The U.S. Securities and Exchange Commission’s (SEC) crypto-focused task force, led by Commissioner Hester Peirce, is continuing discussions with digital asset firms as the agency weighs updates to its regulatory framework.
A notice dated April 24 revealed that the SEC met with representatives from Ondo Finance and legal firm Davis Polk & Wardwell. The conversation centered around the tokenization of publicly traded U.S. securities and the legal pathways for offering them. Notably, Ondo Finance had previously contributed $1 million to Donald Trump’s inauguration, and Davis Polk recently took on legal representation for Trump’s media platform, Truth Social, in connection with upcoming crypto-related ETF initiatives.
Per the meeting summary, Ondo aimed to address regulatory registration, compliance obligations for tokenized financial products, and the possibility of launching a regulatory sandbox to test these innovations.
This meeting follows the recent leadership transition at the SEC, with former commissioner and Trump nominee Paul Atkins assuming the chairmanship on April 21. While Atkins has not yet outlined formal policies, his tenure could signal a shift in the SEC’s stance on digital assets.
Ongoing Industry Engagement Under New SEC Leadership
Looking ahead, the crypto task force will hold a roundtable discussion on April 25 focused on crypto custody solutions. Participants will include representatives from Kraken, Anchorage Digital Bank, WisdomTree, and other key players. With digital asset ETFs gaining traction since their approval in 2024, institutional interest in secure crypto custody services has intensified.
Although the SEC has not specified whether enforcement activity will ramp up or ease under Atkins, it has affirmed its commitment to pursuing fraud cases. However, on April 21, the agency dismissed its case against Hex founder Richard Heart.
Additionally, investigations and lawsuits against major crypto firms like Ripple, Coinbase, and Kraken are being dropped. All three entities either contributed financially to Trump’s 2024 campaign or had executives involved in his inauguration efforts.
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