CTF Written Submission

Digital Assets Sandbox Comment

June 6, 2025
  • Sandboxes should have clear objectives, focused scope, transparent procedures, prudent guardrails, and appropriately timed durations and exit procedures.
  • The existing market structure and regulatory regime, including Regulation NMS, can accommodate many elements needed to tokenize securities, making a sandbox unnecessary for this purpose.
  • Sandbox exemptions may be useful for digital assets that exhibit some but not all attributes of securities and to address friction points in the current system for trading tokenized securities

Last Reviewed or Updated: June 6, 2025