The SEC's no-action letter to DTC, enabling a pilot for tokenizing securities entitlements, is a significant and welcomed step forward. tZERO has been a regulated leader in the tokenized securities market for years, pioneering the infrastructure necessary to achieve the core promise of tokenization: multi-asset interoperability, cross-border convergence, efficiency, and enhanced utility. We applaud DTC for recognizing these benefits and integrating greater mobility and programmability into centralized clearing. This move validates the foundational principles tZERO has championed since its inception—that the convergence of TradFi and DLT is inevitable. While the DTC approach is an important tool for retrofitting existing legacy assets, we continue to believe the future lies in the efficiency and liquidity unlocked by native digital securities. tZERO’s platform is uniquely designed for the direct issuance, trading, and settlement of digitally native securities—assets that exist on the blockchain from the moment of inception. As one of the two U.S. broker-dealers authorized to provide on-chain custody for tokenized securities, we will continue to advocate for alternative models, as welcomed by Commissioner Peirce in her accompanying statement, which empower market participants like tZERO to fully maximize the benefits of digitally native securities without introducing unnecessary layers of intermediation. We stand ready to collaborate with the DTC, other market participants, and regulators who are continuing to “innovate and experiment.”