Updated to correct that the SEC sent a Wells notice to Uniswap but did not bring charges.

The US Securities and Exchange Commission (SEC) is considering rule changes to let companies more freely issue tokenized securities, SEC Commissioner Hester Peirce said in a speech published on May 8.

The US Securities and Exchange Commission (SEC) is mulling over changes to existing rules that could pave the way for companies to more easily issue tokenized securities, SEC Commissioner Hester Peirce has said.

In a speech published on Monday, May 8, Peirce said that the regulator is “considering a potential exemptive order” for firms using blockchain technology to “issue, trade, and settle securities.” This exemption would see such firms released from certain registration requirements.

For instance, decentralized exchanges (DEXs) may no longer need to register “as a broker-dealer, clearing agency, or an exchange,” Peirce said. The SEC has previously sent numerous Wells notices to DEXs such as Uniswap for allegedly failing to register as securities exchanges.

Firms should “not have to comply with inapt regulations, which, in many cases, were developed well before the technologies being tested existed and may be obviated by attributes of that technology,” Peirce added.

However, despite this exemption, companies would still be expected to comply with rules designed to prevent fraud and market manipulation, the commissioner explained. They may also need to meet certain disclosure and recordkeeping requirements.

The SEC has dramatically pivoted its stance on cryptocurrency oversight since US President Donald Trump took office in January.

Under the leadership of former SEC Chair Gary Gensler, the agency brought a vast majority of its cases against crypto firms for allegedly breaching securities law. In total, the SEC brought 100 cases against crypto firms during Gensler’s tenure, which ended on April 21.

However, under Trump nominee Paul Atkins, who was sworn in as chair on April 21, the agency has claimed jurisdiction over a narrower segment of cryptocurrencies.

In February, the SEC issued guidance stating that memecoins—if clearly identified as purely speculative assets with no intrinsic value—do not qualify as investment contracts under US law.

The regulator also said in April that stablecoins—digital tokens pegged to the US dollar—similarly do not qualify as securities if they are marketed solely as a means of making payments.