On April 24, the U.S. Securities and Exchange Commission (SEC) Crypto Assets Working Group released a meeting memorandum reporting on discussions between Ondo Finance and Davis Polk & Wardwell LLP representatives and the SEC Crypto Working Group. The meeting covered key issues including tokenized securities structural models, registration and broker-dealer requirements, market structure regulation, financial crime compliance, and state corporate law. Ondo Finance sought a regulatory sandbox or other regulatory exemptions to facilitate the issuance of its tokenized asset products. This discussion aimed to establish a clear regulatory framework for tokenized securities in the U.S. market.