US SEC Commissioner proposes a joint UK-US "Digital Securities Sandbox" proposal

BlockBeats news, on May 30, Fox reporter Eleanor Terrett posted on the X platform that Hester Peirce, commissioner of the U.S. Securities and Exchange Commission (SEC), announced a proposal for the joint establishment of a "digital securities sandbox" between the United States and the United Kingdom - a special safe haven where companies in both jurisdictions can safely use blockchain technology for securities trading trials without worrying about regulatory warnings. Her letter proposed inviting the United States to participate in the "sandbox" program, which was originally proposed by the Bank of England and the Financial Conduct Authority for British companies. Peirce said that the "cross-border sandbox" may be more transformative than a purely domestic sandbox.

Hester Peirce's proposal would enable the SEC to set up a "micro-innovation sandbox" where U.S. companies would be able to: conduct a limited amount of business in the U.S., trade securities using blockchain technology, without fear of being targeted by regulators; time in the sandbox would be limited to a maximum of 2 years, with the possibility of extension; FinHub would help companies understand and adapt to the sandbox environment; companies could choose some of their own regulatory rules, but they would have to follow certain government guidelines to protect investors; if time in the sandbox is successful, then the company may be eligible for graduation and continue its activities with special permission from the regulator.