Wu learned that Fidelity Investments submitted comments to the U.S. Securities and Exchange Commission (SEC) Crypto Assets Working Group, recommending the integration of crypto asset trading within the existing regulatory framework, guided by the core principles of the Securities Exchange Act; proposing further improvements to the regulatory framework for broker-dealers providing, custodiing, and trading crypto assets; issuing guidance to support alternative trading systems (ATS) in conducting tokenized securities trading and relying on the inherent properties of assets; assessing the evolution and coexistence of mediated and decentralized trading venues; and revising rules to promote the integration of on-chain systems into the securities market, including allowing the use of distributed ledger technology for record keeping and clarifying that on-chain settlement should not be considered a "clearinghouse."