According to CoinMeta, analysts point out that Coinbase, Robinhood, and Circle could benefit from the tokenization of stocks promoted by the U.S. Securities and Exchange Commission (SEC). The five-year innovation exemption for SEC has created a pathway for tokenized U.S. stocks to be traded through automated market makers on public blockchains. Goldman Sachs stated that Coinbase's tokenized equity products already possess the shareholder rights and dividend characteristics required by SEC, and CEO Brian Armstrong indicated that voting rights are "just around the corner." In addition, Coinbase also offers institutional custody services and Coinbase Tokenize, providing infrastructure for other companies to list their assets on the blockchain. Although Robinhood's offshore stock tokens do not comply with the SEC framework, analysts believe that Robinhood needs to develop a compliant version in order to be offered in the U.S. market.