SEC’s Hester Peirce Seeks Clearer Cryptographic-Asset Trading Rules on National Securities Exchanges (NSEs) and ATSs

COINOTAG News reports that on December 17, SEC Commissioner Hester Peirce issued a statement accompanied by fresh FAQs from the Division of Trading and Markets, inviting industry input on trading cryptographic assets on NSEs (National Securities Exchanges) and ATSs (Alternative Trading Systems).

The release centers on trading and clearing arrangements for security and Security-Non-Security Cryptographic Asset pairs on regulated venues, with Peirce indicating SEC staff are ready to collaborate with market participants to enable compliant trading pairs.

She warned that clearer market-structure rules are needed to protect investors, preserve market order, and reduce regulatory friction for innovation, while questioning whether Regulation ATS and Regulation NMS keep pace with cryptographic assets and blockchain technology.

Key feedback topics include lowering entry barriers for crypto securities, assessing compliance costs, whether to create a dedicated Form ATS for Crypto ATS or adjust disclosures, the public vs. non-public regime, keeping Form ATS-R reporting amid on-chain data, and safeguarding trade confidentiality and risk controls without stifling software development or decentralized trading.