Andreessen Horowitz proposes SEC regulate crypto platforms under ATS model
- —The proposal was filed with the SEC on September 14 in response to the regulator's December 2025 request
- —CTPs could register by notice and trade security and non-security pairs on one platform
- —Trading securities would require broker-dealer registration and FINRA membership
- —Form ATS-N disclosure would be made non-public until a trading volume threshold is exceeded
Why it matters: If the SEC adopts the ATS approach, US crypto platforms could legally combine tokenized equities and crypto assets, reducing market fragmentation.
Source: TokenPost