Is the regulatory authority really ready for tokenized securities?

ONDO Finance recently sent a letter to the SEC, with one core request: Can Nasdaq clarify the details of the proposed security tokenization plan?

The background is as follows: Nasdaq wants to change the rules to allow stocks and ETFs to be traded on-chain, processed through the clearing system of the U.S. Central Securities Depository (DTC). It sounds very technological, but Ondo feels it is not transparent enough.

Interestingly, both the supporting voices and the opposing voices are quite loud:

Supporters: Nasdaq stated that this can promote market innovation without undermining investor protection. SEC Commissioner Hester Peirce also hinted that tokenization of assets has become a regulatory focus.

Opposition: Better Markets directly criticizes—tokenization may weaken investor protection. Their policy director Benjamin Schiffrin bluntly stated: The SEC's primary mission is to protect retail investors, not to please the crypto community.

What is the hidden meaning here? On one hand, traditional finance and the crypto space are vying for discourse power; on the other hand, tokenization is a major trend (Ondo is now managing tokenized versions of money market funds and US Treasury bonds), but the rules have not yet been fully established.

ONDO mentioned in passing its relationship with World Liberty Financial (Trump family project), and this background information may also influence the SEC's attitude.