SEC Commissioner Hester Peirce has called on certain token issuers to engage in dialogue with the U.S. Securities and Exchange Commission (SEC). Peirce highlighted that tokenized securities remain subject to existing securities regulations, and issuers must ensure compliance. She noted that tokens lacking legal and beneficial ownership of underlying securities might be classified as security-based swaps, which retail investors cannot trade outside of an exchange. Peirce affirmed the SEC's willingness to collaborate with market participants to establish suitable exemptions and updated regulatory frameworks.