A CoinDesk opinion piece notes that the "Innovation Exemption Order" issued by the U.S. Securities and Exchange Commission (SEC) on September 17 explicitly excludes synthetic tokenized stocks, requiring eligible tokens to represent actual stock ownership and grant holders the same rights and privileges as traditional securities, including dividends and voting rights. The order also mandates that companies be notified and have the right to object before a third party tokenizes their stock. Aaron Kaplan, the author of the article, believes that synthetic tokenized stocks undermine the trust of U.S. investors and weaken the issuer-led capital market model.