Wintermute Wins U.S. Broker-Dealer Status, Opening $10 Billion Crypto Market Maker to Equities and ETFs
Updated
Updated · CoinDesk · Aug 7
Wintermute Wins U.S. Broker-Dealer Status, Opening $10 Billion Crypto Market Maker to Equities and ETFs
3 articles · Updated · CoinDesk · Aug 7
Summary
Wintermute USA LLC has registered with the SEC and joined FINRA, giving the crypto market maker authority to trade U.S. stocks and options and provide ETF liquidity.
The proprietary-only unit can self-clear digital asset securities for its own accounts and seek market-making roles on exchanges including the NYSE and Nasdaq.
Wintermute said it will start with crypto-linked markets, including acting as an authorized participant for ETFs, and later expand into tokenized stocks if regulators approve.
The move extends a U.S. push that included opening a New York headquarters and seeking SEC clarity on broker-dealers holding tokenized securities through wallet software.
Wintermute, which says it handles more than $10 billion in average daily volume across 60-plus venues, joins Ripple, GSR and Crypto.com in building regulated U.S. securities businesses.
Could Wintermute's new SEC broker-dealer status finally bridge the gap between traditional Wall Street exchanges and blockchain-based tokenized securities?
How will regulators manage proprietary trading through wallet software as digital asset firms increasingly infiltrate traditional U.S. capital markets?