F/m Investments, which manages $18 billion in assets, has submitted an application to the U.S. Securities and Exchange Commission (SEC) to tokenize its F/m US 3-Month Treasury Bond ETF (TBIL) shares and deploy them on a permissioned blockchain. It is reported that this is the first of its kind, aiming to ensure that the tokenized shares comply with the regulatory framework of the Investment Company Act of 1940, thereby providing protections not available with traditional digital tokens, such as board oversight and third-party custody.