SEC Commissioner: Will Carefully Study the "Innovation Exemption" for Tokenized Securities, Focusing on Key Issues Such as Information Disclosure

CoinWorld, March 15 — U.S. Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce announced that they have initiated a study on an “innovative exemption” for tokenized securities, allowing limited trading and technical experiments for certain tokenized securities. This exemption will be more cautious than industry-recommended “full exemption.” She believes it is worth exploring whether different types of security tokenization models can be tested under the innovative exemption framework, and whether issuers should be required to obtain third-party approval to issue tokenized versions of their shares. This aims to promote technological innovation while avoiding regulatory arbitrage and maintaining core investor protection mechanisms. Hester M. Peirce also emphasized that regulators should not overreach in private capital allocation. Currently, the SEC is evaluating several key issues, including whether existing disclosure requirements sufficiently cover ownership structures of tokenized securities, the disclosure obligations of brokers and clearinghouses in the issuance of tokenized securities, the compatibility of atomic settlement with current T+1 settlement rules, and the applicability of regulatory authority under decentralized or new intermediary structures.