SEC Commissioner Requests Public Input on Issues Related to Cryptocurrency Trading on National Securities Exchanges
On December 17, SEC Commissioner Hester Peirce issued a statement, in conjunction with a set of FAQs released by the Division of Trading and Markets, seeking broad public input on issues related to the trading of cryptocurrency assets on national securities exchanges (NSE) and alternative trading systems (ATS).
The statement focuses on the trading and clearing arrangements for cryptocurrency asset securities and the “securities—non-securities cryptocurrency” trading pairs. Peirce stated that SEC staff are prepared to work with market participants to promote compliant trading of these pairs on regulated platforms.
Peirce noted that the current market urgently needs clearer market structure rules to protect investors and maintain market order while avoiding unnecessary regulatory burdens on innovation. She specifically highlighted whether Regulation ATS (introduced in 1998) and Regulation NMS have become outdated in the context of cryptocurrency assets and blockchain technology. The core issues for public input include:
· How to lower the entry barriers for cryptocurrency asset securities and trading pairs platforms, and encourage innovation
· Whether the current Reg NMS and Reg ATS impose disproportionate compliance costs on cryptocurrency trading
· Whether a dedicated Form ATS is needed for “crypto ATS” or adjustments to existing disclosure systems
· Whether the information disclosure for crypto ATS should remain non-public, or if an SEC review or public mechanism should be introduced
· In the context of traceability on blockchain and on-chain data, whether it is necessary to retain the quarterly submission requirements for Form ATS-R
· Whether there is a need to clarify compliance methods for converting non-U.S. dollar assets to U.S. dollars
· How to handle confidentiality of trading information, systems risk control (Rule 15c3-5), and systems compliance (Reg SCI) requirements
· How to avoid hindering individuals from developing software, using automation, or trading in a decentralized manner within regulation
Peirce emphasized that these issues will serve as important references for the SEC's cryptocurrency working group's subsequent policy formulation, and the regulatory body is also willing to hear broader suggestions to improve the overall regulatory framework for NSE and ATS. This statement is seen by the market as another signal of the SEC's relatively open attitude toward reforming the market structure for cryptocurrency asset trading. $BTC $ETH $币安人生
