The exemption proposed by SEC Commissioner Hester Peirce would permit firms to use distributed ledger technology to issue, trade and settle tokenised securities without full registration, provided they meet conditions related to fraud prevention, market integrity and financial stability

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The SEC’s Crypto Task Force is considering temporary relief from certain registration rules, enabling firms to experiment with distributed ledger technology (DLT) for issuing, trading, and settling securities.
The contemplated exemption would be conditional. Exempted entities would comply with market integrity conditions for the prevention of fraud and manipulation.
comply with recordkeeping and reporting requirements; be subject to monitoring and examination by SEC staff; and have adequate financial resources for operations.