Fidelity Investments has formally called on the U.S. Securities and Exchange Commission (SEC) to accelerate the integration of crypto assets into regulated trading systems. In a response to the SEC Crypto Task Force — led by Commissioner Hester Peirce — the asset manager argued that existing U.S. market infrastructure is already robust enough to support crypto trading under current law.
Fidelity: Existing Market Architecture Works, No Need to Start From Scratch
Fidelity pointed to the National Market System, which daily connects 29 exchanges and over 113 alternative trading systems (ATS) with thousands of participants. This structure, governed by the Securities Exchange Act of 1934 and Regulation NMS, enables efficient and transparent trading. The firm said integrating crypto into this system could boost market access and operational efficiency, adding that existing frameworks already handle complex products like derivatives and structured notes — adapting them for crypto won't require building entirely new infrastructure.
Backing the Peirce-Led Task Force, Stressing Collaboration
Fidelity explicitly supported the SEC Crypto Task Force's outreach and emphasized the need for cooperation between regulators and industry participants to solve technical and operational hurdles. The task force, initiated by Commissioner Hester Peirce, is collecting public feedback to map out regulatory pathways for crypto trading. Fidelity called this dialogue essential for creating clear, workable rules.
Fidelity's Own Role: Full-Stack Broker, Asset Manager, Advisor
The firm highlighted its own market footprint: brokerage, investment management, and advisory services serving over 50 million individual and institutional clients, plus 13,500 intermediary firms. Its broker-dealer subsidiary, National Financial Services LLC, already operates an ATS within the National Market System. Fidelity used this fact to demonstrate that existing systems are crypto-ready in practice, not just in theory.
Integration Path: Leverage Existing Protections, Avoid Parallel Silo
Fidelity's core message is to fold crypto into the existing regulated environment rather than building a separate infrastructure. This approach keeps existing investor protection and market integrity safeguards intact, while regulatory clarity can broaden participation without weakening core protections. The SEC will review all submitted feedback as it drafts future rules for crypto trading on national exchanges and ATS. Fidelity's letter is widely seen as a major push from traditional finance to bring crypto into the regulated fold.