{"id":79968,"date":"2024-05-30T16:53:30","date_gmt":"2024-05-30T20:53:30","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=79968"},"modified":"2024-05-30T16:54:12","modified_gmt":"2024-05-30T20:54:12","slug":"hester-peirce-proposes-for-cross-border-digital-securities-sandbox","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/hester-peirce-proposes-for-cross-border-digital-securities-sandbox\/","title":{"rendered":"Hester Peirce Proposes for Cross-border Digital Securities Sandbox"},"content":{"rendered":"\n


In response to an FCA-BoE consultation, SEC Commissioner Hester Peirce<\/a> proposed a cross-border digital securities sandbox.<\/p>\n\n\n\n

\"Hester
Hester Peirce Proposes for Cross-border Digital Securities Sandbox<\/figcaption><\/figure>\n\n\n\n

Allowing businesses in the US and the UK to test distributed ledger technology<\/a> (DLT) under a single legal framework is the proposal's way of encouraging innovation and improving regulatory monitoring.\u00a0Peirce stated in the\u00a0response:<\/p>\n\n\n\n

\n

“This joint proposal reflects a commendable commitment to incorporating innovation into the financial system”. <\/p>\n<\/blockquote>\n\n\n\n

She argued in favor of expanding eligibility for the UK's digital securities sandbox<\/a> (DSS) to include companies with US domiciles, arguing that this would encourage international innovation. <\/p>\n\n\n\n

Peirce highlighted the advantages of a cross-border sandbox, enabling businesses to function under identical regulatory frameworks in both jurisdictions. <\/p>\n\n\n\n

Another point she made was the success of the FCA's sandbox, where businesses have raised more money and improved their business models through testing in the real world. <\/p>\n\n\n\n

\n

\ud83d\udea8NEW: @SECGov\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> Commissioner @HesterPeirce<\/use><\/svg><\/span><\/a> has announced a proposal for a joint US\/UK \u201cdigital securities sandbox\u201d \u2014 a special safe harbor where companies in both jurisdictions can safely experiment using blockchain technology for trading securities without fear of regulatory\u2026<\/p>— Eleanor Terrett (@EleanorTerrett) May 30, 2024<\/use><\/svg><\/span><\/a><\/blockquote>

“Sandboxes have proven effective in facilitating innovation in highly regulated sectors,” Peirce noted. She also noted that, according to 85% of sandbox regulators, sandboxes aid in evaluating the suitability of legal or regulatory frameworks<\/use><\/svg><\/span><\/a>, providing regulators with essential insights into developing technology. <\/p>\n\n\n\n

Peirce emphasized the revolutionary possibilities of a cross-border sandbox in his conclusion, noting that it may allow asset fractionalization, improve market transparency, and cut costs.\u00a0she said:<\/p>\n\n\n\n

\n

“This consultation offers a timely opportunity to discuss greater cross-border collaboration in facilitating innovation” <\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"

In response to an FCA-BoE consultation, SEC Commissioner Hester Peirce proposed a cross-border digital securities sandbox. Allowing businesses in the US and the UK to test distributed ledger technology (DLT) under a single legal framework is the proposal’s way of encouraging innovation and improving regulatory monitoring.\u00a0Peirce stated in the\u00a0response: “This joint proposal reflects a commendable […]<\/p>\n","protected":false},"author":43,"featured_media":79969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[17608,19786,1092],"class_list":["post-79968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-digital-securities-sandbox","tag-dss","tag-sec-commissioner"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/05\/croc_1717099158888.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=79968"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/79968\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/79969"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=79968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=79968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=79968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}