What if you could buy stocks directly with your money market fund? @FranklnTempletn recently asked the SEC whether additional exemptions are needed to trade tokenized money fund shares directly against tokenized stocks, with liquidity providers charging a fee. The appeal: keep earning money market yield until you exchange your fund shares for the stock. Skip the conversion into cash or stablecoins first. (GENIUS prohibits payment stablecoin issuers from paying yield simply for holding their tokens) Neat. It's a step towards potentially more efficient trading. Imagine the ideal scenario: keep investable balances in yielding assets, get buying power against them, execute, then fund settlement when it is due. If you can net obligations, even better. But I wonder whether this might fragment liquidity. A non-yielding stablecoin sitting in a stock pool has an opportunity cost. Its widespread acceptance as a settlement asset can also concentrate liquidity and let investors choose where their proceeds go next. Splitting stock liquidity across competing money fund pools could sacrifice that advantage. On the other hand, a first-mover advantage might concentrate sufficient liquidity in one fund, leading to a winner-take-all scenario. That outcome might be worth a shot. Either way, I'm glad we can have these conversations with a pro-innovation SEC. Its a good example of the possibilities opened up by a more programmable financial system.