Some members of the US financial sector, including the Securities Industry and Financial Markets Association (SIFMA), the Depository Trust and Clearing Corporation (DTCC), and Broadridge, have announced plans to set up a regulated settlement network (RSN) proof-of-concept (PoC). The aim is to “explore the feasibility of shared ledger technology to settle tokenised commercial bank money, wholesale central bank money, US treasury securities, and other tokenised assets”.
SIFMA reveals in a press release that the RSN PoC “envisions an interoperable network for multi-asset transactions that aim to operate on a 24/7, programmable shared ledger”. It will be conducted in a test environment that will simulate multi-asset transactions in US dollars.
A key aspect of the PoC would be an analysis of whether the envisioned network could operate within existing regulations in the US or if amendments to some legal frameworks may be necessary.
SIFMA will be serving as programme manager for the PoC, with Deloitte providing advisory services. DTCC, Broadridge, and the International Swaps and Derivatives Association (ISDA) have joined as project contributors. Participants include Citi, JP Morgan, Mastercard, and Swift.
