Wintermute, a leading cryptocurrency market maker, has called on the U.S. Securities and Exchange Commission (SEC) to provide clear guidance that network tokens such as Bitcoin (BTC) and Ethereum (ETH) should not be classified as securities. The firm argues that these tokens function as decentralized networks rather than investment contracts, and thus should not fall under the same regulatory framework as traditional securities. This appeal comes amid ongoing debates over the regulatory status of various cryptocurrencies.