a16z Proposes ATS Framework for CTP Regulation to SEC

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On September 14, a16z and the DeFi Education Fund proposed using the 1998 ATS framework to regulate CTPs with the SEC. The plan permits CTPs to register via notice filing, supports the co-location of crypto securities and non-securities pairs (e.g., BTC/stablecoins), and recommends confidential disclosures for lower trading volumes. The proposal aligns with a broader compliance framework and CFTC measures.

PANews, September 18: On September 14, a16z and the DeFi Education Fund (DEF) submitted a proposal to the U.S. SEC in response to the SEC’s request for comments on the regulatory framework for cryptocurrency trading platforms (CTPs). a16z recommends modeling the CTP regulatory framework after the 1998 Alternative Trading System (ATS) framework, allowing CTPs to register with the SEC via a notice filing, while permitting the trading of both crypto-securities and non-security asset pairs (such as BTC/stablecoins) on the same platform to prevent market fragmentation. Public disclosure requirements under Form ATS-N would apply only after trading volume exceeds a specified threshold; disclosures below the threshold would be submitted confidentially. CTPs should be permitted to implement differentiated access permissions for different users and support blockchain-based recordkeeping.

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