According to Reuters, the World Federation of Exchanges (WFE), the industry organization for major global stock exchanges, has written to the U.S. SEC's Special Task Force on Crypto Assets, the European Securities and Markets Authority (ESMA), and the IOSCO Financial Technology Task Force, urging regulators to strengthen oversight of "tokenized stocks". They claim that these products mimic stocks without providing shareholder rights and market protection mechanisms, which could harm investor interests and market integrity. WFE stated that some platforms promote these products as "U.S. stock tokens" or "equivalent to stocks", but in substance, they are not stocks and may pose reputational risks to the related listed companies.