U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce stated that the SEC is willing to collaborate with asset management companies to jointly develop new exchange-traded product structures and tokenized financial instruments, and encourages companies to communicate directly with the SEC during the experimentation process. She emphasized that the SEC's responsibility is not to judge product quality, but to ensure that companies comply with leverage limits and disclosure requirements. Peirce pointed out that there is increasing discussion in the industry about tokenization, and SEC staff are developing a "narrower in scope" exemption that would allow limited tokenized securities trading within the existing regulatory framework.