The difficulty in obtaining clear information has led Peirce to suggest that the SEC consider streamlining related rules. Peirce also addressed the issue of tokenized securities, stating that SEC staff are working on a potential "innovation exemption" mechanism that would allow limited experimentation with tokenized securities within the existing securities law framework. She also questioned whether tokenized securities require additional disclosure and intermediary requirements, noting that blockchain systems can achieve faster settlement speeds and, in some cases, bypass traditional intermediaries to complete transactions. Previously, SEC Chairman Paul Atkins stated that he considered tokenization a major financial innovation that regulators should encourage. The SEC issued a no-action letter to the DTCC last December, allowing it to explore blockchain-based securities tokenization services.