Franklin Templeton Gets SEC No-Action Nod to Use BENJI in ETFs

The SEC's no-action position is notable less for what it authorizes than for what it signals: tokenized money market funds can sit inside mainstream fund wrappers, not just crypto-native ones. That matters because it treats on-chain fund shares as ordinary portfolio collateral, a category question regulators had left open. Franklin's scale in ETFs gives the structure a real test case rather than a pilot. The open question is whether board approvals and Q4 timing hold, and whether other asset managers read this as a template or a one-off.