New York Life Investment Management, with a management scale of $807 billion, has launched its first tokenized fund on Avalanche through Centrifuge.

[Hester M. Peirce: U.S. Stock Market 23/5 Trading Model Needs Focus on Liquidity and Disclosure] U.S. Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce raised six questions regarding the 23/5 trading model for the U.S. stock market: 1. Drawing on experiences from the forex, cryptocurrency, and futures markets; 2. Brokers' best execution obligations and retail investor protection when overnight liquidity is dispersed; 3. Fiduciary decision-making by asset management institutions during periods of insufficient overnight liquidity; 4. The impact of extended trading hours on corporate earnings reports and the release of significant information; 5. Whether the SEC needs to adjust the EDGAR system to ensure overnight information disclosure; 6. Whether the SEC should provide relevant guidance or regulatory exemptions for listed companies.

SEC Commissioner Hester Peirce stated that decentralized systems driven by automated software do not address the fundamental concerns underlying securities regulation, and investors using unlicensed smart contracts for peer-to-peer trading do not need to be exempted. The SEC does not assume that an entity constitutes an exchange or trader based on its reliance on exemptions, and the committee maintains an open attitude towards on chain trading models.

The US Commodity Futures Trading Commission announced that it will no longer hold Bitcoin software developers accountable for only writing code. （The Bitcoin Historian）

The US Commodity Futures Trading Commission allows developers to build passive derivative software, including cryptocurrency market related software, without registering as brokers. （Watcher.Guru）