The U.S. Securities and Exchange Commission's (SEC) Crypto Task Force recently held meetings with Nasdaq and decentralized finance (DeFi) startups to discuss the tokenization of securities using public blockchain technology. The discussions included the concept of a regulatory sandbox that would allow issuers to self-certify asset classifications under light-touch disclosure standards. During a May 21 meeting, Nasdaq advocated for digital asset-friendly venues and requested authorization for a new 'ATS-Digital' platform to list digital asset investment contracts alongside commodity-style tokens. The exchange also called for a joint safe harbor with the Commodity Futures Trading Commission (CFTC) for assets with uncertain regulatory status, while emphasizing the need to maintain national market system protections. Commissioner Mark Uyeda has signaled support for such efforts. Other industry participants, such as Plume Network, which met with the SEC on May 22, and Etherealize, proposed regulatory sandboxes for on-chain markets and updates to transfer agent rules to accommodate blockchain-based share registers. These groups urged the SEC to provide clear guidance and to consider pilot programs for smart contract-based corporate actions. Separately, Ripple submitted a letter to the SEC proposing a 'maturity' or 'network maturity' test to determine when crypto tokens should no longer be considered securities. Ripple's proposal seeks greater regulatory clarity on when digital assets, including XRP, are distinct from investment contracts. The SEC is scheduled to host its annual asset management conference on June 5, which will focus on digital assets and tokenization. SEC Commissioner Hester Peirce and panelists from BlackRock, Fidelity, and Franklin Templeton are set to participate in sessions addressing these topics. SEC Chairman Paul Atkins has emphasized the agency's commitment to promoting innovation and transparent rulemaking in the digital asset sector.