Last updated on March 6th, 2026 at 09:35 am
The U.S. Securities and Exchange Commission has approved exemptive relief for WisdomTree Digital Trust, clearing the way for its Government Money Market Digital Fund to operate with greater pricing flexibility.
In an order issued February 23, 2026, the SEC granted relief under Sections 6(c) and 17(d) of the Investment Company Act of 1940. The decision allows affiliated broker-dealers to buy and sell shares of the WisdomTree Government Money Market Digital Fund at a fixed price of $1.00 per share, rather than at the fund’s next-calculated net asset value (NAV).
The approval follows an application first filed in May 2025 and amended in January 2026. No requests for a hearing were submitted after the SEC published notice of the filing.
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.
Read here: https://t.co/7bvtaJnv9A
— U.S. Securities and Exchange Commission (@SECGov) February 23, 2026
Fixed-price trading structure approved
Under the order, WisdomTree Securities and other authorized broker-dealers may transact in shares of the digital government money market fund on a principal basis at the stable $1.00 price. The structure mirrors traditional stable NAV money market funds that rely on amortized cost or penny-rounding valuation methods.
The relief also applies to certain affiliated entities involved in distribution and transfer agency functions. The SEC determined the arrangement is consistent with investor protection standards and the broader policy goals of the Investment Company Act.
Pathway for digital asset-integrated funds
The decision provides operational clarity for digital-first fund structures seeking to combine traditional money market mechanics with blockchain-based infrastructure. The fund is designed to maintain a stable NAV while leveraging digital transfer mechanisms.
The SEC also granted related relief permitting joint transactions between the fund and affiliated broker-dealers, concluding that participation terms are no less advantageous than those of other parties.
The order takes effect immediately, marking another regulatory step in integrating digital asset frameworks within established U.S. fund structures.
Paul Atkins emphasized that regulators pay attention when industry participants propose ways to use new technologies to modernize capital markets. This latest move is another step toward fostering innovation, especially around tokenization.
This isn’t about the buzzword “tokenization.” It’s about when you can trade. Money market funds usually price only at end of day. Now, with a dealer, investors can trade $1 shares during the day.
In plain English: on-chain funds start behaving more like cash, and that’s where…— PassingAnt_지나가던개미🇰🇷 (@Raphael211024) February 23, 2026
Another perspective highlights that this isn’t just about the buzzword “tokenization.” The real impact is on tradability: traditionally, money market funds are priced only at the end of the day. With new mechanisms, investors can trade shares throughout the day, making on-chain funds behave more like cash. This opens up opportunities for faster payments, collateral management, and repo transactions.
In another development, Bitwise Asset Management and GraniteShares have filed proposals with the U.S. Securities and Exchange Commission to launch a new category of investment products tied to U.S. election outcomes.
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