Key Notes
- El Salvadoran delegates met with the SEC to discuss launching crypto pilot initiatives.
- The proposed sandbox program would test digital assets in a controlled environment.
- The initiative aims to explore real estate tokenization and small business fundraising.
Valereum PLC, a publicly traded fintech company, announced that Carmen Elena Ochoa de Medina, Head of VLRM Markets El Salvador, was part of the delegation that met with the US Securities and Exchange Commission (SEC) on 22 April 2025.
Other members of the delegation included a Goldman Sach’s former partner, a Perkin Law Firm’s partner and the President of El Salvador’s Comisión Nacional de Activos Digitales (CNAD).
The discussion focused on identifying joint initiatives, particularly the creation of an international framework to test and regulate digital assets in a controlled environment through a cross-border regulatory sandbox.
The sandbox program, according to reports , would enable trial runs of digital assets under the shared supervision of regulatory authorities from both the United States and El Salvador.
The Sandbox
The sandbox is expected to feature two major pilot programs: real estate tokenization and small business fundraising. For real estate tokenization, an American-certified brokerage firm will collaborate with a tokenization firm in El Salvador to create property-backed digital asset projects.
The second pilot program would centre around a small business in El Salvador securing funding by issuing tokenized shares, in partnership with American-authorized broker-dealers.
If approved, the sandbox project would generate practical data that the SEC could use to decide on custody solutions and token classification. The SEC could also rely on this data to evaluate how digital assets fit within U.S. regulatory structures while potentially avoiding classification as traditional securities.
Carmen Elena Ochoa de Medina of VLRM Markets believes her organization is focused on transforming the digital asset ecosystem and promoting the global adoption of digital asset tokenization.
Following his swearing-in on April 21, 2025, SEC Chair Paul Atkins emphasized his aim to establish a firm regulatory foundation for digital assets. He stated that one of his top priorities would be to provide a rational, coherent, and principled approach to digital asset regulation, making sure that the United States remains the best and most secure place in the world to invest and conduct business in this space.
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