Original sourceTechTimes
Summary
The SEC's Division of Investment Management has issued its first no-action letter, allowing Franklin Templeton's fund complex to use a blockchain-based tokenized money market fund (BENJI) for cash management without traditional physical custody. The letter outlines 12 conditions, forming a regulato…
Key points
- Provides a regulatory precedent for tokenized funds, affecting compliance and product design in asset management.
- This is the SEC's first clear regulatory blueprint for a tokenized fund, supporting the legitimization of tokenized assets.
- Lower compliance costs for tokenized money market funds may attract more issuers.
Editorial note
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