Internet reports that the Securities Industry and Financial Markets Association (SIFMA), which represents major Wall Street institutions, recently wrote to the U.S. Securities and Exchange Commission (SEC)'s Cryptography Working Group, strongly calling on the SEC to reject digital asset companies 'requests to issue tokenized shares through "no action letters" or "exemption from relief". In the letter, SIFMA said its members were "deeply concerned" by reports that digital asset companies sought to issue tokenized shares and urged the SEC to reject those exemption requests. The association believes that the SEC should adopt a more transparent public process for introducing new trading and issuance models, as well as other policy issues that may arise, allowing for broader industry participation and feedback, rather than just resolving them through immediate exemption requests. SIFMA raised questions including whether companies need to become members of the Financial Industry Regulatory Authority (FINRA), how investors are protected, and how the SEC supervises unregistered entities.