PANews reported on May 22 that, according to Cointelegraph, Tiger Research released a report stating that the U.S. SEC's move to allow third parties to list tokenized stocks could lead to two major structural risks: liquidity and revenue fragmentation. Ryan Yoon, head of research, stated that traditional finance views the collapse of previously centralized liquidity as a serious structural threat. When the same listed stock is tokenized on different blockchain networks and decentralized platforms, trading volume and order flow that should be concentrated in a single venue like the NYSE or Nasdaq will be dispersed across multiple venues, causing price differences between platforms, increasing slippage on large orders, and reducing market efficiency. Revenue fragmentation follows market fragmentation, with financial revenue that should belong to domestic exchanges flowing overseas. SEC Commissioner Peirce previously stated that any exemptions will be limited, only allowing the trading of digital representations of the same underlying equity securities that are already available on the secondary market.