JPMorgan and Citadel meet with the U.S. Securities and Exchange Commission to discuss tokenized securities and decentralized finance (DeFi) project plans

According to a report by Bijie Network: Top Wall Street firms including JPMorgan and Citadel, as well as the Securities Industry and Financial Markets Association (SIFMA), met with the US Securities and Exchange Commission (SEC)'s cryptocurrency working group to express concerns about the regulator's plans to exempt tokenized securities and certain decentralized finance (DeFi) projects. They believe that such technology-based rather than economic substance-based regulatory exemptions could undermine investor protection and market stability, citing the $19 billion crypto flash crash in October as a warning. The meeting took place as a broader cryptocurrency market structure bill remains stalled in the Senate, highlighting ongoing tensions in the industry over the digital asset regulatory framework.