Fidelity has called on the US Securities and Exchange Commission to establish comprehensive regulations for blockchain-based securities, aiming to reduce legal uncertainties and support tokenised markets’ growth.
Fidelity Investments has urged the US Securities and Exchange Commission to issue clear, comprehensive rules for market participants that deal in digital assets and tokenised securities, according to a letter the firm submitted to the SEC’s Crypto Task Force last week, as reported by Moneycheck. The correspondence, sent in response to a December request for input from SEC Commissioner Hester Peirce, sets out a roadmap of rule changes Fidelity says are needed to bring trading, custody and reporting practices for blockchain-based instruments into line with mainstream markets.
Fidelity told regulators it broadly supports modernising capital markets to accommodate emerging technologies but said significant legal and operational uncertainty persists across several areas. The firm’s submission concentrated on four priorities. First, it asked the SEC to clarify the obligations and permissible activities for broker-dealers that custody or trade digital assets, noting recent agency guidance that has allowed broker-dealers to hold both crypto securities and non-security tokens but arguing that further detail is needed on trading and custody protocols.
Second, Fidelity pressed for explicit rules enabling alternative trading systems to host trading in tokenised securities issued by third parties. The firm recommended that tokenised versions of conventional instruments , equities, bonds, real estate interests and private credit , should be treated consistently with their underlying assets so that classification, compliance and liability questions do not differ simply because a blockchain ledger is used.
Third, the submission sought latitude for broker-dealers to use on-chain recordkeeping and settlement mechanisms for regulatory books and records, while asking the SEC to confirm such activity would not automatically trigger clearing agency regulation. Finally, Fidelity proposed revised reporting frameworks that reflect the governance constraints of decentralised finance platforms, arguing that distributed protocols often cannot meet the same centralised reporting obligations as traditional exchanges without disproportionate burdens.
Roberto Braceras, Fidelity’s general counsel, urged the SEC to assess how centralised and decentralised trading infrastructures can operate alongside one another, underscoring the firm’s view that regulatory approaches should accommodate structural differences rather than impose one-size-fits-all requirements.
Fidelity’s filing followed Commissioner Peirce’s invitation to the industry to engage on how national securities exchanges and alternative trading systems should operate when handling crypto transactions. Speaking publicly in recent months, Peirce has encouraged tokenisation projects to maintain direct dialogue with regulators, a shift away from a predominantly enforcement-oriented stance.
The call for clarity arrives against parallel guidance from federal banking overseers. On 5 March 2026 the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency issued a joint statement affirming that an eligible tokenised security should generally receive the same capital treatment as its non-tokenised equivalent, and that capital rules are technology-neutral. The agencies urged banks holding tokenised securities to apply prudent risk management and comply with applicable laws, emphasising that the choice of technology for issuance or trading does not by itself change capital adequacy treatment, according to press releases from the Federal Reserve, the FDIC and the OCC.
Industry participants and market infrastructure providers have signalled interest in experimental tokenised trading initiatives, and SEC officials including former Chairman Paul Atkins have expressed support for pilots designed to keep markets running continuously. Yet market lawyers and compliance teams remain concerned about how existing securities laws and exchange rules apply when tokens and decentralised governance structures are involved.
Fidelity’s submission reflects those anxieties and presses for an SEC rulebook that reduces legal ambiguity for broker-dealers and trading platforms while preserving investor protections. According to Moneycheck, the firm warned that without clearer definitions and tailored reporting standards, broker-dealers could face uneven liabilities and tokenisation projects might be stifled by regulatory uncertainty.
As regulators weigh responses, market participants will be watching whether the SEC moves from interpretive guidance and pilot approvals toward binding regulations that reconcile the technology-neutral capital guidance from banking agencies with the operational and governance realities of tokenised markets.
- https://moneycheck.com/fidelity-calls-on-sec-to-establish-comprehensive-crypto-asset-regulations/ – Please view link – unable to able to access data
- https://www.federalreserve.gov/newsevents/pressreleases/bcreg20260305a.htm – On March 5, 2026, the Federal Reserve, along with the FDIC and OCC, issued a joint press release clarifying the capital treatment of tokenized securities. They stated that an eligible tokenized security should generally receive the same capital treatment as its non-tokenized counterpart under existing capital rules. The agencies emphasized that the capital rule is technology-neutral, meaning the technologies used to issue and transact in a security do not generally impact its capital treatment. Banks holding tokenized securities are advised to apply sound risk management practices and comply with applicable laws and regulations.
- https://www.fdic.gov/news/press-releases/2026/agencies-clarify-capital-treatment-tokenized-securities – The Federal Deposit Insurance Corporation, in coordination with the Federal Reserve and OCC, released a joint statement on March 5, 2026, to clarify the capital treatment of tokenized securities. The agencies confirmed that an eligible tokenized security should receive the same capital treatment as its non-tokenized form under the capital rule. They also noted that the capital rule is technology-neutral, indicating that the technologies used to issue and transact in a security do not generally impact its capital treatment. Banks holding tokenized securities are expected to apply sound risk management practices and comply with applicable laws and regulations.
- https://www.occ.gov/news-issuances/news-releases/2026/nr-ia-2026-14.html – On March 5, 2026, the Office of the Comptroller of the Currency, along with the Federal Reserve and FDIC, issued a joint statement to clarify the capital treatment of tokenized securities. The agencies stated that an eligible tokenized security should generally receive the same capital treatment as its non-tokenized counterpart under the capital rule. They emphasized that the capital rule is technology-neutral, meaning the technologies used to issue and transact in a security do not generally impact its capital treatment. Banks holding tokenized securities are advised to apply sound risk management practices and comply with applicable laws and regulations.
- https://www.cutoday.info/Fresh-Today/Fed-FDIC-OCC-Issue-Guidance-On-Capital-Treatment-Of-Tokenized-Securities – On March 5, 2026, the Federal Reserve, FDIC, and OCC issued guidance on the capital treatment of tokenized securities. They clarified that an eligible tokenized security should receive the same capital treatment as its non-tokenized counterpart under existing capital rules. The agencies emphasized that the capital rule is technology-neutral, meaning the technologies used to issue and transact in a security do not generally impact its capital treatment. Banks holding tokenized securities are expected to apply sound risk management practices and comply with applicable laws and regulations.
- https://www.banklesstimes.com/articles/2026/03/06/fed-clarifies-capital-rules-for-tokenized-securities/ – The Federal Reserve, along with the FDIC and OCC, clarified the capital treatment of tokenized securities in a joint statement released on March 5, 2026. They stated that an eligible tokenized security should receive the same capital treatment as its non-tokenized counterpart under existing capital rules. The agencies emphasized that the capital rule is technology-neutral, meaning the technologies used to issue and transact in a security do not generally impact its capital treatment. Banks holding tokenized securities are advised to apply sound risk management practices and comply with applicable laws and regulations.
- https://www.fidelity.com/learning-center/wealth-management-insights/crypto-and-estate-planning – Fidelity Investments provides guidance on crypto and estate planning, highlighting the importance of discussing cryptocurrency holdings with an estate planning attorney. They emphasize that possession of the encrypted password or key is essentially possession of the crypto assets, which can have significant estate planning consequences if someone other than an intended beneficiary gains access to the key. Fidelity advises individuals to consider how their heirs or fiduciary would access their crypto assets and to keep their estate plan up to date with any changes in their cryptocurrency holdings.
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The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
3
Notes:
The article references a letter from Fidelity Investments to the SEC’s Crypto Task Force, dated July 2, 2025. However, the Moneycheck article was published on March 23, 2026, indicating a significant delay in reporting. This raises concerns about the freshness of the information. Additionally, the Moneycheck website is not a widely recognized news outlet, which may affect the credibility of the reporting. The delay and source reliability issues suggest a lower freshness score.
Quotes check
Score:
2
Notes:
The article includes direct quotes attributed to Roberto Braceras, Fidelity’s General Counsel. However, these quotes cannot be independently verified through the provided sources. Without access to the original letter or other reputable sources confirming these statements, the authenticity of the quotes is uncertain. This lack of verifiable quotes significantly lowers the score.
Source reliability
Score:
2
Notes:
The Moneycheck website is not a widely recognized news outlet, which raises concerns about the reliability of the information presented. The lack of independent verification and the site’s limited reach further diminish the source’s credibility.
Plausibility check
Score:
5
Notes:
The claims about Fidelity’s letter to the SEC’s Crypto Task Force align with known industry discussions on crypto asset regulations. However, the lack of independent verification and the delayed reporting cast doubt on the accuracy of the specific details presented.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The article presents information about Fidelity’s letter to the SEC’s Crypto Task Force, but the delayed reporting, lack of independent verification, and reliance on a less reputable source significantly undermine its credibility. The inability to verify key details, such as direct quotes from Fidelity’s General Counsel, further diminishes the article’s reliability. Given these issues, the content cannot be considered trustworthy.