Commenter argues SEC's definition of 'permissionless' ledger is too broad for tokenized stock venues

A commenter on the SEC's exemptive order for tokenized stock venues argues the Order's definition of "permissionless"—anyone can read or write without authorization—is too broad, capturing systems where a gatekeeper controls writing, even a shared spreadsheet. The author proposes a stricter definition requiring open consensus participation, a native coin, no single party controlling substantial token supply, and open-source rules. The author warns gatekept systems create counterparty risk, enable transaction reversal, and invite regulatory arbitrage, noting Ethereum runs over 10,000 nodes and Bitcoin and Ethereum have operated without halts or reversals for a decade.

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