Source: Cointelegraph
Original: “In the Wake of Deportation Backlash, SEC Discusses Deepening Ties with El Salvador”
The officials of the U.S. Securities and Exchange Commission (SEC) cryptocurrency working group met with the National Digital Assets Commission of El Salvador (CNAD) to discuss regulatory issues and the proposed cross-border sandbox program.
In a memorandum dated April 22, the SEC cryptocurrency working group reported that they met with officials from El Salvador, Perkins Coie LLP, and former Goldman Sachs partner Heather Shemilt as part of the commission's engagement with the industry. Representatives discussed cross-border cooperation in cryptocurrency regulation between the U.S. and El Salvador at a time when relations between the two countries have become a national focus due to immigration issues and the U.S. deporting individuals to Salvadoran prisons.
According to the meeting records, the National Commission of El Salvador agreed to collaborate with the SEC to establish a sandbox pilot project, with a cap of $10,000 for each scenario. The project proposes to allow U.S.-licensed brokers to obtain digital asset licenses in El Salvador and collaborate with local companies to issue "non-security" tokens.
Many in the cryptocurrency industry believe that El Salvador President Nayib Bukele is the driving force behind the country's adoption of cryptocurrency, as El Salvador has been advancing this effort since he announced in 2021 that Bitcoin (BTC) would be adopted as legal tender through legislation. Bukele met with U.S. President Trump on April 14 to discuss a $6 million agreement, under which the Trump administration has been sending immigrants (whose legal status in the U.S. is unclear) to Salvadoran prisons. Some of these deportations have violated federal court orders.
New SEC Chair Sworn In
It remains unclear whether the Trump administration intends to deepen ties with El Salvador through additional regulatory partnerships or by intensifying deportations under existing agreements. Cointelegraph reached out to SEC Commissioner Hester Peirce, who oversees the cryptocurrency working group, for comment but did not receive a response by the time of publication.
About a day before the meeting report was released, the SEC announced that Paul Atkins had been sworn in as the new chair of the commission, succeeding Gary Gensler and acting chair Mark Uyeda. During the swearing-in ceremony, Atkins stated that his top priority is to "provide a solid regulatory foundation for digital assets."
Related: Amid Tariff Turmoil, U.S. Exchanges Make Big Bets on Cryptocurrency Derivatives
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