HSBC: Regulatory Disputes Escalate Among U.S. Authorities Over "Tokenized U.S. Stocks"

Jinse Finance reported that an HSBC report stated that the policy dispute among U.S. regulators regarding tokenized stocks has recently escalated, with DeFi becoming a primary regulatory target. Citadel Securities urged the SEC to regulate DeFi protocols as exchanges. The crypto industry, on the other hand, advocates for differentiated rules for decentralized models. The focus of the controversy is a 13-page opinion letter submitted by Citadel to the SEC, arguing that most DeFi protocols already meet the definition of an exchange.