On May 22, crypto journalist Eleanor Terrett reported that Hester Peirce, a commissioner of the U.S. SEC and head of its crypto working group, stated that the market should not have overly high expectations for the SEC's proposed exemption policy for tokenized stocks. She indicated that the exemption is expected to apply narrowly to 'on-chain equity products' and will not apply to 'synthetic tokens that merely mimic stock prices but do not grant investors actual shareholder rights.'