#SEC Commissioner Hester Peirce @HesterPeirce has proposed a US-UK cross-border regulatory sandbox for crypto and tokenized assets, aiming to foster innovation in digital securities, real-world assets (RWAs), stablecoins, and DeFi. IMO: Crypto is going global. First introduced in a May 29, 2024, comment letter to the Bank of England and Financial Conduct Authority (FCA) in response to their Digital Securities Sandbox (DSS) consultation, Peirce expanded on the idea in a July 16, 2025, speech at the Guildhall in London. The sandbox would allow firms in both the US and UK to test blockchain-based technologies, such as tokenized securities, under a unified set of regulatory conditions for up to two years. This aims to streamline issuance, trading, and settlement while maintaining investor protection, market integrity, and financial stability. Peirce suggests a US "micro-innovation sandbox" paired with the UK’s DSS, enabling firms to operate under consistent rules across both jurisdictions. Eligible activities, set by public input, would include tokenization of assets like real estate, stablecoins, and DeFi protocols, with monetary and customer ceilings to limit risks. Firms can experiment in both markets simultaneously, fostering cross-border innovation and reducing regulatory barriers. Shared data from experiments would provide richer insights into blockchain technology’s impact, aiding policy development. Increased access to innovative financial products and services, potentially lowering costs and enhancing transparency through tokenization.