The World Federation of Exchanges, representing major operators including Nasdaq, Cboe, and CME Group, is pushing the U.S. Securities and Exchange Commission to restrict special exemptions for cryptocurrency platforms offering tokenized stocks. In a formal letter to the SEC’s Crypto Task Force, the federation expressed alarm about platforms marketing these products as equivalent to traditional stocks while operating outside standard securities regulations, arguing these exemptions create unfair advantages and pose significant risks to market integrity and investor protection. This intervention comes as the SEC contemplates a sandbox framework that would grant temporary regulatory relief to crypto firms, highlighting growing tensions between traditional financial institutions and emerging digital asset platforms.