Nasdaq is anxious: Why does the SEC give encryption platforms a backdoor to launch stock tokens?

[Coin World] Nasdaq and CME Group, these traditional exchange giants, can no longer sit idle. They have united to challenge the SEC - why can crypto platforms list tokenized US stocks and still receive regulatory exemptions?

The World Federation of Exchanges directly stated: These “stock tokens” do not have the protective mechanisms that traditional securities should have, and investors can easily be misled. Those platforms that have received exemptions do not have to comply with various strict regulations of the exchange; isn't this clearly opening a back door?

The SEC is now considering a “innovation exemption” pilot for digital assets. But here's the problem - if the rules are not unified, the market will be fragmented, how can fair competition be ensured? Traditional exchanges are urging the SEC to tighten the exemptions, only giving the green light to projects that can truly protect investors' rights. In other words, don't let regulatory arbitrage ruin the rules of the entire market.