2024

Boost

when

<ul class="list-ic vertical"> 
 <li> 1 <a>Hester Peirce, the SEC commissioner proposed a cross-border Digital Securities Sandbox for the US and UK.&nbsp;</a> </li> 
 <li> 2 <a>The proposal aims to foster innovation in the financial system and blockchain technology experiments for trading securities.&nbsp;&nbsp;</a> </li> 
 <li> 3 <a>The crypto community is celebrating the proposal, expecting Peirce’s positive involvement in the crypto industry.</a> </li> 
</ul> 
On May 29, the Securities and Commission Exchange (SEC) commissioner, Hester Peirce supported the Digital Securities Sandbox (DSS) for the United States (US) and the United Kingdom (UK). The cross-border DSS would incorporate innovation into the financial system and foster trading securities.&nbsp;&nbsp;&nbsp; 
Support to DSS came when the SEC was heavily engaged with the spot Ethereum Exchange Traded Funds (ETFs).&nbsp;&nbsp;&nbsp;&nbsp; 
<h2 class="wp-block-heading" id="strong-why-is-hester-peirce-supporting-cross-border-sandbox-strong">Why is Hester Peirce Supporting Cross-Border Sandbox?&nbsp;</h2> 
After the Bank of England (BoE) and the Financial Conduct Authority (FCA), Hester Peirce joined the UK/US DSS to offer a safe <a href="https://www.thecoinrepublic.com/2024/05/01/litecoin-cardano-ripple-all-deemed-zombie-blockchains-by-forbes-are-they-dead-or-hibernating/" target="_blank" rel="noreferrer noopener">blockchain</a> experiment environment. Peirce aims to provide both countries with a platform to conduct the same sandbox activities under the same regulations.&nbsp; 
Eleanor Terrett, a crypto Journalist shared the news over X.&nbsp;&nbsp; 
<center>
 <blockquote class="twitter-tweet">
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">NEW: <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw">@SECGov</a> Commissioner <a href="https://twitter.com/HesterPeirce?ref_src=twsrc%5Etfw">@HesterPeirce</a> has announced a proposal for a joint US/UK “digital securities sandbox” — a special safe harbor where companies in both jurisdictions can safely experiment using blockchain technology for trading securities without fear of regulatory…— Eleanor Terrett (@EleanorTerrett) <a href="https://twitter.com/EleanorTerrett/status/1796190525352968661?ref_src=twsrc%5Etfw">May 30, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
Cross-border DSS&nbsp; fosters innovation and improves crypto regulations. It will permit the US/UK firms to experiment with Distributed Ledger Technology (DLT) to streamline issuance, trading, and securities settlement.&nbsp; 
In the same way, the cross-border DSS can also permit individuals and investors to access market products and services, considered more transformative than a Solely domestic one.&nbsp; 
Other benefits are well-integrated financial markets, shared roles as global financial service providers, and more data on complex emerging technologies. Moreover, DSS was introduced by the BoE and FCA to streamline issuance, trading, and securities settlement.&nbsp;&nbsp;&nbsp;&nbsp; 
<h3 class="wp-block-heading" id="strong-the-need-for-digital-securities-sandbox-strong">The Need for Digital Securities Sandbox</h3> 
The DSS concept came into focus when the team published a consultation paper (CP) in April 2024. 
Introduced by BoE and FCA, it permits companies to experiment with developing technologies such as Blockchain. However, adopting the sandbox requires operating under a certain set of rules and regulations lasting over 5 years. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="248" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-407-1024x248.png" alt="Sandbox" class="wp-image-207483" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-407-1024x248.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-407-300x73.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-407-768x186.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-407-1536x372.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-407-750x182.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-407-1140x276.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-407.png 1561w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
DSS Offering I Source: BoE 
DSS facilitates innovation, protects financial stability, and safeguards market integrity and cleanliness. Moreover, equities, money market instruments, corporate and government bonds, emissions allowances, and fund units are some financial instruments in the DSS.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 
Likewise, the closing date for responses to the consultation paper was May 29, 2024. Hence, Peirce commented to the CP on the last day.&nbsp;&nbsp; 
<h3 class="wp-block-heading" id="strong-community-on-the-proposal-strong">Community on the Proposal</h3> 
Peirce’s suggestion surprised the crypto community and sparked a silver lining for upcoming upgrades in the crypto industry. The crypto enthusiasts appreciated the commissioner’s suggestion. 
Gravez, the founder of Render Audio appreciated Hester Peirce’s move and thanked her for being one of the few beneficiaries who support regulations in the crypto industry. Denoted her as a real advocate for the entire crypto community.&nbsp;&nbsp; 
<center>
 <blockquote class="twitter-tweet">
 Salute to Hester for being one of the few beneficiaries in the push for regulation in this space. She’s been a real advocate for the entire crypto community behind the scenes and absolutely deserves more credit for the great work she’s putting in <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4af.png" alt="💯" class="wp-smiley" style="height: 1em; max-height: 1em;">— Gravez (@GravezMusic) <a href="https://twitter.com/GravezMusic/status/1796359207530459191?ref_src=twsrc%5Etfw">May 31, 2024</a>
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center> 
Moreover, a few of the community members are demanding Peirce as a new SEC chairwoman.

Sandbox To Get A Major Boost Amid Support From SEC Commissioner?

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