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Major Wall Street representatives met with the SEC on Tuesday to discuss potential concerns regarding the agency's cryptocurrency policy.
The leading securities trading association, SIFMA, warned that granting exemptions for tokenized securities and DeFi projects could destabilize markets.
SEC Chairman Paul Atkins recently promised to formalize such exemptions for cryptocurrencies by the end of January.
While the long-awaited cryptocurrency market structure bill stalls in the Senate, leading Wall Street players met with the SEC on Tuesday to discuss numerous concerns about the regulator's liberal approach to digital assets.
According to the agency, representatives from JPMorgan, Citadel, and SIFMA, an influential securities industry trade group, met yesterday with the SEC's cryptocurrency working group to discuss the agency's bold new approach to digital assets.
According to the meeting minutes, the topics discussed included concerns that the SEC's upcoming plans to provide exemptions for tokenized securities could harm the broader U.S. economy. These concerns were also related to the SEC's announced plans to exempt certain decentralized finance (DeFi) projects from compliance with U.S. securities laws.