In today’s cryptocurrency news, Ondo Finance has called on the U.S. Securities and Exchange Commission (SEC) to reconsider or put a hold on Nasdaq’s initiative to trade tokenized securities. Ondo argues that the proposal lacks necessary transparency and may favor established players in the market.

In a Wednesday letter, Ondo highlighted the challenges posed by the absence of public information regarding how the Depository Trust Company (DTC) will facilitate blockchain-based settlements. They stated, “Nasdaq’s reference to non-public information implies differential access that deprives other firms of a fair opportunity to comment.”

Despite supporting Nasdaq’s efforts towards tokenization, Ondo emphasized that approval should be postponed until clearer guidelines and standards are established.

Meanwhile, three of Japan’s leading banks, Mitsubishi UFJ Financial Group, Bank Sumitomo Mitsui, and Mizuho Bank, are reportedly collaborating to launch a yen-pegged stablecoin. This move is aimed at enhancing the financial infrastructure in Japan by reducing transaction costs and modernizing corporate settlements.

Additionally, there has been a considerable uptick in applications for cryptocurrency exchange-traded funds (ETFs) with at least five new submissions to the SEC this week, signaling a burgeoning interest in the sector despite governmental challenges.

These developments illustrate the evolving landscape of cryptocurrency markets and regulatory responses as entities adapt to new technologies and financial instruments.