So the protections stay what they are: at the federal level not law, but an interpretive notice sorting 16 tokens, a collateral pilot, a few no-action letters, a memorandum of understanding between two federal agencies, any of it revocable without a vote. The rest is left to the states, where investors get real protection in certain states, less elsewhere, and in some states none at all, none of it reaching a market that is national. The last great collapse already showed which protections hold and which give way.When FTX failed, its offshore exchange misused its customers’ assets for years. But…

Crypto market maker Wintermute has secured broker-dealer status in the U.S., giving the firm a regulated route into Wall Street as crypto trading and traditional securities markets draw closer together.New York-based Wintermute USA LLC registered with the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). The unit will operate as a proprietary trading firm rather than a retail broker.The registration lets Wintermute trade stocks and equity options, provide liquidity to exchanges and over-the-counter counterparties, and act as an authorized participant for exchange-traded funds (ETFs), including crypto-linked funds.Authorized participants create and redeem large blocks of ETF shares,…

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