HSBC: US regulators escalate regulatory differences over "tokenization of US stocks"
2025-12-09 22:46:39
HSBC reported that the policy battle between US regulators over tokenised stocks has recently escalated, with DeFi becoming the main regulatory target. Citadel Securities has urged the SEC to regulate DeFi protocols as exchanges. The crypto industry has argued for differentiated rules for a decentralized model. At issue is a 13-page comment letter submitted by Citadel to the SEC arguing that most DeFi protocols already meet the definition of an exchange.
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