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The Securities and Exchange Commission (SEC) has approved the application of Blockshoals Technologies, Inc., to enter its regulatory sandbox, the agency announced.
The approval is for a proposal that involves Blockshoals, a domestic fintech firm which entered into a partnership with a global crypto exchange to operationalize its services. The global crypto exchange is not identified in the press release.
- It is important to emphasize that what the SEC is approving is Blockshoalās application to the sandbox trial.
The Commission En Banc granted āin-principle approvalā to Blockshoals on November 12 , subject to the firmās compliance with certain remaining requirements. According to the SEC, Blockshoals serves as a ātechnology and infrastructure intermediary for virtual asset servicesā.
The SEC StratBox Program
The SEC StratBox, as outlined in SEC Memorandum Circular No. 9, Series of 2024, serves as the agencyās regulatory sandbox. It allows firms to test innovative products or services in a live, controlled setting before a wider public offering.
A key feature of the program is that the SEC may grant temporary āregulatory reliefsā to participants, modifying specific licensing, registration, or compliance requirements during the test period.
Blockshoalsā testing period is set to run for 24 months, with a possibility of being shortened or extended after the first year following a periodic review.
Sandbox Context: From US Equities to Tokenized Real Estate
The approval of Blockshoalsā application brings the total number of entities in the SEC StratBox to four. The other three participants include two firms testing services related to the offering of US equities and one focused on tokenized real estate.
The SEC stated that it ācontinues to review other applicationsā¦ as part of the Commissionās commitment to advancing innovations in the capital marketā.
This article is published on BitPinas: SEC Approves Blockshoalsā Sandbox Entry with Global Crypto Exchange Partner
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