[US SEC Commissioner: Research on 'Innovative Exemption' Plan for Tokenized Securities Launched, Likely More Cautious Than 'Comprehensive Exemption'] According to a report by Jinse Finance, U.S. Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce stated that research on the 'innovative exemption' plan for tokenized securities has been initiated. This plan would allow limited trading and technical experimentation for certain tokenized securities. The exemption is expected to be more cautious than the 'comprehensive exemption' proposed by the industry. She believes it is necessary to explore whether different types of tokenization models for securities can be tested under the innovative exemption framework and to consider whether issuers need to consent to third parties tokenizing versions of their stocks. The goal is to promote technological innovation while avoiding regulatory arbitrage and maintaining core investor protection mechanisms. Hester M. Peirce also emphasized that regulators should not excessively interfere with private capital allocation. The SEC is currently evaluating several key issues, including whether the existing disclosure system sufficiently covers the ownership structure of tokenized securities, the disclosure obligations of brokers and clearing agencies in the issuance of tokenized securities, the compatibility of atomic settlement with the current T+1 settlement rules, and the applicability of regulatory authority in non-intermediated or new intermediary structures.