Citadel Securities and the Blockchain Association have presented differing views in their submissions to the U.S. Securities and Exchange Commission (SEC) regarding the regulation of tokenized equities. According to NS3.AI, the market for tokenized equities was valued at $946 million in March. Citadel Securities has advocated for maintaining tokenized stock trading within the current definitions of intermediaries, emphasizing the importance of existing regulatory frameworks. In contrast, the Blockchain Association has argued that this approach could mistakenly categorize infrastructure providers as intermediaries, potentially stifling innovation in the sector. The debate highlights the ongoing discussion about how best to regulate emerging financial technologies while balancing innovation and investor protection.