Fidelity pointed to a specific issue with current reporting requirements. Decentralized finance platforms and other non-intermediated systems lack a centralized authority capable of issuing the financial disclosures required by current U.S. Securities and Exchange Commission rules. The company recommended that the SEC issue guidance allowing financial intermediaries to use distributed ledger technology to maintain records of alternative trading systems. Fidelity stated that removing this documentation burden would eliminate what it described as an "unwarranted burden" on decentralized systems.

U.S. Securities and Exchange Commission Chair Paul Atkins expressed his support for capital markets operating around the clock, allowing financial companies to experiment with digital token-based trading. The SEC's current position reflects a broader openness to integrating blockchain technology infrastructure into traditional finance.

The Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a separate joint policy statement in March addressing the capital treatment of tokenized securities. The three agencies affirmed that the technology used in issuing or transferring securities does not change their capital requirements. Tokenized equities, debt instruments, real estate investment trusts, and other tokenized assets remain subject to the same banking capital rules that apply to the underlying assets they represent.