Nasdaq has submitted a proposal to the SEC to introduce tokenized securities, aiming to modernize financial markets by allowing stocks and ETFs to be traded in token form. This initiative seeks to enhance market efficiency and accessibility for investors. However, the proposal has drawn criticism from Ondo Finance, a key player in real asset tokenization, for its lack of transparency regarding the settlement process. Ondo Finance warns that this could lead to centralization and create an unfair competitive advantage, potentially distorting market fairness. The SEC's decision on this proposal will be pivotal in determining the future trajectory of asset tokenization, influencing whether it accelerates adoption or leads to stricter regulatory measures.