[SEC Commissioner Peirce: Investors Using Permissionless Smart Contracts for Peer-to-Peer Trading Do Not Require Exemptions] According to a statement by SEC Commissioner Hester Peirce, this innovation exemption is 'unrelated to decentralized finance.' Truly decentralized systems driven by automated software do not raise the fundamental concerns underlying securities regulation, such as the risk of trusted intermediaries being foolish, negligent, or compromised. Investors using permissionless smart contracts for peer-to-peer trading do not require exemptions. She also stated that the Commission does not presume entities relying on this exemption to constitute an 'exchange' or 'dealer.' Regulatory conclusions will not be drawn before observing who uses the exemption and how it is used. Additionally, she mentioned that the Commission remains open to other on-chain trading models, and some models that comply with existing requirements under the Securities Exchange Act may not need exemptions at all.