This will be an interesting discussion.
My opinion is the structure of a man’s body is not changed by changing one’s sex.
Sure, the trans person will take on the physical attributes of a female, but the physicality remains.
Apparently when taking hormone drugs there are some changes in the muslces, ie transgender woman is less muscly than a male, but they are still not female especially of they transitioned after pubity.
I don't support it either. There is simply not enough evidence to support that a Transwoman is equal physically to a natural woman and likely because they are not. Males are on average taller, longer limbs and with greater lung capacity, its why most physical sports men and women do not compete directly. Hell natural women are known for taking male hormones such as testerone to increase their strength, sex drive etc.
For those who think otherwise I'm 6'4" / 192 cm adn all legs, while I'm happy with the skin I'm in, if I was to go down this path would it be fair I turn up to the starting line against natural women? Clearly no.
The elephant in the room is those who started hormone treatment prior to pubity?
Agree they should have their own category's although there is likely not enough competitors to make it work, but their issue shouldn't affect that of natural woman.
EDIT: Havn't some transgender won Miss universe or something in the past before they blocked it? There was one more famous Trans who was a Bond girl in the 80's?