Wall Street transfer agents lobby SEC, warning that third-party token…

Wall Street transfer agents are lobbying the SEC to favour issuer-authorised tokenised shares over third-party stock tokens, arguing that only official shareholder registry tokens should qualify as true tokenised securities. The debate reflects a regulatory fork in the emerging market for blockchain-based equities, with incumbents pushing to gate the architecture. If you're building a third-party tokenisation layer for equities, the incumbents are now filing to kill your business model at the SEC. The regulatory outcome will determine whether you're infrastructure or a derivative—get in front of this comment period.