Jamie Selway, Director of the U.S. SEC Division of Trading and Markets, said the SEC is developing a framework for the listing and trading of tokenized securities, guided by the principle of “Innovation Without Arbitrage.” At the same time, the SEC and the CFTC are jointly reviewing coordination issues between rules on swaps and security-based swap data reporting, portfolio margin, and product definitions, and together assessing new products, including perpetual contracts. During regulatory coordination, care must be taken to avoid confusing investing with gambling and to prevent retail investors from being offered excessive leverage.