Ark Fund Applies to SEC for Tokenization of Fund Shares

Ark Venture Fund has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to modify the exemption order to allow the recording and trading of fund shares on the blockchain. The application includes the addition of an 'Exchange Class' for exchange listing and a 'Tokenized Class' for trading on alternative trading systems (ATS). Ownership of the Tokenized Class will be recorded using distributed ledger technology, and upon approval, it will be possible to trade on ATS and allow transactions between whitelisted wallets. This is not yet the final approval stage from the SEC. As of September 11, the total on-chain real-world assets (RWA) amounted to $39.07 billion, and the market capitalization of stablecoins was reported at $304.93 billion. Robinhood publicly launched its Robinhood Chain mainnet and stock token service on July 1, stating that it holds over 190 stock tokens in its August monthly metrics. UBS announced on September 8 that it would conduct a controlled test using the Swiss franc-pegged stablecoin CHFD. These cases illustrate the trend of tokenization being integrated with ATS trading, wallet scrutiny, and payment networks.