According to ChainCatcher, 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 rights 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" for industry development.