Fidelity Urges SEC to Shape Rules on Tokenized Real Assets and Crypto Trading

Fidelity Seeks Clear SEC Rules on Broker-Dealer Crypto Actions and Asset Tokenization

Fidelity Investments, one of the top asset managers in the United States, asks the SEC to shape rules for crypto trading. Fidelity writes a letter to the SEC Crypto Task Force. In the letter, Fidelity stresses a need for clear rules that cover custody, trading, and the sale of crypto assets. The focus is on tokenized securities that move on alternative trading systems.

Fidelity points out that tokenized tools cover many real assets. These assets include stocks, property, bonds, and private loans. The company shows that token models vary in legal form and in the rights they give holders. For example:
• Some tokens give a right to an indirect interest in a security.
• Others provide a security swap that can work only for certain users.

Bridging the Gap Between Centralized Trading and DeFi

Fidelity asks the SEC to link rules for classic and new trading systems. The letter talks about both types of venues. A key issue is that new platforms do not make reports in detail because they lack a single lead authority. Fidelity asks for a change in SEC report rules so that these new systems do not face too heavy a load. The goal is to keep the market open and clear.

Modernizing Operations With Distributed Ledger Technology

Fidelity asks the SEC to allow broker-dealers to use distributed ledger technology in market systems. The company supports a move to update market operations. This idea connects blockchain systems with standard recordkeeping while keeping up with rules.

US Regulators Set Capital Rules for Tokenized Assets Equal to Their Traditional Forms

In March, regulators like the Federal Reserve, FDIC, and OCC spoke together. They said that tokens covering stocks, bonds, and property are bound by the same bank capital rules as standard assets. The note makes it clear that a token’s form does not change its capital needs.

Summary

Fidelity’s letter to the SEC shows how real assets, tokenization, and a new kind of trading work together. The key points are:
• Rules must match the different kinds of tokenized assets and trading setups.
• Market rules need to accept new systems like blockchain recordkeeping.
• The market must join classic and new trading methods so that both can work.
• Tokenized assets must meet the same conditions as standard ones, even in capital needs.

Fidelity uses simple links between each word and its partner to make this guidance clear. The company asks for rules that are easy to grasp and can work well for all market players.

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