The Securities Transfer Association (STA) has submitted an opinion letter to the Securities and Exchange Commission (SEC), warning that stock tokens issued by third-party institutions weaken market integrity and calling on regulatory agencies to prioritize support for tokenized securities models authorized by issuers. The association pointed out that third-party stock tokens confuse investors' rights and expose them to platform credit, custody, and operational risks. STA urges the US Securities and Exchange Commission (SEC) to reform the Direct Registration System (DRS) and recommends collaborating with the Depository Trust and Clearing Corporation (DTCC) to optimize digital securities infrastructure. At present, the global tokenized stock market with a scale of about 2 billion US dollars is mainly dominated by third-party models such as Ondo Finance and Kraken, while institutions such as Securitize and Figure adopt issuer authorization models. （CoinDesk）
