World Federation of Exchanges urges US SEC not to allow crypto firms to bypass regulations
ChainCatcher news, according to Reuters, the World Federation of Exchanges (WFE), an international non-profit organization of major global securities exchanges, stated in a letter to the U.S. Securities and Exchange Commission (SEC) this week that the regulator's plan to allow crypto companies to be exempt from regulation and sell "tokenized" stocks could harm investors' interests.
Several crypto companies plan to sell crypto tokens linked to listed stocks. However, to sell such products in the United States, crypto companies not registered as broker-dealers must obtain a no-action letter or exemption from the SEC. SEC Chairman Paul Atkins stated that the agency is working on an "innovation exemption" clause under securities law to allow crypto firms to experiment with new business models.
WFE pointed out in the letter that exemptions could pose risks to market integrity and weaken investor protection. WFE CEO Nandini Sukumar stated: "The SEC should avoid granting exemptions to companies seeking to bypass regulatory principles that have protected the markets for decades." The SEC published the WFE's letter on its website but declined to comment.
WFE Technical Working Group head James Auliffe stated: "We and crypto platforms should compete on a level playing field and be subject to the same rules."
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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