Franklin Templeton Discusses Potential SEC Exemptions for Blockchain Trading of Tokenized Funds
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Franklin Templeton's engagement with the SEC's crypto task force on exemptions for blockchain trading of tokenized money market funds and ETFs highlights potential regulatory pathways for on-chain fund market structure. Key issues include Investment Company Act pricing rules, permissible liquidity-pool structures, and fee mechanics for liquidity providers, as well as swaps between tokenized fund shares and tokenized NMS equities. The outcome could influence near-term institutional adoption of tokenized fund rails.
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Franklin Templeton is seeking potential regulatory relief that would allow tokenized money market funds and ETFs to trade on blockchain-based venues, Huoxing Finance reported.
On Oct. 9, the global asset manager met with staff from the SEC's cryptocurrency task force to review legal questions tied to pricing, fees and the structure of asset pools. Topics included whether investors could swap blockchain-based fund shares for tokenized National Market System equities through blockchain trading venues, and whether liquidity providers would be permitted to charge service fees. The discussions touched on pricing requirements under the Investment Company Act and whether exemptions would be needed.
For tokenized ETFs, Franklin Templeton also raised questions around establishing trading pairs with tokenized equities, approved payment stablecoins, or tokenized money market funds, as well as whether liquidity pools would require exemptive relief under investment company rules.
In a preliminary disclosure dated Sept. 30, Franklin Templeton reported $1.79 trillion in assets under management.
The firm's blockchain-based fund recordkeeping effort began with the Franklin Onchain U.S. Government Money Fund, launched in 2021. The BENJI token represents shares in the fund; transferring the token transfers the underlying shares, with transactions recorded and monitored through the Benji Technology Platform.
