The SEC said it will not pursue enforcement action if Franklin Templeton’s funds start investing cash in the asset manager’s own tokenized money market fund.
Franklin Templeton received the regulatory nod to invest in its own blockchain-based money-market fund under specific guardrails, without having to adhere to physical custody regulations.
The Securities and Exchange Commission (SEC) issued a no-action letter on Wednesday stating it won’t take enforcement action if Franklin Templeton fund managers invest cash in the Franklin OnChain U.S. Government Money Fund, an interest-bearing tokenized fund that invests in US government securities and aims to maintain a stable $1 share price.
The SEC will also allow the affiliated transfer agent, Franklin Templeton Investor Services (FTIS), to act as custodian for the tokenized funds and hold their private keys without adhering to existing physical-custody rules. It comes in response to Franklin Templeton’s formal no-action request letter sent earlier on Wednesday.&
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments