HSBC: U.S. Regulators’ Disagreements Escalate Over "Tokenized U.S. Stocks" Regulation

GateNews

2025-12-09 22:45:33

According to a report by Jinse Finance, HSBC stated that the policy dispute among US regulators over tokenized stocks has recently escalated, with DeFi becoming a main regulatory target. Citadel Securities has urged the SEC to regulate DeFi protocols as exchanges. Meanwhile, the crypto industry advocates for differentiated rules for decentralized models. The controversy centers on a 13-page letter submitted by Citadel to the SEC, arguing that most DeFi protocols already meet the definition of an exchange.

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