The World Federation of Exchanges published a paper calling tokenised equities "mimicry."
$ONDO sent them a letter back.
Most people scrolled past that moment.
That was the mistake.
Here is what was actually happening underneath the surface.
The WFE represents the most powerful exchange operators on the planet.
When they publish a paper criticising an entire product category, it is not a neutral academic exercise.
It is a positioning move.
Incumbents protecting the rails they have controlled for decades by casting doubt on the rails being built to replace them.
Ondo read it and responded o