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Christopher Montanaro, chief legal officer at Orca, said at Korea Blockchain Week 2026 that the U.S. SEC’s new innovation exemption gives the DeFi industry a chance to test whether blockchain-based financial infrastructure is actually more efficient than traditional financial systems. The innovation exemption introduced by the SEC on Sept. 17 refers to a temporary conditional exemption that allows limited trading of tokenized U.S. stocks in on-chain environments.