[US SEC Commissioner Peirce: Tokenized Stock Innovation Exemption Not Targeted at DeFi, Decentralized Systems Do Not Need Innovation Exemptions] Foresight News reports that Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), issued a statement regarding the "innovation exemption" for tokenized stocks, stating that the measure is aimed at specific on-chain securities trading models and is not targeted at decentralized finance (DeFi). She believes that truly decentralized systems driven by automated software do not involve the intermediary trust issues that securities regulation focuses on. Investors can conduct peer-to-peer transactions using permissionless smart contracts without needing exemptions. Peirce stated that the temporary exemption allows eligible tokenized securities trading venues (TSVs) to conduct on-chain stock trading through automated market maker liquidity pools and provides exemptions for certain liquidity providers. The SEC will not preemptively classify entities using these exemptions as "exchanges" or "dealers" solely based on their use of the exemptions. She emphasized that the measure is intended to gather experience for long-term rulemaking, and the SEC welcomes other tokenized securities trading models. On-chain trading models that can meet the requirements of the current Securities Exchange Act may not need exemptions at all.