The post US Nasdaq, Germany’s Deutsche Boerse lead lobby against relaxed SEC crypto regulation appeared com. In a letter published on the SEC’s website and dated November 21, the World Federation of Exchanges (WFE), whose members include Nasdaq and Deutsche Boerse, stated that the regulator must avoid allowing crypto companies to “bypass regulatory principles that have safeguarded markets for decades.” WFE chief executive Nandini Sukumar stated that exempting unregistered crypto firms would risk allowing products that look like equities to be offered without the protections that accompany real stock ownership. The body representing exchanges voicing its concerns comes as the SEC considers whether to issue a form of “innovation exemption” that would allow crypto companies to offer blockchain-based tokens representing exposure to listed stocks, instruments that would be sold to US retail investors without the platforms registering as broker-dealers. This proposal, which is supported by several crypto platforms, is being considered by SEC chair Paul Atkins, highlighting the agency’s recalibrated approach to digital assets under the Trump administration. The tokenization debate divides traditional and crypto finance This is not the first time the WFE has raised concerns about tokenized equities. In August, it wrote to regulators in the U. S., Europe, and Asia, urging a crackdown on unlicensed platforms offering tokenized stocks, warning of investor-protection issues and reputational risks for listed companies whose names are used without consent. It went further to ask that regulators apply the same rules used on securities to tokenized assets. Despite the body’s concerns, interest in tokenization continues to grow across the financial sector. Large banks, asset managers, and trading venues have begun exploring blockchain-based settlement and token-form assets as part of efforts to modernize financial infrastructure. The trend has gained more traction this year as crypto-native platforms seek direct access to the US equities market, while traditional exchanges experiment with on-chain settlement models. Nasdaq’s push for regulated tokenized securities. Nasdaq, one.