Wall Street transfer agents urge the SEC to favor company-authorized tokenization, warning third-party tokenized securities could threaten market integrity

Issuer-sponsored tokens can update the master securityholder file; synthetic tokens confer no rights against the referenced issuer under the [SEC’s January 28 taxonomy](https://www.sec.gov/newsroom/speeches-statements/corp-fin-statement-tokenized-securities-012826-statement-tokenized-securities). Favoring the first model would push most of today’s roughly [$2 billion tokenized-stock market](https://app.rwa.xyz/stocks) into the structured-exposure bucket, including Ondo and Kraken’s xStocks.

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