Last week, the Crypto Working Group of Securities and Exchange Commission of the United States (SEC) intensified studies on the way in which public blockchain technology can support the program and trade in token titles.
The group held separate meetings with the Nasdaq, Plume Network and Ethealalize on how the titles can be issued and negotiated on public blockchains.
The three meetings led to the suggestion of the concept of a regulatory sandbox.
Nasdaq Press for digital sites adapted to assets
According to the newspaper of a meeting of May 21, the leaders of the NASDAQ urged the working group to leave the shares, the obligations and the negotiated funds on the stock market (ETF) remain subject to the existing registration rules.
In addition, they asked for the authorization of a new “Ats-Numeric” place where companies can list digital asset investment contracts alongside product style tokens.
The exchange operator has also asked regulators to create a spouse’s port with the Commodity Futures Trading Commission (CFTC) for assets whose status is uncertain.
This idea, often called “regulatory sandbox”, would allow issuers to self -certify classifications while meeting the standards of light disclosure. In April, the SEC Commissioner, Mark Uyeda, reported such an effort.
The NASDAQ added that tokenization should not weaken the protections of the national market system and that any development towards the atomic regulations must balance liquidity and operational risk.
Feather recommends a sandbox for chain markets
The panache network based on arbitrum told the dry at a meeting of May 22 that blockchains without authorization are best suited to the tokenization of active world. In addition, they proposed a regulatory sandbox covering the titles of 1933 and the exchange laws of 1934.
The agenda of the company calls for a relief of the entirely security which explicitly facilitates decentralized finance mechanisms and “credible neutrality”, as well as tools to calibrate the rules between primary offers and secondary chain trading.
In their brief meeting newspaper, Plume also asked for advice on actions token the United States and the United States subject to the national system of the national system and other diets.
Eherealalize seeks the redesign of the rules of transfer agents
The Etheréalize and the Metalex political company focused on the back office infrastructure, indicating to the working group that the regulation of inherited transfer agents obliges issuers to maintain books out of the parallel chain and to deny the efficiency of the blockchain.
A transfer agent is a financial institution acting as a guardian of files for the shareholders of a company.
Their proposal asks the dry to recognize the blockchains properly secure as a registers of authority action, exempt transmitters using decentralized tokenization protocols of the registration of transfer agents and to create a fast way for agents specialized in token titles.
They also urged a pilot to test intelligent contractual equivalents for corporate actions such as the distribution of dividends and the vote of shareholders.
Converging themes
Through meetings, industry participants requested clear taxonomy, modular rules and progressive pilots.
In addition, everyone called for specific adjustments to technology, but none have challenged the main protection mandate for dry investors.
The staff of the working group took the documents under the opinion, indicating that the proposals for future rules could weigh on sandbox models, dedicated negotiation places and updated transfer agent obligations.
