The exchange industry associations and global regulatory bodies are joining forces to curb the growth and adoption of tokenized stocks, arguing that these products do not represent real stocks and pose significant risks to investors.
According to Reuters, the European Securities and Markets Authority (ESMA), the International Organization of Securities Commissions (IOSCO), and the World Federation of Exchanges (WFE) have written to the U.S. Securities and Exchange Commission (SEC) crypto working group, urging for stricter regulation of tokenized stocks.
These organizations believe that tokenized stocks "mimic" the stocks they are designed to represent but lack the investor protections built into traditional markets.
"We are concerned about the numerous brokers and crypto trading platforms offering or intending to offer so-called tokenized U.S. stocks," the WFE told Reuters, without naming specific companies or platforms. "These products are marketed as stock tokens or equivalent to stocks, but they are not."
Given the influence of the signatories, this push is significant. ESMA is an EU agency and one of the three major financial regulatory bodies in the group.
IOSCO is an international organization that sets global standards for securities regulation and investor protection.
The WFE, based in the UK, is an industry organization representing global exchanges and clearinghouses.
As tokenized securities gain attention on Wall Street and beyond, this call for enhanced regulation has emerged. Blockchain technology promises greater efficiency, lower costs, and broader market access.
According to industry data, the value of tokenized assets has risen to over $26 billion.
Tokenized stocks—digital representations of traditional stocks issued on the blockchain—still account for a small portion of the market, but their influence is expected to grow as major platforms like Coinbase, Kraken, and Robinhood enter the space.
This is not the first time traditional industry lobbying groups have joined forces to slow the growth of blockchain innovation. When U.S. lawmakers considered the GENIUS stablecoin bill, banking groups quietly lobbied to exclude yield-bearing stablecoins—a feature that could directly compete with their service products.
They ultimately succeeded, as GENIUS explicitly prohibits stablecoin issuers from paying interest to holders.
While the passage of GENIUS is widely seen as a victory for the stablecoin industry, it comes with trade-offs. "By explicitly prohibiting stablecoin issuers from offering yields, the GENIUS bill effectively protects the primary advantages of money market funds," Temujin Louie, CEO of cross-chain interoperability protocol Wanchain, told Cointelegraph.
Nevertheless, the SEC at the highest level seems open to tokenization. In July, SEC Chairman Paul Atkins described tokenization as an "innovation" that should be advanced within the U.S. economy.
In the same month, SEC Commissioner Hester Peirce emphasized that tokenized securities, including tokenized stocks, must still comply with existing securities laws.
Related: Hoarding coins does not equal a talisman: BNB hits a new high, but reserve company WINT delists
Original article: “Global regulators and exchanges oppose tokenized stocks in letter to SEC”
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