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One of the world's largest market makers, Citadel Securities, urges the SEC to enforce strict regulations on tokenized stocks.
On July 23, Citadel Securities, one of the largest market makers in the world, recently urged the SEC to implement equal regulation for tokenized stocks and traditional stocks. In a letter to the SEC's crypto working group this week, the company stated that regulators should avoid granting exemptions from securities rules and should focus on market liquidity and investor protection. 'In short, while we strongly support technological innovation aimed at addressing market inefficiencies, attempting to issue products that resemble securities through regulatory arbitrage is not innovation.' TD Cowen analyst Jaret Seiberg also pointed out in a report on Monday that there is still uncertainty in the tokenized trading mechanism, with some challenges lying in optimal price discovery. 'The traditional stock trading system requires executing the national best price, which creates a pattern of multi-platform parallel trading. We believe that after tokenization, it will be difficult to maintain this mechanism.' Citadel advocates that the SEC should not grant exemptions and suggests advancing rule-making through roundtable discussions. 'The committee must establish a prudent and transparent assessment process, including a public consultation phase and a complete cost-benefit analysis,' the company emphasized in the letter.