#美SEC促进加密资产创新监管框架 US regulators have shown a clear divergence in their attitudes toward tokenized stocks. According to the latest analysis from HSBC, regulatory disputes surrounding DeFi are heating up—Citadel Securities has submitted a 13-page letter to the SEC, advocating for most DeFi protocols to be regulated under the exchange framework. Does that sound reasonable? The crypto community doesn’t think so. They believe the decentralized model requires tailor-made, differentiated rules instead of simply copying the traditional exchange logic. Both sides are holding their ground, and the focus is stuck on one key question: should DeFi protocols be considered exchanges? This not only impacts the future of tokenized US stocks but also concerns the regulatory direction of the entire DeFi ecosystem. The market is currently watching to see which way the SEC will lean.