On March 22, at the SEC's first crypto roundtable meeting, Hester Peirce stated that crypto projects should be allowed to raise funds through tradable Non-Fungible Tokens, and revealed that Non-Fungible Tokens might become the next area where the SEC issues an exemption statement after Proof of Work mining. Peirce suggested that projects like Stoner Cats and Flyfish Club, which raise funds through Non-Fungible Tokens and provide specific rights to holders (such as access privileges and membership), should not be considered securities. She pointed out that if the SEC could provide a reference framework for Non-Fungible Token issuers, it would be "very helpful" to the industry's development. Previously, the SEC under Gary Gensler had sued multiple Non-Fungible Token projects under securities law, but Peirce emphasized that not all projects involving Non-Fungible Tokens are automatically exempt from regulation, and Non-Fungible Tokens with inherent securities characteristics will still be subject to regulatory constraints.