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He suggested that the SEC staff is considering whether it would “be appropriate to segregate out custody functions” from trading services. In January 2022, the SEC published a proposed rulemaking regarding Regulation ATS that would expand the definition of “exchange” under Rule 3b-16 of the Exchange Act to include certain communication protocol systems that bring together buyers and sellers of securities. However, Chair Gensler suggested in his Prepared Remarks that ATSs may not be the proper venue to support trading of digital asset securities because retail investors would benefit if relevant crypto trading platforms are regulated by the SEC in a way that incorporates more of the investor protections that apply to the SEC’s regulation of national securities exchanges.ģ Such changes, if adopted, would allow the SEC to argue that certain crypto trading platforms that support instruments that are securities must become alternative trading systems (ATSs) that are registered with the Financial Industry Regulatory Authority and supervised by the SEC. Although certain ATSs are already approved for trading digital asset securities, it remains unclear how such a framework would be implemented more broadly for at least some crypto trading platforms.

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On March 28, 2022, the SEC proposed to further define activity that requires registration as a securities “dealer” with the SEC. 4 The proposed definitions would apply to entities that have or control $50 million or more in assets, that are not registered as investment companies under the Investment Company Act of 1940, and that surpass certain thresholds of securities trading for their own account. While the primary focus of the proposed changes does not target digital asset securities, the proposal could affect many market participants in the digital asset ecosystem, including those participating in centralized exchange activity and decentralized finance activities such as automatic market making and liquidity pools.

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