Some blockchain token projects may be allowed to bypass U.S. securities registration requirements by obtaining so-called no-action letters from the Securities and Exchange Commission (SEC), an agency official said.

Speaking at a gathering in New York Thursday evening hosted by the Wall Street Blockchain Alliance (WSBA), Valerie A. Szczepanik made it clear that such letters would be rare. Nevertheless, they are not unheard-of.

“I think that’s a way forward for a lot of people who want to implement some of these things that may not exactly fit in the format of the rules that we want,” said Szczepanik, who was appointed the SEC’s first-ever senior advisor for digital assets and innovation in June.

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