Wu Shuo has 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 core principles of the Securities Exchange Act; proposing to continue refining the regulatory framework for broker-dealers to provide, custody, and trade crypto assets, issuing guidance to support Alternative Trading Systems (ATS) in conducting tokenized securities trading and relying on asset inherent attributes, assessing the evolution and coexistence of intermediated and disintermediated trading venues, and revising rules to facilitate the integration of on-chain systems into securities markets, including allowing the use of distributed ledger technology for record-keeping and clarifying that on-chain settlement should not be deemed a "clearing agency."