Fidelity urges SEC to accelerate crypto regulation framework
Fidelity has approached the SEC with a call to accelerate the development of crypto asset regulation. The company emphasized that the market needs a unified and clear regulatory framework. This includes brokers, custody of assets, and trading through alternative trading systems (ATS).
The letter was submitted in response to a request from the SEC’s Crypto Task Force.
Fidelity ranks as the third-largest asset manager in the United States. Therefore, its position carries weight with the regulator. The main focus is on tokenized securities. The company considers them a key direction for market development.
Tokenization requires new legal approaches
Fidelity noted that tokenized assets have a complex and heterogeneous structure. They can represent equities, bonds, real estate, or private credit. At the same time, investor rights vary significantly depending on the model. In some cases, a token provides indirect ownership of an asset.
In others, it may be classified as a derivative instrument, such as a securities-based swap. This limits the pool of eligible investors and complicates regulation. Different issuance mechanisms require separate rules. A one-size-fits-all approach does not work here. This makes regulatory development more challenging.
The gap between DeFi and traditional markets
Fidelity also highlighted the differences between centralized and decentralized platforms. The company believes the SEC must account for the coexistence of these models. DeFi platforms lack a single operator and therefore cannot meet standard reporting requirements.
This creates a regulatory imbalance. Fidelity proposes revising disclosure requirements. The company also supports the use of blockchain for transaction recording in ATS. This could reduce costs and improve transparency. Without adapting the rules, DeFi development may be constrained.
Regulators are already forming a stricter approach
U.S. financial regulators have already outlined their stance on tokenized assets. The Federal Reserve, FDIC, and OCC stated that such assets fall under the same requirements as traditional ones. This implies maintaining existing capital standards for banks.
Technology does not change the fundamental nature of a financial instrument. However, the SEC is also considering the possibility of creating 24/7 markets. Support for tokenization experiments already signals a shift in approach. Against this backdrop, Fidelity’s proposals could accelerate the development of a full-fledged digital asset infrastructure.
Recently we wrote that the U.S. Securities and Exchange Commission has outlined a clearer approach to regulating digital assets. SEC Chair Paul Atkins presented a set of initiatives in Washington that could reshape how crypto projects operate in the U.S. market.
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