[Orca Legal Head: SEC's Innovative Exemption Highlights DeFi's Verification Efficiency Advantage] According to a report by Crypto Briefing on October 1, Gold Finance reported that Orca's Chief Legal Officer Christopher Montagano stated at Korea Blockchain Week that the innovative exemption issued by the SEC on September 17 demonstrates whether DeFi's blockchain verification is more efficient than traditional infrastructure. The exemption provides conditional relief for five years, until September 17, 2031. Under the framework, tokenized securities venues (TSV) and certain LPs can operate tokenized U.S. stock licensed trading, specifically designed for AMMs, without needing to register as exchanges or brokers. However, the exemption is not a ruling on DeFi itself and requires compliance with sanction rules and issuer consent, clearly distinguishing it from permissionless DeFi. Orca has been involved in SEC discussions since 2025, with the platform initiating tokenized stock trading in November of the same year.