broker-dealer

According to the WSJ, Wintermute's U.S. subsidiary has registered as a broker-dealer, marking the company's official entry into the regulated U.S. financial market. This registration qualifies it to apply to become a designated market maker on securities exchanges such as the New York Stock Exchange and NASDAQ, providing a foundation for its expansion into the traditional financial services sector. The report noted that Wintermute is competing with large market-making institutions such as Jane Street Capital and Citadel Securities.

The U.S. Securities and Exchange Commission today officially proposed amendments to Rule 15c2-11 of the Securities Exchange Act, aiming to clearly limit the scope of this rule to equity securities.Since its promulgation, this rule has primarily been used to regulate the information collection and review obligations of brokers when publishing quotes in the over-the-counter (OTC) market, with the core purpose of preventing manipulative and fraudulent trading practices in the OTC stock market. SEC Chairman Paul S. Atkins stated that regulatory rules should match the asset classes to which they apply, and this amendment aims to clarify the regulatory obligations for publishing quotes and to specify that Rule 15c2-11 is always applicable only to equity securities.

The U.S. Securities and Exchange Commission (SEC) this week issued the latest staff statement through its Division of Trading and Markets, providing operational guidance on the custody of customer crypto assets by regulated broker-dealers, and simultaneously released a frequently asked questions document regarding crypto alternative trading systems (ATS).Regarding custody, the SEC pointed out that as long as broker-dealers follow the informal standards outlined in the statement, including properly safeguarding customer private keys and considering scenarios such as blockchain failures, 51% attacks, hard forks, or airdrops in advance, the regulatory authorities will not take enforcement action. This guidance applies to crypto securities, including tokenized stocks and debt securities, but the relevant definitions still need further clarification. In addition, the SEC also raised regulatory concerns regarding the trading and settlement activities of crypto ATS. Hester Peirce, the head of the SEC's crypto working group and a commissioner, stated that trading platforms and market participants need to operate under clear market structure rules to promote a fair and orderly market environment without imposing unnecessary burdens.

ChainCatcher news, according to Forbes, London-based one of the largest cryptocurrency market makers GSR has agreed to acquire Equilibrium Capital Services, a FINRA-registered broker-dealer shell company based in Portland, Oregon.The market maker acquired a subsidiary of the same name that is largely dormant for a "six-figure" price, which is dedicated to building an ESG-compliant investment portfolio aimed at quickly entering the U.S. regulated securities market.This acquisition enables GSR to provide investment banking services for traditional companies and crypto startups seeking to raise funds, particularly those looking to add digital assets like Bitcoin or stablecoins to their balance sheets.

ChainCatcher News, the U.S. Securities and Exchange Commission (SEC) has proposed a safe harbor for cryptocurrencies and reforms to the broker-dealer rules. The proposed rule changes could impact the SEC's guidance on broker-dealers, custody, and reporting, potentially allowing cryptocurrency companies to operate in the U.S. with less regulatory oversight and reducing the risk of legal action.The proposed rules include amendments to the Securities Exchange Act to "consider trading crypto assets on alternative trading systems and national securities exchanges," as well as modifications to the "broker-dealer financial responsibility rules," which could alleviate the reporting burden on cryptocurrency companies. While the impact of each proposal on the cryptocurrency industry varies, many proposals indicate that the commission will continue to soften its enforcement approach, establish a safe harbor, and restructure existing regulations to benefit relevant crypto projects.Paul Atkins stated, "This agenda covers potential rule proposals related to the issuance and sale of crypto assets to help clarify the regulatory framework for crypto assets and provide greater certainty to the market. We have withdrawn a series of initiatives from the previous administration that did not align with the goal of regulation being smart, effective, and appropriately calibrated within statutory authority."

ChainCatcher news, according to CoinDesk, the digital asset securities platform Prometheum announced the acquisition of SEC and FINRA registered broker-dealer ProFinancial, and the establishment of an SEC registered digital transfer agent, creating a fully compliant tokenization platform covering issuance, trading, and custody.Co-CEO Aaron Kaplan stated that the goal is to achieve the on-chain representation of real assets under the U.S. regulatory framework, capturing the trillion-dollar asset tokenization market. Currently, competition in this field is intensifying, with institutions such as Securitize, Superstate, and Tokeny also actively positioning themselves. Kaplan mentioned that Prometheum has built its trading and custody infrastructure ahead of the market, providing a unique competitive advantage.

ChainCatcher news, according to official sources, tZERO Group Inc. announced that tZERO digital asset securities have received approval from both the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), becoming a specialized broker-dealer for the custody of new types of digital asset securities.

ChainCatcher news, according to Cointelegraph, the U.S. Securities and Exchange Commission (SEC) passed new rules yesterday redefining "dealers" and "government securities dealers." SEC Commissioner Hester Pierce noted that she could not support the final rules because the definition of dealers "does not align with the legal framework in which it operates, will distort market behavior, reduce market quality, and turn dealers (many of whom are customers) into dealers."Many DeFi supporters and cryptocurrency experts shared their concerns about the new rules on social media. Delphi Labs' General Counsel Gabriel Shapiro recounted Pierce's interactions with SEC staff regarding dealer registration requirements, explaining how the new rules would affect liquidity providers. Consensys Senior Counsel and Global Head of Regulatory Affairs Bill Hughes stated that the new rules make it increasingly important to clearly define which crypto assets fall under U.S. law as securities.He added that the new rules regarding cryptocurrencies will be challenged in federal court, as these rules have a significant impact on the securities market. "You can anticipate that many sectors will seek judicial review. And the SEC's recent track record in such cases has been poor. Shockingly, the SEC seems completely uninterested in providing this clarity. The public's only hope in the short term remains that Congress will take action."

ChainCatcher News, cryptocurrency custody company BitGo has announced the launch of a wealth management platform that will allow registered investment advisors (RIA) and broker-dealers to access digital assets with the highest compliance and security directly and easily.It is reported that the wealth management platform integrates with traditional portfolio management systems such as Orion, InvestCloud, and Black Diamond, allowing users to customize layouts, add custom indices, rebalance portfolios, and automate reporting to ensure the smooth integration of digital assets into any portfolio. (Source link)