TD Cowen expects limited early demand from U.S. retail investors, institutions and listed companies for tokenized stocks despite the Securities and Exchange Commission's five-year conditional exemption for qualifying trading venues. The firm said U.S. investors already have deep liquidity, low-cost brokerage access and fast execution in conventional equities, leaving blockchain platforms to demonstrate benefits that offset thinner liquidity and additional operational complexity. Its review found little issuer interest outside crypto-adjacent companies such as Figure, whose conventional Nasdaq-listed FIGR shares represented 99.9% of notional trading during a 24-hour period compared with blockchain-native FGRS shares carrying equivalent economic exposure and voting rights. The SEC framework permits Tokenized Securities Venues to use permissioned automated market makers and liquidity pools for tokenized National Market System stocks, subject to symbol and volume limits, issuer notice requirements and investor-protection conditions. TD Cowen said perpetual futures have generated stronger crypto-trader activity than spot stock tokens, citing a Binance snapshot in which Nvidia-related perpetuals accounted for 96% of notional volume. Coinbase has proposed more than 50 stock perpetuals, while Ondo Finance has sought regulatory treatment for comparable products under existing security-futures rules.