SEC Commissioner Hester Peirce stated that investors using permissionless smart contracts for peer-to-peer transactions do not require regulatory exemptions. She clarified that truly decentralized systems driven by automated software do not raise the fundamental securities regulation concerns associated with trusted intermediaries, distinguishing this position from decentralized finance specifically. Peirce emphasized that the Commission will not presume an entity constitutes an "exchange" or "dealer" solely based on reliance on this exemption. The SEC intends to observe how the exemption is utilized before reaching regulatory conclusions and remains open to alternative on-chain trading models that may comply with existing Exchange Act requirements without needing additional exemptions.