Related: Trump turned crypto from ‘oppressed industry’ to ‘centerpiece’ of US strategyFidelity’s spot SOL application is “regulatory litmus test”Fidelity’s stablecoin push comes a day after Cboe BZX Exchange, a US securities exchange, requested permission to list a proposed Fidelity exchange-traded fund (ETF) holding Solana (SOL), according to March 25 filings. The filing may provide insights about the SEC’s regulatory attitude toward Solana ETFs, according to Lingling Jiang, partner at DWF Labs crypto venture capital firm.“This filing is also more than just a product proposal — it’s a regulatory litmus test,” Jiang told Cointelegraph, adding:“If approved, it would signal a maturing posture from the SEC that recognizes functional differentiation across blockchains.”“It would accelerate the development of compliant financial products tied to next-gen assets — and for market makers, that means more instruments, more pairs, and ultimately, more velocity in the system,” Jiang added. Related: SEC dropping XRP case was ‘priced in’ since Trump’s election: AnalystsMeanwhile, crypto industry participants are awaiting US stablecoin legislation, which may come in the next two months.
Fidelity Investments is reportedly in the final stages of testing a US dollar-pegged stablecoin, signaling the firm’s latest push into digital assets amid a more favorable crypto regulatory climate under the Trump administration.The $5.8 trillion asset manager plans to launch the stablecoin through its cryptocurrency division, Fidelity Digital Assets, according to a March 25 report by the Financial Times citing anonymous sources familiar with the matter.
Fidelity’s March 21 filing with the US securities regulator stated the OnChain share class would help track transactions of the Fidelity Treasury Digital Fund (FYHXX), an $80 million fund consisting almost entirely of US Treasury bills.
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Author / Journalist: Cointelegraph by Zoltan Vardai
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