When it comes to retail users, we won't mention professional users. INX Token: INX completed its public offering through SEC registration (Form F-1), widely known as the "first SEC registered digital token IPO," and can therefore be sold to retail investors in the United States; Its platform will also undertake primary/secondary services for registering securities tokens in the future (whether specific assets are allowed for retail depends on the registration/exemption path of the asset). Exodus: Exodus used Reg A+to issue tokenized common stocks for retail, which were initially tradable on tZERO ATS and later transferred to the OTC system; This case demonstrates the feasibility of Reg A+involving retail participation in tokenized equity issuance, but the direction of secondary liquidity will vary with platform strategy. Reminder: Whether American retailers can buy depends on the specific compliance path of the securities themselves (such as registration and issuance/Reg A+), rather than whether the platform has a license or not. Most digital securities platforms (Securitize, tZERO, INX, etc.) also undertake Reg D (Qualified Investor Only) projects, which are not available for retail purchase.