According to Reuters, the World Federation of Exchanges (WFE), an international non-profit organization of the world's major stock exchanges, said in a letter to the Securities Exchange Commission (SEC) this week that the regulator's plan to allow crypto companies to exempt themselves from regulation and sell "tokenized" shares could harm investors.
Several crypto companies plan to sell crypto tokens tied to listed stocks, however, to sell such products in the US, crypto companies that are not registered as broker-dealers need to obtain a no-action letter or waiver from the SEC. SEC chairperson Paul Atkins said the agency was working on an "innovation waiver" in securities laws to enable crypto companies to experiment with new business models.
The WFE letter noted that exemptions could pose risks to market integrity and weaken investor protections. "The SEC should refrain from granting exemptions to companies seeking to circumvent regulatory principles that have protected markets for decades," said Nandini Sukumar, WFE chief executive. The SEC posted the WFE letter on its website but declined to comment.
James Auliffe, head of the WFE's technical working group, said: "We and cryptocurrency platforms should compete on a level playing field and we should be bound by the same rules."
The World Federation of Exchanges calls on the SEC not to allow crypto companies to bypass the rules
2025-11-27 00:01:30
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