Connect with us

Coin Market

SEC discusses deepening US-El Salvador ties amid deportation backlash

Published

on

Officials with the US Securities and Exchange Commission’s (SEC) crypto task force met with the El Salvador National Commission on Digital Assets (CNAD) to discuss regulation and a proposed cross-border sandbox.

In an April 22 memo, the SEC’s crypto task force reported meeting with officials from El Salvador, Perkin Law Firm, and former Goldman Sachs partner Heather Shemilt as part of the commission’s outreach to the industry. The representatives discussed US-El Salvador cross-border collaboration on crypto regulation at a time when the relationship between the two countries was in the national spotlight over immigration and US deportations to an El Salvador prison.

According to the meeting notes, El Salvador’s national commission agreed to collaborate with the SEC to establish a sandbox pilot program, capped at $10,000 for each scenario. The program proposed allowing brokers licensed in the US to obtain a digital asset license in El Salvador and issue “non-securities” tokens in collaboration with a local company.

Many in the crypto industry see Salvadoran President Nayib Bukele as behind the country’s efforts to adopt cryptocurrency since he announced legislation to recognize Bitcoin (BTC) as legal tender in 2021. Bukele met with US President Donald Trump on April 14, discussing details of a $6 million deal in which the Trump administration has been sending immigrants, whose legal status to be in the US is unclear, to prisons in El Salvador. Some of these deportations violated orders from federal judges.

Related: Bitcoin takes back seat as Trump, Bukele focus on trade and immigration

New SEC chair sworn in

It’s unclear if the Trump administration may intend to deepen ties to El Salvador through additional regulatory partnerships or stepping up deportations in its existing deal. Cointelegraph reached out to SEC Commissioner Hester Peirce, who heads the crypto task force, for comment, but did not receive a response at the time of publication.

The meeting report came roughly a day after the SEC announced that Paul Atkins had been sworn in as the commission’s new chair, following Gary Gensler and acting chair Mark Uyeda. During his swearing-in ceremony, Atkins said his top priority would be to “provide a firm regulatory foundation for digital assets.” 

Magazine: Ethereum maxis should become ‘assholes’ to win TradFi tokenization race

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Coin Market

US law firm attempts to block transfer of frozen ETH from Kelp exploit

Published

on

By

Gerstein Harrow has filed similar cases in the past, arguing its clients have a claim to funds stolen by the DPRK and frozen by crypto firms.

Continue Reading

Coin Market

Bitcoin climbs past $80K for the first time since January

Published

on

By

Bitcoin soared as the MSCI AC Asia Index rose to a new high on Monday, an early indicator that investors viewed the weekend developments in a reasonably positive light.

Continue Reading

Coin Market

‘Stablecoins’ are an outdated term from crypto’s early years: a16z Crypto

Published

on

By

John Palmer, a developer and brand adviser, said it “feels like a bug” to call them stablecoins and that they should have a self-defined and non-reactionary name.

Continue Reading

Trending