If you think you invested in Anthropic common stock when you bought SPV tokens, you are probably going to get rekt.
And it doesn't end with Anthropic. 🧵
Peirce's innovation exemption is designed to facilitate exactly this: TA-minted digital representations of real equity. Not synthetics. Not SPV claims. Not offshore Robinhood tokens.
The comment period is open. The industry needs to say this clearly.