**[World Federation of Exchanges Urges U.S. SEC to Prevent Crypto Companies from Evading Regulation]** The World Federation of Exchanges (WFE) stated in a letter to the U.S. Securities and Exchange Commission (SEC) that the SEC's plan to allow crypto companies to bypass regulation and sell "tokenized" stocks could harm investor interests. Some crypto companies plan to issue crypto tokens linked to listed stocks, but selling such products in the U.S. requires obtaining a no-action letter or exemption from the SEC. SEC Chairman Paul Atkins mentioned that the agency is drafting an "innovative exemption" clause under securities law to support crypto firms in exploring new business models. WFE warned that this exemption could threaten market integrity and weaken investor protection. WFE CEO Nandini Sukumar emphasized that the SEC should not grant exemptions to companies attempting to circumvent long-standing regulatory principles. WFE Technical Working Group Head James Auliffe stated that crypto platforms should compete under the same rules as traditional exchanges.