Transwomen are faster and stronger than females for at least two years after gender-affirming therapy, which would give them a clear performance advantage in most (if not all) sports. It’s possible that these advantages disappear after longer periods of time, but we don’t have data investigating this hypothesis.
Transwomen have faced a lot of discrimination, so it is understandable that individuals want to try and make the world more inclusive towards them, sports included. I’m all for this in principle, but we need to go about it without discriminating against other groups of individuals along the way. It’s not fair for females to compete against transwomen that retain performance advantages from being male.