Plume's counsel urges SEC to speed up the development of tokenization rules and advance the DeFi process

According to Forbes, Plume's legal counsel B. Salman Banaei testified before Congress and strongly urged the U.S. Securities and Exchange Commission (SEC) to speed up the development of tokenization rules and promote full ATS (Alternative Trading System) registration of the DeFi protocol rather than relying solely on "innovation exemptions." Banaei criticized the SEC for "putting all its eggs in one basket of innovation exemptions," calling it "stupid" and warned that setting trading volume and product limits would not attract large institutions "because they would not invest resources in infrastructure that may not exist in two or three years." He also suggested that the SEC seek advice on incompatibilities in current rules and develop permanent solutions. Plume was approved by the SEC in October 2025 as a registered transfer agent to process shareholder records, transfers and dividends of tokenized securities on the chain, and is currently awaiting a FINRA broker license. Banaei pointed out that the current SEC leadership window is only 10 months away, and action needs to be taken as soon as possible to promote the development of real-world asset (RWA) tokenization.