-language disclosure of what a buyer is actually getting, and let the public see the protections are upheld. Thank you for hearing from everyday Louisianans. Sincerely, Kathy Willard Independent pharmacist and small business owner Monroe, LA