Glider Co-Founder Questions SEC Tokenized Securities Exemption Scope

The critique cuts to a structural problem: an exemption whose conditions no current institution can satisfy functions less as a bridge than as a statement of intent, and the volume cap on tokenized NMS stock reinforces that reading. Its practical effect is to leave the most visible tokenized-equity products outside the framework entirely, which matters for platforms and issuers that had assumed a compliance path was opening. Whether the SEC treats the comment letter as a signal to widen scope, or leaves the framework as a deliberately narrow pilot, is the open question.