The World Federation of Exchanges, whose membership spans more than 250 exchanges and clearing houses worldwide, has asked leading securities regulators to tighten oversight of so-called tokenised stocks. In a letter dated 22 August and seen by Reuters, the London-based group urged the U.S. Securities and Exchange Commission, the European Securities and Markets Authority and the International Organization of Securities Commissions to apply full securities rules to the blockchain-based instruments. Tokenised equities are digital tokens that track the price of a company’s shares but do not confer legal ownership, voting rights or other protections granted to traditional shareholders. The WFE said the products “mimic” listed equities without offering comparable safeguards, warning that investors could be misled and that issuers risk reputational harm if the tokens fail. Crypto platforms including Coinbase and Robinhood have begun piloting or marketing tokenised-equity services, betting that round-the-clock trading and lower costs will attract retail demand. The WFE, led by Chief Executive Officer Nandini Sukumar, told regulators to clarify custodial rules, restrict marketing that equates the tokens with shares and ensure enforcement of existing securities laws. Coinbase shares fell roughly 2.8 percent in U.S. pre-market trading after the letter became public.