As a business owner, I write to raise concerns about the temporary exemption in File No. 4-927. I know what it costs to follow the rules, and I support rules that apply fairly to everyone competing in the same market. Registered exchanges and broker dealers invest heavily in compliance, surveillance, and investor protection. Exempting new venues and liquidity providers from the definitions of exchange and dealer, even on a temporary basis, lets some firms offer similar services under lighter requirements. Over five years, that can tilt competition and weaken the standards the public relies on. Capital markets work because businesses and investors trust them. I encourage the Commission to hold tokenized stocks to the same registration, disclosure, and market integrity standards as traditional securities, and to consider a shorter duration or added conditions so that this relief does not become a lasting gap.