The U.S. Securities and Exchange Commission’s (SEC) newfound enthusiasm for the crypto sector is exposing investors to a growing risk of regulatory arbitrage, warns the World Federation of Exchanges (WFE), which is calling for the regulator to be more careful in granting exemptions. In a letter to the SEC’s crypto task force, the WFE, an industry trade group for exchanges and clearinghouses, said the growth of unregulated crypto trading platforms and broker-dealers offering so-called “tokenized equities” is raising “serious concerns.” “These products are marketed as stock tokens or the equivalent to stocks when they ... (full story)