Major exchanges, including Nasdaq and Deutsche Börse, have called on the U.S. Securities and Exchange Commission (SEC) to enforce equal regulatory standards for crypto firms offering tokenized stocks. In a letter from the World Federation of Exchanges (WFE), the exchanges warned that granting special exemptions to crypto platforms could compromise market integrity and investor protection. The WFE stressed the importance of applying existing securities regulations, such as custody frameworks and compliance processes, to tokenized equities to maintain operational safety and transparency.