According to CoinMeta, Franklin Templeton's investment management department has sent a no-action letter to the U.S. Securities and Exchange Commission (SEC) allowing its registered funds to use its on-chain money market fund ($FRANKLIN TEMPLETON MONEY MARKET FUND) to manage cash, including collateral for securities lending. This exemption enables Franklin to maintain and record the ownership of these fund shares through its blockchain integration system, without having to comply with certain traditional rules designed for physical securities. Franklin states that this structure can support intraday trading, hourly net asset value calculations, and faster transaction processing.