The U.S. Securities and Exchange Commission (SEC) is considering issuing a statement that could exempt certain types of non-fungible tokens (NFTs) from securities regulations, according to Commissioner Hester Peirce. This potential policy shift was discussed on the sidelines of the SEC's first crypto roundtable, where Peirce indicated that NFTs used by companies for fundraising, such as those by Stoner Cats and Flyfish Club, might be the next crypto asset class to receive such clarity. The SEC has already taken a stance on proof-of-work (PoW) mining, stating that solo and pooled mining activities are not considered securities transactions. This position was detailed by the SEC's Division of Corporation Finance and relates to the Howey Test, which is used to determine if an investment qualifies as a security. However, Commissioner Caroline Crenshaw cautioned that the SEC's statement on mining might not be as definitive as it appears, suggesting that individual projects still require scrutiny. The crypto industry has been vocal about the need for regulatory clarity, with some participants at the roundtable expressing frustration over the current regulatory regime. The SEC's leadership, including Acting Chair Mark Uyeda, has expressed a commitment to finding a workable framework for crypto regulation, indicating that the agency is open to further policy statements that could cover other areas of the crypto sector. Stoner Cats, an animated series produced by Mila Kunis, raised $8 million through NFT sales, offering holders perks and a 2.5% royalty on secondary market transactions. Similarly, Flyfish Club raised over $14 million via NFTs to fund a members-only private restaurant, with a similar royalty structure.