Chairman Paul Atkins of SEC compares the migration of securities from traditional 'off-chain' to blockchain 'on-chain' to the transformation of the music industry from vinyl records to digital audio, believing that tokenization will reshape the ways securities are issued, traded, and held, enhancing liquidity, transparency, and the potential for innovation. For example, smart contracts can automatically execute dividend distributions, and low liquidity assets (such as real estate) can attract more investors through token fragmentation. Blockchain technology could give rise to new market behaviors not covered by traditional rules, such as the combined trading of securities with other assets ('pair trading'), or supporting 'super apps' that integrate securities, non-securities, and financial services into a one-stop platform.