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Hester Peirce addresses the public discussion about an innovation exemption related to the onchain trading of tokenized NMS stock.
She emphasizes that expectations for the exemption should remain measured, noting it would be limited in scope and intended only to facilitate trading of digital representations of existing stocks.
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Peirce has previously called for modernizing regulatory definitions as more markets move onchain. In a recent statement, she urged updates to key terms including broker, dealer, exchange, and clearing agency to reflect digital market structures. Details are outlined in her article on the need for updated regulation of onchain activities.