The Securities Industry and Financial Markets Association (SIFMA) has expressed opposition to applications from crypto firms like Coinbase and Kraken seeking exemptions for issuing tokenized stocks. In a letter to the SEC's cryptocurrency working group, SIFMA highlighted serious concerns regarding these requests and urged the SEC to adopt a transparent public review process rather than granting quick approvals in an opaque manner. SIFMA stressed that significant policy decisions should not be managed through execution or exemption waivers. The association also raised questions about the SEC's ability to oversee unregistered entities and ensure investor protection, emphasizing the need for a thorough and open evaluation process.