FX Market Veterans Seek to Rebuild Crypto in Wall Street’s Image

A group of former foreign-exchange professionals is trying to import Wall Street’s market structure into the freewheeling world of crypto.

These traders are betting the industry will only gain institutional trust if it sheds its casino reputation and adopts clear divisions between who matches trades, who holds money and who takes risk.

Brandon Mulvihill is one of them. At Jefferies he helped run a currency prime brokerage, where each player had a distinct role: brokers arranged deals, banks provided credit and custodians kept assets safe. When he moved into crypto in 2022, he found exchanges doing all of that themselves ...