ARK Invest Takes the Lead in US Tokenized Fund Development
Cathie Wood's ARK Invest is reportedly leading the charge in the development of tokenized investment funds in the US, according to a recent update from Andy C, host of The Rollup podcast.
This move would see ARK Invest beat out competitors such as BlackRock and Fidelity in the SEC's innovation exemption process, which allows companies to create blockchain-native transfer agents for tokenized securities.
The proposal from the Securities and Exchange Commission (SEC) has been in development for over a decade and invites comments on the implications of tokenization. It specifically addresses recordkeeping and tokenized securities, highlighting the role of transfer agents in overseeing these processes.
The SEC's update suggests that ARK Invest could be one of the first asset managers to launch tokenized funds through this process, with plans to start with Cathie Wood-backed ARK funds before expanding to other funds.