Amidst the swirling mists of Washington, the illustrious trading company and market maker, Wintermute, has raised its voice to the heavens-or rather, the United States Securities and Exchange Commission (SEC)-to beseech that network tokens be spared the shackles of securities laws. 🙏
In a formal epistle to the SEC, Wintermute implored the wise guardians of the financial realm to provide clear guidance on the nature of these enigmatic tokens, lest the crypto markets be cast into the abyss of regulatory purgatory. 🌪️
Wintermute argued that “network tokens,” those mystical entities “intrinsically connected to the functioning of a decentralized network or protocol,” are essential ingredients in the potion of blockchain networks. Thus, they stand apart from mere financial products or securities, as different as a sorcerer’s spell from a merchant’s ledger. 📜🔥
The company cited Bitcoin (BTC) and Ether (ETH) as prime examples of these tokens that should remain free from the clutches of securities classification. After all, who would dare classify the essence of magic as a mere commodity? 🦄
Wintermute likens network tokens to commodities
Should these tokens be deemed securities, every trade of such digital wonders in the United States might become a bureaucratic nightmare, requiring compliance with securities laws. This could drain the liquidity from the tokens, inflate costs for traders, and ultimately drive the arcane arts offshore. 🛫✨
“Such misclassification risks smothering the flames of innovation and banishing blockchain development and trading activity beyond the borders of the US markets,” Wintermute warned, as if foretelling a dark age for the crypto world. 🌑🔥
The company asserted that network tokens do not meet the criteria for securities, even when traded for profit or used in fundraising rounds. Instead, they function more like commodities, collectibles, and real estate-items that can be purchased for investment without being labeled as securities. 🏦🎨🏡
Beyond its plea, Wintermute also welcomed the SEC’s guidance on excluding stablecoins, memecoins, and staking activities from securities classification. It urged the same clarity for network tokens, lest the market be thrown into chaos. 🤷♂️💥
“Clear guidance in these areas will keep US markets competitive, foster ongoing dialogue with regulators, and create the perfect conditions for adoption and innovation to flourish,” Wintermute declared, as if casting a spell to protect the crypto realm. 🧙♂️🌱
CryptoMoon sought further enlightenment from Wintermute, but the company remained as silent as the grave, leaving us to ponder the mysteries of the crypto universe. 🌠🔮
Wintermute asks the SEC to ensure DeFi growth
But the company’s petition did not end there. Wintermute also called upon the SEC to ensure that decentralized finance (DeFi) could coexist harmoniously with centralized markets for tokenized securities. The company urged the SEC to empower both paths, promoting innovation, enhancing investor choices, and creating a global marketplace for tokenized securities. 🌐💼
Thus, the stage is set for a grand battle between the forces of regulation and the spirits of decentralization. May the best sorcerer win! 🧙♀️🧙♂️
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2025-09-04 14:22