Wintermute provides feedback to the SEC Crypto Task Force on tokenized securities
Wintermute provides feedback to the SEC Crypto Task Force, recommending practical guidance for tokenized securities markets to flourish.
3 Sept 2025
Uncategorised
kaja
Wintermute provided feedback to the SEC Crypto Task Force on tokenized securities. The submission comes as the U.S. sets the direction for digital assets and outlines three priorities: clear rules of the road for dealers, space for decentralized markets to develop, and clarity on the SEC’s jurisdiction. Together, these areas will be critical for adoption, innovation, and competitive markets.
On September 3, 2025, Wintermute provided feedback to the SEC Crypto Task Force. As a global proprietary trading firm for crypto assets, we have a direct stake in the adoption of crypto-infrastructure in financial markets. Our aim is to open the path for the crypto-forward evolution of financial markets under clear and workable rules. Drawing on experience across both centralized and decentralized markets, we bring practical insight into how crypto asset securities or digital representations of securities (also known as “tokenized securities”) can be more broadly adopted.
With U.S. regulators actively shaping the framework for crypto infrastructure, this is a pivotal moment to ensure tokenized securities markets develop in a way that preserves innovation and market integrity. Liquidity is key for these products to transition from niche use cases to universal investment vehicles. In our submission, we recommend that the SEC provide guidance on three areas we see as critical for liquidity providers to support the adoption of tokenized securities:
• Establishing clear rules of the road for dealers that want to engage in tokenized securities. We recommend the SEC explicitly clarify that registered dealers are able to trade tokenized securities for their own account, self-custody tokenized securities using key management and wallet software, and settle transactions onchain, including with stablecoins and other non-security crypto assets, with principles based guidance that allows flexibility until common standards or new rules emerge.
• Empowering decentralized tokenized securities markets to flourish alongside centralized ones. Wintermute advocates for preserving the nature of decentralized markets for tokenized securities, which do not require financial intermediation to operate. In this context, we believe registration requirements under the federal securities laws should not be triggered merely by providing liquidity.
• Additional clarification on the jurisdictional bounds of the SEC. We applaud the SEC on the clarity provided to date on the non-security status of certain crypto assets and recommend that this approach be extended to network tokens, which make up the vast majority of digital asset market capitalization.
Wintermute values the opportunity to share its views and engage constructively with regulators in the U.S. and globally.
