$HOOD Morgan Stanley's HOOD Summit preview names U.S. perpetual futures as the product most likely to be announced in Houston next week, and it is not in the bank's model. Robinhood already runs perps overseas, on chain and through Bitstamp, where the offering has grown to include commodity perps. On the Q2 call Vlad Tenev said of the CFTC, "we've been in conversations with CFTC, and they've been constructive." Morgan Stanley's point is that because the product already exists internationally, the technical work for a U.S. version is small. Tenev would not give a date and said product timelines are what events are for. The SEC's Innovation Exemption on Sept 17 opened a path for tokenized U.S.-listed stocks to trade on chain through qualifying venues, with a five-year sunset and limits on symbols and volume. Tokens have to carry the same rights as the underlying shares. Robinhood's current Stock Tokens are an international product that gives price exposure without those rights, so a U.S. version needs a different structure. With twelve days between the SEC action and the Summit, Morgan Stanley expects a roadmap update rather than a live product. The bank puts Stock Token balances above $150 million and Robinhood Chain TVL above $1.5 billion. Neither U.S. perps nor U.S. tokenized stocks are in its forecasts. Overweight, $150 target, against $124.25 at the Sept 22 close.