I recommend everyone to take a close look at the key points from SEC Chairman Gary Gensler's speech at the tokenization working group roundtable in May. He mentioned that securities are increasingly migrating from traditional (i.e., "off-chain") databases to blockchain (i.e., "on-chain") ledger systems. On-chain securities also have the potential to reshape various aspects of the securities market, including issuance, trading, holding, and using securities. The SEC is working to establish a comprehensive regulatory framework for crypto assets, but market participants should not be forced to offshore their blockchain technology innovations. Research into conditional exemption mechanisms should allow new products and services that struggle to launch due to current regulatory constraints the opportunity to innovate under compliance.