SEC Staff Grants Franklin Templeton No-Action Relief to Use Onchain BENJI Fund for Cash Management
SEC staff issued a no-action letter clearing Franklin Templeton to let its traditional registered funds invest cash and collateral in FOBXX, the asset manager’s own tokenized money market fund built on its blockchain-integrated BENJI system, according to The Defiant and The Block.
Cointelegraph reported that the SEC said it will not pursue enforcement action if Franklin Templeton’s funds begin moving cash into the onchain money fund.
The relief comes with 12 conditions covering custody and control of the assets, according to The Defiant. The Block described the letter as opening the door for Franklin’s conventional funds to tap the blockchain-integrated BENJI system specifically for cash management purposes.
The no-action letter effectively lets Franklin Templeton route internal fund cash and collateral through its own tokenized product rather than conventional money market vehicles, subject to the custody safeguards SEC staff outlined.
Sources: The Defiant, The Block, Cointelegraph
This article is for information only and is not financial advice.
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Franklin Templeton US Securities and Exchange Commission
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