SEC staff said it would not recommend enforcement under Section 17(f) of the Investment Company Act and Rule 17f-2 if Franklin Templeton's registered mutual funds and ETFs hold shares of the Franklin OnChain U.S. Government Money Fund, ticker FOBXX, through the firm's BENJI blockchain recordkeeping structure. The relief allows those funds to use FOBXX for cash and collateral management without meeting custody requirements designed around physical certificates, while permitting Franklin Templeton Investor Services to control the wallets and private keys under a transfer-agent-led recordkeeping model subject to 12 conditions. FOBXX invests primarily in U.S. government securities, seeks to maintain a stable $1 share price and has expanded across multiple blockchains. Franklin Templeton, which says it manages $2.5 billion of on-chain assets through tokenized funds, has been widening its digital-asset push through Franklin Crypto and its acquisition of 250 Digital.