A U.S. Securities and Exchange Commission meeting set for Aug. 14 could become an important marker for digital-asset policy if the agency moves toward a dedicated regime for crypto token issuance and sales, TD Cowen said. The firm said the SEC may ultimately establish a separate regulatory framework for the legal issuance and sale of tokens by cryptocurrency projects, and that an initial step could be a safe harbor allowing early-stage token sales to proceed without securities registration for a defined period. The Block reported the view on Aug. 11, highlighting the possibility of a more tailored approach to token fundraising than the SEC has historically applied under securities law.