On September 10, an industry alliance consisting of Nasdaq, the Stuttgart Stock Exchange, and other institutions called on the EU to remove or raise the scale limit in the tokenized securities pilot program. They warned that the current cap is too low, as some existing tokenization projects in Europe have already exceeded this limit. The alliance believes that the low scale restriction could hinder the development of the European tokenized securities market and suggested that the EU expand the pilot program to allow market participants to further test blockchain-based securities issuance, trading, and settlement models.