Last week the US Securities and Exchange Commissions (SEC) Crypto Task Force strengthened studies on how public blockchain technology can support the issue and trade of Tokenized effects.
The group held individual meetings with Nasdaq, Plume Network and Etherealized on how effects can be issued and traded on public block chains.
All three meetings resulted in the suggestion of the concept of a regulatory sandbox.
Nasdaq press for digital asset-friendly locations
According to the log of a meeting of 21 May, Nasdaq-executives insisted on the Task Force to have tokenized shares, bonds and listed funds (ETFs) subject to existing registration rules.
Moreover, they asked for authorization for a new “ATS-Digital” location where companies can mention digital investment contracts for assets in addition to tokens in raw material style.
The Exchange operator also asked supervisors to create a joint safe haven at the Commodity Futures Trading Commission (CFTC) for assets whose status is uncertain.
This idea, often referred to as a ‘regulatory sandbox’, would enable issuers to certify classifications themselves and at the same time meet the light disclosure standards. In April, SEC Commissioner Mark Uyeda gave support to such an effort.
Nasdaq added that tokenization should not weaken the protection of the national market system and that every movement in the direction of atomic regulation should be the liquidity and operational risk.
Pluim argues for a sandbox for markets on the chain
Arbitrum-based Plume Network told the SEC during a meeting of 22 May that authorizationless block chains are most suitable for Real-World Activa-Tokenization. They also proposed a regulatory sandbox that cover the effects of 1933 and 1934 exchange rate.
The company’s agenda calls for safe port lighting that explicitly factors in decentralized financing mechanics and “credible neutrality”, plus tools to calibrate rules for primary offers and secondary trade on the chains.
In their short meeting logs, Plume also sought guidelines for token the US and non-American shares under the national market system and other regimes.
Etherealize strives to revise rules for transfer agent
Etherealize and Metalex policy company focused on Back-Office infrastructure and told the Task Force that Legacy Transfer Agent Regulations Emptents forcing to keep parallel off-chain grandbooks and to deny blockchain efficiency.
A transfer agent is a financial institution that acted as a record holder for the shareholders of a company.
Their proposal asks the SEC to recognize appropriate block chains as authoritative stock registers, to release exempt issents who use decentralized tokenization protocols of transfer -to -hand registration and to create a fast lane for agents who specialize in tokenized effects.
With a pilot, they also insisted on testing smart contract quayers on business actions such as dividend distribution and voting to the shareholders.
Converging themes
During the meetings, the participants in the industry insisted on clear taxonomy, modular rulebooks and phased pilots.
Moreover, each asked for technology -specific Tweaks, but nobody challenged the core protection mandate of the SEC.
The staff of the Task Force adopted the material under advice, indicating that future control proposals Sandbox models, special trading locations and updated transfer -agent obligations could weigh.