The U.S. Securities and Exchange Commission's Crypto Task Force met with El Salvador's National Commission on Digital Assets (CNAD), Perkin Law Firm, and former Goldman Sachs partner Heather Shemilt to discuss launching a cross-border regulatory sandbox for cryptocurrency innovation. The proposed initiative would allow U.S. regulators to observe real-world tokenization pilots in El Salvador, including two pilot programs: one involving a U.S.-licensed broker acquiring tokenized local property, and another focused on token-based fundraising for small businesses. Pilot costs are capped at $10,000 per project. The sandbox aims to provide the SEC with practical data on token issuance, custody, broker-dealer roles, and offering structures. The effort is backed by CNAD president Juan Carlos Reyes, advisor Erica Perkin, and former CNAD regulator Carmen Elena Ochoa de Medina. SEC Commissioner Hester Peirce's call for cross-border experimentation was cited as an influence. El Salvador has offered to let U.S. firms experiment with tokenized real estate and small business equity in the country, and companies like Tether have been mentioned as participants. The proposal follows a recent meeting between President Donald Trump and El Salvador's President Nayib Bukele, and builds on El Salvador's experience with Bitcoin, including making it legal tender and holding $573 million in Bitcoin as of April 2025.