Imagine a single token that represents your full portfolio of tokenized assets. We’re not far off from this reality, and the utility of this “token of tokens” will open a wide variety of new earning streams for investors. Sandy Kaul, Head of Innovation, talks with @RaoulGMI on The Journey Man podcast @RealVision

What Happened Last Week in Crypto (8/3- 8/9) 401(k) Investors Access Alternative Assets: Last Thursday, President Donald Trump signed an executive order allowing participants in 401(k) and other defined contribution plans to access alternative assets, including private equity, real estate, and digital assets. This move opens the door for broader diversification and introduces crypto as a credible option for retirement planning. (1) BTC soars past $120K: Bitcoin gained momentum amid rising institutional inflows and Trump’s executive order exploring the inclusion of crypto in 401(k) plans. Ripple-SEC Lawsuit Resolved: On August 7, Ripple Labs and the U.S. Securities and Exchange Commission (SEC) jointly filed to dismiss their respective appeals, bringing a definitive end to a legal battle that began in December 2020. The SEC had originally alleged that Ripple conducted unregistered securities sales through its XRP token to institutional investors. As part of the resolution, Ripple agreed to pay a $125 million civil penalty, marking a significant milestone in the evolving regulatory landscape for digital assets. (2) Galaxy Digital’s Tokenized Future? Galaxy Digital, currently listed on Nasdaq, has announced plans to explore tokenizing its GLXY shares. This news comes after the company entered into a digital transfer agency agreement with Superstate Services, an SEC-registered transfer agent. (3) Ivy Leagues are all in on Bitcoin: Recent SEC filings reveal that both Harvard and Brown have significantly increased their exposure to Bitcoin through Exchange Traded Products (ETPs). This strategic move underscores a growing trend: elite academic institutions are not just observing the crypto space—they're actively participating. The filings signal a broader wave of institutional adoption, as more legacy players begin to view digital assets like bitcoin as a legitimate component of diversified investment portfolios. (4) *The above referenced discussions are noteworthy activities that happened during the week in crypto markets. Discussions should not be regarded as any type of trading recommendation, or as a signal about any past, current or future trading activity in any fund or strategy, by Franklin Templeton and its affiliates. 1. Source: “Fact Sheet: President Donald J. Trump Democratizes Access to Alternative Assets for 401 (k) Investors.” The White House. August 7, 2025. 2. Source: “SEC Ends Lawsuit Against Ripple, Company to Pay $125 Million Fine. U.S. News. August 8, 2025. 3. Source: “Galaxy Digital explores tokenizing its own GLXY shares, stock falls on Q2 earnings”. August 5, 2025. 4. Source: “Harvard and Brown Universities Boost Bitcoin ETF Holdings Significantly.” Coinpaper. August 9, 2025.

What Happened Last Week in Crypto (08/03/25 - 08/09/25) 401(k) Investors Access Alternative Assets: Last Thursday, President Donald Trump signed an executive order allowing participants in 401(k) and other defined contribution plans to access alternative assets, including private equity, real estate, and digital assets. This move opens the door for broader diversification and introduces crypto as a credible option for retirement planning. (1) BTC soars past $120K: Bitcoin gained momentum amid rising institutional inflows and Trump’s executive order exploring the inclusion of crypto in 401(k) plans. Ripple-SEC Lawsuit Resolved: On August 7, Ripple Labs and the U.S. Securities and Exchange Commission (SEC) jointly filed to dismiss their respective appeals, bringing a definitive end to a legal battle that began in December 2020. The SEC had originally alleged that Ripple conducted unregistered securities sales through its XRP token to institutional investors. As part of the resolution, Ripple agreed to pay a $125 million civil penalty, marking a significant milestone in the evolving regulatory landscape for digital assets. (2) Galaxy Digital’s Tokenized Future? Galaxy Digital, currently listed on Nasdaq, has announced plans to explore tokenizing its GLXY shares. This news comes after the company entered into a digital transfer agency agreement with Superstate Services, an SEC-registered transfer agent. (3) Ivy Leagues are all in on Bitcoin: Recent SEC filings reveal that both Harvard and Brown have significantly increased their exposure to Bitcoin through Exchange Traded Products (ETPs). This strategic move underscores a growing trend: elite academic institutions are not just observing the crypto space—they're actively participating. The filings signal a broader wave of institutional adoption, as more legacy players begin to view digital assets like bitcoin as a legitimate component of diversified investment portfolios. (4) *The above referenced discussions are noteworthy activities that happened during the week in crypto markets. Discussions should not be regarded as any type of trading recommendation, or as a signal about any past, current or future trading activity in any fund or strategy, by Franklin Templeton and its affiliates. 1. Source: “Fact Sheet: President Donald J. Trump Democratizes Access to Alternative Assets for 401 (k) Investors.” The White House. August 7, 2025. 2. Source: “SEC Ends Lawsuit Against Ripple, Company to Pay $125 Million Fine. U.S. News. August 8, 2025. 3. Source: “Galaxy Digital explores tokenizing its own GLXY shares, stock falls on Q2 earnings”. August 5, 2025. 4. Source: “Harvard and Brown Universities Boost Bitcoin ETF Holdings Significantly.” Coinpaper. August 9, 2025.

@FTDA_US's Benji Technology Platform enables instant settlement, 24/7/365, via peer-to-peer permissioned wallet transfers on supported blockchain networks. We're leading the world to a new financial infrastructure. #blockchain

Franklin Templeton is pleased to share that the BENJI token, representing shares of the Franklin OnChain U.S. Government Money Fund (FOBXX) is now being used as base collateral in structured yield strategies developed by BounceBit. This marks one of the first implementations of a regulated fund operating within on-chain financial infrastructure. BB Prime, BounceBit’s platform, will serve as a bridge connecting institutional fixed income with automated crypto execution. The platform supports regulated custody, smart contract-based capital allocation, and automated execution of strategies. BounceBit pioneers CeDeFi (centralized decentralized finance) infrastructure, offering institutional-grade yield products, restaking use cases, real-world asset (RWA) integration, making high-yield opportunities accessible to all. To learn more about Benji, prospectus:

Franklin Templeton is pleased to share that the BENJI token, representing shares of the Franklin OnChain U.S. Government Money Fund (FOBXX), is now supported by Anchorage Digital Bank. This marks an important expansion of the BENJI ecosystem, enabling institutions to securely hold and transfer BENJI through Anchorage Digital Bank NA, the only federally chartered crypto bank in the U.S. Anchorage Digital Bank NA is the first and only federally chartered crypto bank in the U.S. by the Office of the Comptroller of the Currency (OCC), offering institutions secure custody, staking, governance, and settlement services. To learn more about BENJI: Prospectus:

In the past, the trading day began and ended with the sound of a bell. Now, with the Benji Technology Platform, investors and institutions can access instant 24/7 transfers of tokenized securities. At @FTDA_US, we’re leading the world to a new financial infrastructure. #onchain #tokenization

Blockchains open up a world of new possibilities for asset management. Our Head of Innovation, Sandy Kaul, lays out a compelling vision for the investment management industry, via @AmerBanker

“We think big, public blockchains are going to become the ledgers for the world, and global utilities within the next 10 years,” Hear more from Sandy Kaul, Head of Innovation, via @DLNewsInfo LINK: For information about the Franklin OnChain U.S. Government Money Fund, click here: Prospectus here: Crypto Glossary:

“We think big, public blockchains are going to become the ledgers for the world, and global utilities within the next 10 years,” Hear more from Sandy Kaul, Head of Innovation, via @DLNewsInfo & @LiamKelly. LINK: For information about the Franklin OnChain U.S. Government Money Fund, click here: Prospectus here: Crypto Glossary: