Hester Peirce, a commissioner of the U.S. Securities and Exchange Commission (SEC), recently expressed important views on the regulation of digital assets. She emphasized that certain token issuers need to communicate directly with the SEC to clarify relevant legal issues.

Peirce clearly pointed out that tokenized securities essentially still fall under the category of securities, and market participants must fully consider and strictly comply with current securities regulations. This statement highlights the regulatory authorities' high emphasis on the compliance of digital assets.

It is noteworthy that Peirce specifically mentioned a class of special token products. She stated that tokens which do not grant holders legal rights and beneficial ownership of the underlying securities may be defined as "swap products based on securities." According to current regulations, retail investors are not allowed to trade such products outside of exchanges.

Regarding industry development, Peirce has shown a positive attitude. She stated that the SEC is ready and willing to collaborate with market participants to jointly formulate appropriate exemption policies and modernized rules to accommodate the innovative needs of the digital asset market.

This series of statements reflects that regulators are striving to balance the relationship between innovation and regulation. As the digital asset market continues to evolve, how to protect investors' interests while promoting healthy industry development will be an ongoing challenge faced by regulators.