A group of securities exchange advocacy organizations has stated that the U.S. Securities and Exchange Commission (SEC) should not provide broad regulatory relief to crypto companies launching tokenized stock products.
The World Federation of Exchanges (WFE) expressed shock in a letter to the SEC on November 21 regarding the situation where "a large number of brokerages and crypto trading platforms are offering or planning to offer so-called tokenized U.S. stocks."
"These products are marketed as stock tokens or equivalent to stocks, but they are not," the organization stated. "This development brings multiple and interconnected risks."
Several crypto exchanges are seeking to offer tokenized stocks in the U.S., allowing investors to gain exposure to publicly listed companies without holding the actual stocks. They claim to have faster settlement speeds compared to traditional exchanges and can be traded at any time, not limited to market hours.
Crypto companies not registered with the SEC as broker-dealers must obtain exemptions from the agency, and its chairman, Paul Atkins, has suggested that such exemptions may be granted.
WFE's members include Cboe and Nasdaq. WFE stated that it supports the SEC's use of exemption relief but "is concerned that the broad use of such relief could pose risks to investors and market integrity."
"We simply believe that this authorization is most effective when exercised in a targeted manner and should not be used as a means to evade or accelerate exemptions from long-term regulatory requirements," it added.
WFE noted that tokenization "is likely a natural evolution of capital markets," and it "supports innovation," but "must be advanced in a responsible manner that does not put investors or market integrity at risk."
The organization suggested that rather than seeking large-scale changes through exemption relief, the SEC should conduct public rulemaking to solicit feedback.
"Alternatively, the commission could consider establishing a sandbox mechanism or other innovation facilitation mechanisms," it added.
In August, WFE urged the SEC, the European Securities and Markets Authority, and the International Organization of Securities Commissions to implement stricter regulations on tokenized stocks, citing a lack of investor protection.
Atkins, a former lobbyist for the crypto industry, indicated he is considering providing regulatory relief for crypto companies through "innovation exemptions" to expedite the market introduction of crypto and blockchain products.
"Innovation exemptions can help realize President Trump's vision by encouraging developers, entrepreneurs, and other companies willing to comply with specific conditions to innovate with on-chain technology in the U.S., making it the global capital of crypto," he stated during a meeting with crypto industry executives in June.
Under the crypto-friendly SEC regulations, U.S. trading platforms have begun to line up to offer tokenized stocks. Robinhood Markets started offering hundreds of tokenized stocks to European investors in June, intending to introduce the same products in the U.S., while Kraken had already offered similar products the previous month.
Reports indicate that Coinbase also sought SEC approval in June to offer tokenized stocks, with its legal head, Paul Grewal, stating that this is a "top priority" for the crypto exchange.
Non-crypto companies are also getting involved. In September, Nasdaq applied to the SEC for a rule change to allow the exchange to list tokenized stocks.
Related: Animoca bets on altcoin rise to attract investors, plans for an initial public offering (IPO)
Original: “Exchanges say SEC's exemptions for tokenized stocks should be 'targeted'”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
