[Wall Street Giants Oppose Regulatory Exemptions for Tokenized Securities] According to a report by Jinse Finance, several Wall Street institutions recently met with the U.S. Securities and Exchange Commission (SEC) Crypto Asset Working Group, advocating that tokenized securities should remain subject to existing federal securities laws rather than establishing an independent regulatory framework. Institutions such as SIFMA, Citadel, and JPMorgan warned that allowing tokenized assets to trade under more lenient rules could undermine investor protections and market structure requirements. They urged the SEC to advance regulation through formal legislative rules rather than temporary exemptions or staff guidance. The participants emphasized that tokenization is merely a change in "market infrastructure" and does not alter the economic substance of securities. Although decentralized finance (DeFi) was only briefly mentioned, the meeting and the SEC's related statements on 24/7 trading indicate that regulators and major financial institutions are reaching a consensus: tokenization does not require a separate regulatory system.