F/m Investments Seeks SEC Permission to Tokenize TBIL ETF Shares on a Permissioned Blockchain
F/m Investments has filed for exemptive relief with the U.S. Securities and Exchange Commission to record ownership and settlement of its U.S. Treasury 3‑Month Bill ETF (TBIL) on a permissioned blockchain while keeping the fund’s existing SEC-registered structure. The proposal preserves legal and economic ETF attributes—same CUSIP, voting rights, daily transparency, board oversight and third‑party custody—but moves the ownership ledger and settlement mechanics from centralized infrastructure (DTCC, broker networks, T+2) to a controlled on‑chain environment. F/m says the change is technological (infrastructure) relief rather than a new product and plans controlled node governance plus AML/KYC and custody safeguards. Potential benefits cited include faster settlement (T+0/T+1), fractional ownership, reduced settlement risk and lower operational costs; challenges for SEC review include cybersecurity, node governance, custody arrangements, interoperability with existing market plumbing and investor protections. Approval would set a precedent for tokenized registered ETFs and could enable other issuers to pursue tokenized equity, fixed income or commodity ETFs. No timetable or SEC decision was disclosed. Keywords: tokenization, TBIL, ETF tokenization, SEC regulation, permissioned blockchain.
Neutral
The news is neutral for crypto price action because it concerns tokenization of a traditional, short‑duration Treasury ETF (TBIL) rather than a native cryptocurrency. Approval would be pro-innovation and could boost on‑chain infrastructure demand, custody services, and token-asset utility over time, which is mildly bullish for tokenization platforms and institutional on‑chain settlement. However, the immediate impact on crypto markets or major tokens is limited: the filing seeks regulatory relief for infrastructure change, not issuance of a new crypto asset, and adoption depends on SEC approval, custodian support and interoperability with legacy systems. Short-term market effects are therefore minimal and uncertain. Long-term effects could be constructive for blockchain infrastructure, custody providers and tokenized financial products if regulators permit integration, but timing and scope remain unclear—hence a neutral classification.