SEC grants WisdomTree exemptive relief for 24/7 trading of regulated tokenized mutual fund

Asset manager WisdomTree has received exemptive relief from the SEC, enabling 24/7 trading and instant settlement for its WisdomTree Treasury Money Market Digital Fund (WTGXX), marking a first for a regulated tokenized mutual fund in the U.S. This required coordinated regulatory approvals, including relief from the SEC and approval from FINRA for WisdomTree Securities to engage in principal trading of registered fund shares. The fund, which invests in short-term U.S. Treasury obligations, operates under the Investment Company Act of 1940 and utilizes a dealer-principal liquidity model. Settlement will be facilitated using stablecoins like USDC and PYUSD. WisdomTree's Head of Digital Assets, Will Peck, stated this achieves one of the core promises of blockchain and Real-World Asset (RWA) tokenization.

(Source：The Block)