Fidelity asks SEC for clearer rules on tokenized assets and DeFi

Fidelity Investments told the US Securities and Exchange Commission it should continue developing a regulatory framework that allows broker‑dealers to offer, custody and trade crypto assets on alternative trading systems. The letter, submitted in response to a recent call for comments by the regulator’s Crypto Task Force, said it is “critical” to establish comprehensive rules of the road for trading tokenized securities, including those issued by third parties.

The firm noted that tokenized instruments differ in issuance structures, legalities and valuation models. Tokenized real‑world assets span asset classes such as equities, real estate, bonds and private credit, and “tokenization models vary significantly in structure and in the rights afforded to holders.” In some models, the crypto asset represents a holder’s indirect interest in the underlying security through a securities entitlement, while in others it may constitute a securities‑based swap limited to eligible contract participants.

United States

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