Fidelity asks SEC for broker‑dealer crypto rules to enable on‑chain settlement and tokenized trading

Fidelity Investments submitted formal correspondence to the SEC’s Crypto Task Force seeking a comprehensive regulatory framework for broker‑dealer digital‑asset operations, emphasizing that alternative trading system (ATS) requirements should accommodate blockchain‑based and externally issued tokenized securities ^{[1] [2] [3]}.

The firm pressed the Task Force for clearer rules on on‑chain settlement and market infrastructure, noting its participation in the SEC’s May 12, 2025 'Tokenization: Moving Assets Onchain' roundtable where Cynthia Lo Bessette represented Fidelity and discussed whether existing securities frameworks can support blockchain‑native infrastructure ^{[4] [5]}.

In its correspondence Fidelity proposed modernized reporting standards tailored to decentralized platforms and urged policy that enables ATS platforms to facilitate tradfi on‑chain integration and the trading of tokenized securities under appropriate regulatory safeguards ^{[1] [2]}.

Fidelity’s outreach asks the SEC to establish clear, comprehensive rules that would permit broker‑dealers and ATSs to operate with on‑chain settlement and tokenized securities while updating reporting and oversight approaches to reflect decentralized architectures ^{[1] [4] [2]}.