Wu Shuo learned that Fidelity Investments submitted comments to the U.S. Securities and Exchange Commission (SEC) Crypto Asset Working Group, recommending the integration of crypto asset trading within the existing regulatory framework and guided by core principles of the Securities Exchange Act; proposing to continue improving regulatory frameworks for broker-dealers to provide, custody, and trade crypto assets, issuing guidance to support Alternative Trading Systems (ATS) to conduct tokenized securities trading and rely on predetermined asset attributes, assessing the evolution and coexistence of intermediated and disintermediated trading venues, and revising rules to promote on-chain systems' integration into securities markets, including permitting the use of distributed ledger technology for record-keeping and clarifying that on-chain settlement should not be deemed as a "clearing agency."