According to CoinMeta, orca Chief Legal Officer Christopher Montagano stated during the Korea Blockchain Week that the innovative exemption announced by SEC on September 17th has demonstrated that the blockchain track for DEFI verification is more efficient than traditional infrastructure. This exemption provides conditional relief for a period of 5 years until September 17, 2031, allowing tokenized securities venues (TSV) and specific LP to conduct licensed transactions of tokenized U.S. stocks. It is designed specifically for AMM and does not require registration as an exchange or dealer. The exemption requires compliance with sanctions rules and the consent of the issuer. orca has been participating in SEC discussions since 2025, and the platform began trading tokenized stocks in November of the same year. (Source: Crypto Briefing)