Jamie Selway, Director of the SEC’s Division of Trading and Markets, said that the SEC is drafting a framework for the listing and trading of tokenized securities, based on the principle of “Innovation Without Arbitrage.” Meanwhile, the SEC and the CFTC are jointly reviewing and coordinating issues in rules such as data reporting requirements for swaps and security-based swaps, portfolio margin, and product definitions, and are jointly evaluating new products, including perpetual contracts. During regulatory coordination, it is necessary to avoid confusing investing with gambling, and to prevent retail investors from being offered excessive leverage.