Wu Shuo has learned that Fidelity Investments submitted comments to the SEC's crypto assets working group, recommending the integration of crypto asset trading under the existing regulatory framework guided by core principles of the Securities Exchange Act; proposing to continue improving the regulatory framework for broker-dealers to offer, custody, and trade crypto assets, issuing guidance to support Alternative Trading Systems (ATS) in conducting tokenized securities trading and relying on asset-defined properties, assessing the evolution and coexistence of intermediated and disintermediated trading venues, and revising rules to promote on-chain systems' integration into the securities market, including allowing the use of distributed ledger technology for record-keeping and clarifying that on-chain settlement should not be deemed a "clearinghouse."