The SEC has issued a no-action letter allowing Franklin Templeton's traditional registered funds to put idle cash into its own on-chain money market fund, BENJI/FOBXX, building a regulator-approved capital channel between traditional and on-chain funds.
A "no-action letter" from the SEC has given Franklin Templeton's traditional registered funds a new option: parking their cash positions in the firm's own on-chain money market fund, BENJI/FOBXX.
This isn't a public-facing product launch—it's a technical nod of approval from the regulator. According to The Block, Franklin Templeton has secured a no-action letter from the SEC that allows its traditional registered funds to invest in the BENJI/FOBXX fund as a cash management tool.
BENJI/FOBXX was originally Franklin Templeton's in-house on-chain fund system. With this approval now in hand, it effectively creates a formal bridge between traditional and on-chain funds—letting cash from traditional funds flow into on-chain structures through a regulator-sanctioned pathway.
The Block has not yet disclosed the date the no-action letter was issued, nor details such as the scale of funds involved.
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