Citadel Securities

The U.S. Securities and Exchange Commission is advancing two market-structure initiatives with potential consequences for crypto firms and tokenized securities. The agency has set a roundtable on round-the-clock trading and proposed transfer-agent rule changes that explicitly address blockchain technology.

LayerZero introduced ATLAS, a trading and settlement engine built on its Zero blockchain for crypto-native venues and institutional platforms. ZRO jumped roughly 30% as the plan tied trading activity more directly to the token through a buy-and-burn mechanism.

Wintermute is preparing a major expansion into traditional markets as crypto trading activity cools. The firm aims for noncrypto markets to generate more than half of revenue by the end of 2027, compared with 10% now.

Coinbase Chief Legal Officer Paul Grewal is departing the exchange after steering its legal team through a major fight with U.S. regulators. He will remain an adviser as Molly Abraham becomes general counsel and Ryan Van Grack moves into a vice chairman role.

Citadel has withdrawn its U.S. trade secrets lawsuit against crypto market maker Portofino Technologies after concluding that another judgment may be difficult to collect. The firm is now pursuing a bankruptcy order in England against Portofino co-founder Leonard Lancia over an unpaid London arbitration award.