SEC Commissioner Hester Peirce has clarified that the agency's tokenization exemption will apply exclusively to real asset-backed securities, excluding synthetic stock tokens. Peirce emphasized that tokenized equities must be tied to actual publicly traded shares, rejecting claims that the SEC would approve synthetic stock products, which only track prices without offering ownership rights or dividends. Peirce's statement comes amid speculation following a Bloomberg report suggesting the SEC might allow blockchain-based stock tokens to trade on decentralized platforms. She reiterated that the proposed exemption is limited to digital versions of equities already trading in secondary markets and does not include synthetic products. The SEC continues to work with the Commodity Futures Trading Commission on broader digital asset oversight as part of a wider regulatory effort.