Historically, there was a distinction between buyers, who make directional trades (i.e. betting some inventory will go up or down) and sellers, usually giant establishments that purchase either side of the market to supply liquidity for these merchants. The outdated definition of a dealer included any firm “engaged in shopping for and promoting securities … as part of a daily enterprise,” with “common enterprise” primarily referring to the service of market making.
DeFi Should not Need to Fear Concerning the SEC’s Expanded Dealer Rule
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