The trend of tokenized stocks has been met with regulatory "pouring cold water". US SEC Commissioner Hester Peirce made a rare statement, clearly stating that no matter how stocks are "listed", they are still essentially securities and must comply with current federal securities laws. This statement is seen as a warning to projects such as Coinbase and Kraken that are preparing for tokenized stock trading. Peirce pointed out that there are mainly two types of tokenization paths: one is for issuers to tokenize their own stocks, and the other is for custodians to issue new tokens anchored to third-party securities. But she specifically warned that the second mode may trigger counterparty risks and demanded that the issuers, traders, and distributors of tokenized securities fully fulfill their obligations such as information disclosure. ConsenSys' lawyer bluntly stated that this is the SEC's "brake" on all projects that are "eager to issue US stocks on the chain". Bloomberg analysts also commented that this statement is a clear warning of the tokenization bridge plan. Although the SEC chairman has previously expressed support for innovation, the regulatory community is generally concerned that securities tokenization may become a channel to bypass regulation. Senator Warren further criticized that the proposed CLARITY Act would allow companies such as Meta and Tesla to bypass the SEC and escape regulation solely by "going live". Behind this regulatory game, a signal is revealed: although blockchain technology is innovative, it cannot "rewrite" legal attributes. To truly comply with regulations, tokenized stocks need to cross not only technical barriers, but also institutional boundaries.