Bitcoin critic Peter Schiff said Bitcoin’s rise after the U.S. SEC announced an innovation exemption for tokenized stocks was meaningless. According to Odaily, Schiff argued the policy is actually bearish for Bitcoin because it will have to compete with tokenized securities.

Schiff said tokenized stocks backed by profitable companies that can pay dividends offer the same digital trading convenience as Bitcoin while also providing stock ownership rights. He said that makes them a better store of value than Bitcoin.