The trading company and market maker Wintermute has recently formally requested the U.S. Securities and Exchange Commission (SEC) to confirm that network tokens should not be classified as securities.
In its formal feedback soliciting opinions from the regulatory agency, the company emphasized that clear guidance on the securities status of tokens is crucial to avoid the misuse of securities laws, which will ensure the continued healthy development of the crypto market.
Wintermute pointed out that "network tokens," as "technological elements inherently connected to the functions of decentralized networks or protocols," are indispensable technological inputs for blockchain networks. Based on this characteristic, the company believes that such tokens are fundamentally different from traditional financial products or securities.
The company specifically cited Bitcoin (BTC) and Ether (ETH) as typical examples of network tokens that should not be classified as securities.
If network tokens are classified as securities, then in the U.S., every transaction of such digital assets may need to comply with securities law regulations. This could affect the liquidity of the tokens, increase costs for traders, and ultimately push trading activities overseas.
"This misclassification could stifle innovation and push blockchain development and trading activities outside the U.S. market," Wintermute stated in a declaration.
The company emphasized that even if network tokens are used for profit-making trades or in financing rounds, they fundamentally do not meet the basic standards of securities.
Wintermute believes that the functions of network tokens are more akin to commodities, collectibles, and real estate. These asset classes can be purchased for investment purposes but are not classified as securities.
In addition to proposing core recommendations, the company also actively responded to the SEC's guidelines that exclude stablecoins, meme coins, and staking activities from securities classification. Wintermute particularly emphasized that equally clear regulatory frameworks should also extend to the field of network tokens.
"Establishing clear regulatory guidance in these key areas will effectively maintain the competitiveness of the U.S. market, promote ongoing dialogue with regulators, and create optimal conditions for the widespread adoption and innovative prosperity of digital assets," the company stated.
Cointelegraph has reached out to Wintermute for more information on this matter, but has not received a response as of the time of publication.
In addition to clarifying the regulatory positioning of network tokens, the company also specifically called on the SEC to ensure that decentralized finance (DeFi) can develop healthily alongside the centralized market for tokenized securities.
Wintermute suggested that regulators should provide a fair competitive environment for these two development paths. The company stated that this inclusive regulatory strategy will effectively promote industry innovation, expand investor choices, and create a truly global market for tokenized securities.
Related: The Federal Reserve will hold a digital asset conference amid challenges to its leadership.
Original article: “Wintermute Urges SEC to Exclude Network Tokens from Securities Rules”
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