Crypto market maker Wintermute posted on the X platform that it has followed up with the U.S. Securities and Exchange Commission (SEC) Cryptocurrency Working Group and raised two key points: 1. Regulated dealers should be authorized to develop their own clearing and settlement procedures for tokenized securities without triggering the rules applicable to broker-dealers providing clearing services to clients. This would allow dealers to settle directly with counterparties on-chain and adopt customized risk management standards; 2. Proprietary trading and liquidity provision on DeFi protocols should not trigger dealer registration. If a company only trades for its own account and does not interact with clients, the activity falls under the long-standing "trader exemption" provision.