According to CoinMeta, Wu said that Zach Pandl, the head of research at Grayscale, pointed out in a post that the recent "Innovation Exemptions" issued by the U.S. Securities and Exchange Commission (SEC) are expected to completely change the previous pattern of tokenized U.S. stock trading, which mainly relied on offshore "packaged derivatives." This move will facilitate the inclusion of truly tokenized stocks that have full shareholder voting and dividend rights into the regulated financial system in the United States. The exemption order is valid for 5 years and relaxes two core registration requirements: qualified tokenized trading venues no longer need to register as traditional stock exchanges, and qualified liquidity providers no longer need to register as traders. Grayscale believes that this marks a significant step forward as on-chain trading infrastructure proves its compliance with regulatory requirements and investor protection, and it may encourage Congress to advance broader bipartisan legislative efforts in the future.