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[Wintermute OTC Head: Banks' Participation in Crypto Trading is a Brokerage Model] Wintermute OTC Head Jake stated that banks' participation in the crypto trading process is fundamentally different from proprietary trading. Banks typically purchase crypto assets from clients and immediately transfer them to liquidity providers, holding the assets only briefly on a technical level to facilitate transactions, without actually holding inventory or bearing price fluctuation risks. From an economic substance perspective, this constitutes a brokerage business. Banks can facilitate transactions between buyers and sellers but cannot hold positions or engage in proprietary trading.