According to The Block, XRP-focused treasury company Evernorth announced that its S-4 registration statement filed with the U.S. Securities and Exchange Commission (SEC) is now officially effective. The registration involves Evernorth’s merger with Special Purpose Acquisition Company (SPAC) Armada, after which it will list on the Nasdaq exchange.

Event Brief

Evernorth adopts a MicroStrategy-like treasury strategy, using XRP as its core reserve asset. This SPAC merger listing reflects the continuing trend of crypto treasury companies seeking traditional capital market access. The completion of SEC registration means key regulatory obstacles have been cleared, and the listing process enters its final stage.

Panoramic Analysis

This event continues the wave of crypto treasury company listings that began in 2025. After MicroStrategy achieved tremendous success with its Bitcoin treasury strategy, other crypto assets are beginning to see similar treasury company models. Evernorth’s choice of XRP as reserve assets reflects optimism about the Ripple ecosystem and cross-border payment market.

From a regulatory perspective, SEC approval of the registration indicates a more pragmatic approach toward crypto treasury companies. This provides precedent for more crypto enterprises entering traditional capital markets, helping promote further integration of crypto assets with traditional finance.

Editor: GoodInfo Global News Team

The U.S. Securities and Exchange Commission (SEC) has issued a no-action letter to asset management giant Franklin Templeton, allowing its traditional registered funds to use the onchain BENJI system for cash management. This means Franklin Templeton’s traditional funds can invest in its BENJI/FOBXX fund, marking an important breakthrough for traditional financial institutions in blockchain technology application.

Event Overview

Regulatory Breakthrough

The SEC’s no-action letter provides Franklin Templeton with regulatory certainty, enabling it to integrate blockchain technology into traditional fund management without violating existing regulations. This decision is seen as the SEC’s recognition of blockchain technology applications in traditional finance.

BENJI System Introduction

BENJI is Franklin Templeton’s onchain fund management system, designed to improve fund operational efficiency, reduce costs, and enhance transparency. FOBXX is the first product under this system, focusing on money market funds.

Industry Significance

This decision has demonstrative effects for the entire asset management industry. Other large asset management institutions may follow Franklin Templeton’s lead and explore blockchain technology applications in fund management. This will accelerate the integration of traditional finance with decentralized finance.

Background Analysis

In recent years, traditional financial institutions’ interest in blockchain technology has continued to heat up. From JPMorgan’s JPM Coin to BNY Mellon’s digital custody services, Wall Street giants are deploying. Franklin Templeton’s SEC approval further consolidates its leading position in the digital asset field.

Editor: GoodInfo Global News Team

Leading global crypto market maker Wintermute has officially registered as a broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This move enables Wintermute to legally trade traditional stocks, options, and cryptocurrency ETFs, marking a significant step for crypto market makers into the traditional finance domain.

Event Details

Wintermute USA, the company’s New York-based subsidiary, has completed broker-dealer registration with both the SEC and FINRA. This license allows Wintermute to offer trading services for stocks, options, and crypto ETFs in the U.S. market.

Wintermute is one of the world’s largest crypto market makers, with daily trading volumes exceeding billions of dollars. Obtaining this traditional securities trading license demonstrates the company is advancing its “everything exchange” strategy, deeply integrating crypto markets with traditional financial markets.

This move also reflects the growing trend of convergence between the crypto industry and traditional finance. An increasing number of crypto companies are pursuing compliant operations to gain recognition from institutional investors and regulators.

Panoramic Perspective

Wintermute’s registration marks crypto market makers officially entering the regulated traditional securities space. This trend could reshape the service model of the entire crypto industry. Previously, crypto market makers focused primarily on digital asset markets, but now they are becoming bridges connecting traditional finance and the crypto world.

From a regulatory perspective, the SEC’s stance toward crypto companies is evolving. Allowing crypto-native companies like Wintermute to obtain broker-dealer licenses indicates regulators are exploring more flexible frameworks to adapt to the rapid evolution of financial markets.

For investors, this means the boundary between crypto assets and traditional securities will further blur. In the future, investors may seamlessly trade stocks, bonds, and crypto assets on the same platform, greatly enhancing market efficiency and liquidity.

Multiple Perspectives

Supporting Compliance: Industry analysts believe Wintermute’s registration is an important milestone in the crypto industry’s maturation. Compliant operations can not only attract more institutional investors but also enhance the entire industry’s credibility.

Regulatory Concerns: Some regulatory advocates worry that crypto companies entering traditional securities may introduce new risks. They call on the SEC to strengthen oversight of such hybrid business models.

Increased Competition: Other crypto market makers may be compelled to follow suit, seeking similar licenses to remain competitive. This will drive the entire industry toward greater standardization and transparency.

Editor: GoodInfo Global News Team