The SEC's Hester Peirce proposed a 'cross-border sandbox' where the U.S. and the U.K. would allow crypto firms to participate for two years.
U.S. Sec urities and Exchange Commission's Hester Peirce proposed a "cross-border sandbox" where the U.S. and the UK would allow crypto firms to perform certain activities under regulators' oversight for two years.
"I write to make the case for a cross-border sandbox between our respective jurisdictions, which would build on the promise of the DSS and serve our investors, market participants, and regulators. This letter outlines one simple approach that our jurisdictions could take to implementing a cross-border sandbox," Peirce said in a statement on Wednesday.
Peirce, who has also been dubbed the nickname "crypto mom," has proposed solutions before on ways to regulate the crypto industry. In 2020, Peirce proposed a three-year "safe harbor period," where innovators are allowed to get blockchain-based digital projects up and running without having to register and follow certain federal securities laws.
Firms that take part in the sandbox could participate for two years if they don't exceed "customer limitations" or that monetary cap, Peirce said.
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