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, issue guidance to support Alternative Trading Systems (ATS) in conducting tokenized securities trading based on the inherent properties of assets, assess the evolution and coexistence of intermediated and disintermediated trading venues, and revise rules to promote the integration of on-chain systems into securities markets, including permitting the use of distributed ledger technology for record-keeping and clarifying that on-chain settlement should not be classified as a "clearing agency."