Ondo Finance has publicly criticized Nasdaq’s proposed approach to tokenizing traditional financial assets like stocks and ETFs. The company believes the SEC should wait for further information before approving this new system. This challenges Nasdaq’s plan to introduce blockchain-based trading in the finance industry. Ondo Finance raises concerns about how settlement processes would work under the proposal, advocating for greater transparency than the current system, which involves the Depository Trust Company (DTC) for securities clearance and safekeeping across major markets. The company emphasizes that tokenization can only succeed with collaboration and clear standards in place before regulatory changes. Nasdaq has declined to comment on the matter as the debate intensifies.