PANews reported on July 23 that according to The Block, Citadel Securities, one of the world's largest market makers, submitted a letter to the SEC Crypto Working Group, opposing the provision of securities rule exemptions for tokenized stocks. The company believes that such assets may lead to a loss of liquidity in traditional markets and create the risk of investors confusing the issuer.

Citadel emphasized in the letter that although it supports technological innovation, issuing "securities-like" products using regulatory arbitrage is not real innovation. This position was echoed by Republican SEC Commissioner Hester Peirce, who made it clear that tokenized securities still need to comply with existing securities regulations. SEC Chairman Paul Atkins revealed last week that the agency is studying an "innovation exemption" mechanism that allows new types of transactions.