Wintermute: Traders should be allowed to perform on-chain Settlement directly, and DeFi proprietary trading does not require sign up.

Odaily News Wintermute, a crypto market maker, stated in a post on the X platform that it has followed up with the SEC's cryptocurrency working group and highlighted two key points: 1. Regulated dealers should be authorized to establish their own tokenization securities clearing and settlement procedures without triggering rules applicable to brokers providing clearing services to customers, allowing dealers to settle directly on-chain with counterparties and adopt customized risk management standards; 2. Engaging in proprietary trading and liquidity provision on DeFi protocols should not trigger dealer registration, and if a company trades solely for its own account without interacting with customers, such activity complies with the long-standing “trader exemption” provision.