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SEC Streamlines Issuance Process for Onchain Money Market Funds
New guidance will allow WidsomTree to issue onchain money market shares for $1 at any time.
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Today, the SEC's Division of Investment Management simplified the issuance process for WisdomTree's Treasury Money Market Digital Fund with a newly published exemptive order.
What's the Scoop?
- Simplified Redemptions: New SEC guidance will permit WisdomTree and affiliated dealers to create and resell shares of a money market to individual and institutional investors at $1, rather than needing to calculate the net asset value per share and purchase shares at that price as required by the Section 22(d) and Rule 22c-1 of the Investment Company Act of 1940.
- Needed Upgrade: According to the SEC, this exemptive relief will be helpful for capping the prices of onchain money market funds firmly at one dollar. Posting to X, the agency stated, "the relief would permit investors to trade tokenized shares with a dealer intraday on a continuous basis and receive faster settlement times than would otherwise be the case."
Today, the Division of Investment Management issued an exemptive order for WisdomTree Treasury Money Market Digital Fund to permit investors to trade the MMF's shares at $1 with a dealer on an intraday basis, regardless of its end-of-day NAV.
— U.S. Securities and Exchange Commission (@SECGov) February 23, 2026
Read here: https://t.co/7bvtaJnv9A