El Salvador’s Top Crypto Regulator Meets With US Sec: ‘It Was Very Refreshing’

“We Want to Create International Collaboration,” Juan Carlos Reyes, President of the CNAD, Told Coindesk in An Interview. “OUR Biggest Message is that Digital Assets Don’t Have Any Geographical Barriers. Collaboration with Regulators Should not Have International Barriers Either.”

El Salvador is in a unique situation in that it it did not Boast of Strong Finng Financial Institutions, or Even of An Existence Ecosystem Means The Cnad Was Able to Start with A Blank Slate WHEN It INTRUDUCED A REGulatory Framework tailored to Crypto.

ALMOST TWO YEARS LATER REYTES TOOK OVERY, El Salvador’s Advanced Regulatory Framework Has Incentivized Crypto giants Such as Tether, Bitfinex and Opinex and Opineex and Opinex and Binn.

The Idea, Reyes Said, is for the US Sec to Now Use El Salvador As A Live, Real-World Case Study to Evalue Streamlined Regulatory Approaches For Digital Assets-in Other Words, For Words, Forvate. Experience As It Revamps Its Own Regulatory Framework in a Post-Gensler World.

The Pilot Program Propsed by the Cnad Involves Different Scenarios: A US-Licensed Traditional Finance Broker Obtaining A Digital Asset License Under Cnad Regulations, and The Development. Offerings facilitated by a cnad-clicked tokenization company. Each Scenario would be cappied at $ 10,000.

THESE INITIATIVES Wuld Support Some of the Objectives Laid Out by SEC Commissioner Hester Peirce in February, Who She Wrote The Sec Crypto Task Force Approach Towards Crypto Regulation from here on out.

“CNAD REALLY LOOKED AT [Pierce’s document] with A Critical Eye as to How We Can Help, ”Erica Perkin, Owner of the Perkin Law Firm and A Member of Cnad’s Advisory Group, Told Coindesk.“ We’re Here. There’s Data [the SEC] MIGHT WANT TO COLLECT. It’s Dificult to Collect in the Us… We’ve Built a Framework that’s Nimble Enough To Work on the Exact Issues of the Sec Is Looking At, And We’re Here To.

The CNAD Met with the Sec’s Crypto Task Force on April 22 to Discuss the Initiative. The Meeting Was constructive, accounting to reyes and perkin. “They Asked Good Questions,” Perkin Said. “They in an information-Gatering Phase. They Were Englished and Open to Discussion.”

Reyes have already sigrated regulatory of cooperations with Countries Such as Argentina and Paraguay. In his view, the Sec Sems to be Ahead of the Curve WHEN IT METSSES TO UNDERDANDING The REGulatory Needs of Digital Assets, Whereas Regulators in Other Jurisditsdices. Finance Perspective.

“The quality of people that make up the Sec Crypto Task Force is quit ImpResive. They get it. They Understand the Technology,“ Reyes Said. “We Were Able to Have Discussions that Were on Point About What’s Needed In Order To Regular the Technology… It Was Very Refreshing.”