A16z submitted a letter of opinion to the US Securities and Exchange Commission on September 14th, suggesting to refer to the regulatory framework of alternative trading systems and establish a more flexible regulatory system for cryptocurrency trading platforms. A16z suggests that cryptocurrency trading platforms register with the US Securities and Exchange Commission through notification registration and allow simultaneous trading of non securities asset trading pairs, as well as securities and non securities asset trading pairs. A16z suggests that platforms trading NMS stocks, such as tokenized stocks, only apply the Form ATS-N public disclosure requirement after meeting the trading volume threshold set by Regulation ATS, and keep information below the threshold confidential to the US Securities and Exchange Commission and platform users. The platform should apply record keeping requirements similar to alternative trading systems, and can save records through blockchain when specific conditions are met, as well as set differentiated access permissions, rights, and obligations for different users.
