PANews reported on May 22 that, according to an article published on the X platform by U.S. Securities and Exchange Commission Commissioner Hester Peirce, there has been an overinterpretation of the proposed "innovation exemption" for on-chain trading of stocks in a tokenized national market system. Peirce stated that she has always expected the exemption to be limited to facilitating the trading of digital representations of the same underlying equity securities that investors can currently purchase on the secondary market, rather than the trading of synthetic securities.

Bloomberg ETF analyst Eric Balchunas commented that he was not surprised by the expectation of tokenization and maintained his view that tokenization can only distribute stocks and ETFs to on-chain users (at least in the short term), and is more of a distribution channel than a disruptive force for ETFs.