Citadel Securities argued that DeFi platforms offering tokenized US stocks should be regulated under securities laws and not get exemptive relief from the SEC.
Market maker Citadel Securities has recommended that the Securities and Exchange Commission tighten regulations on decentralized finance when it comes to tokenized stocks, causing backlash from crypto users.
Citadel Securities told the SEC in a letter on Tuesday that DeFi developers, smart-contract coders, and self-custody wallet providers should not be given “broad exemptive relief” for offering trading of tokenized US equities.
It argued that DeFi trading platforms likely fall under the definitions of an “exchange” or “broker-dealer” and should be regulated under securities laws if offering tokenized stocks.
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