Global asset manager Fidelity urged the U.S. Securities and Exchange Commission to improve regulation of crypto assets. It said rules should clarify how broker-dealers and ATS platforms handle crypto assets.
The Block reported on March 22 that Fidelity backed the SEC’s efforts to integrate crypto assets into existing market structure, but said investor protection, transparency and market integrity must be maintained. In response to an information request made by SEC Commissioner Hester Peirce in December last year, Fidelity argued that additional guidance is needed on broker-dealers’ handling of crypto assets.
The SEC has recently signalled regulatory easing by allowing broker-dealers to take custody of both crypto-asset securities and non-security digital assets. Fidelity said more clarity is needed on trading and custody practices. It added that the SEC should set clear standards for allowing tokenised securities trading on ATS platforms and ensure broker-dealers do not bear excessive legal liability in determining the regulatory status of tokenised assets.
Chi-gyu Hwang
delight@d-today.co.kr