The U.S. SEC commissioner is seeking comments on issues related to the trading of crypto assets on national securities exchanges and alternative trading systems.
PANews reported on December 18 that U.S. SEC Commissioner Hester Peirce issued a statement, in conjunction with a newly released set of Frequently Asked Questions (FAQs) from the Department of Trading and Markets, to solicit opinions from the market regarding the trading of crypto assets on National Securities Exchanges (NSEs) and Alternative Trading Systems (ATSs). The statement focuses on the trading and clearing arrangements for crypto asset securities and "security-non-security crypto asset" trading pairs. Peirce stated that SEC staff are prepared to work with market participants to facilitate compliant trading pairs on regulated platforms.
Peirce pointed out that the current market urgently needs clearer market structure rules to protect investors and maintain market order while avoiding imposing unnecessary regulatory burdens on innovation. She specifically focused on whether Regulation ATS (introduced in 1998) and Regulation NMS are outdated in the context of crypto assets and blockchain technology. The core content of the consultation includes: how to lower the entry barriers for crypto asset securities and trading platforms and encourage innovation; whether the current Reg NMS and Reg ATS impose disproportionate compliance costs on crypto trading; whether a dedicated Form ATS should be established for "crypto ATS" or the existing disclosure system should be adjusted; whether crypto ATS information disclosure should remain non-public or introduce SEC review or public disclosure mechanisms; whether it is necessary to retain the Form ATS-R quarterly reporting requirement in the context of blockchain and on-chain data traceability; whether it is necessary to clarify the compliance methods for converting non-dollar assets to US dollars; how to handle requirements such as transaction information confidentiality, system risk control (Rule 15c3-5), and system compliance (Reg SCI); and how to avoid hindering individuals from developing software and using automated or decentralized trading methods in the context of regulation. Peirce emphasized that these issues will serve as important references for the SEC's cryptography working group in formulating subsequent policies, and that regulators are willing to hear broader suggestions to improve the overall regulatory framework of the NSE and ATS.
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