U.S. Financial Industry Association opposes tokenized stock exemption application, urges SEC to adopt public review process

Odaily Planet Daily News The Securities Industry and Financial Markets Association (SIFMA) wrote to the SEC Cryptocurrency Working Group, opposing Coinbase, Kraken and other crypto companies' applications for exemptions from issuing tokenized stocks. SIFMA called the relevant requests "serious concerns" and called on the SEC to listen to opinions through an open process and avoid rapid approval in an opaque manner. SIFMA emphasized that such major policies should not be directly handled through "exemption from execution" or exemption. The association also questioned whether the SEC can regulate unregistered entities and protect the rights of investors. (The Block)