News & Analysis as of

Alternative Trading System (ATS)

WilmerHale

Potential Impact of the SEC’s Rulemaking Agenda on Crypto

WilmerHale on

The current SEC administration has expressed the view that most crypto assets are offered and sold as securities and has proposed several rules that address “digital asset securities” or “crypto asset securities.” In this...more

BCLP

Stumbling Block? What is the Path Ahead for DeFi Through the Eyes of Policymakers?

BCLP on

DeFi development carried quietly on throughout 2023, but DeFi protocols also faced significant hurdles. In the US, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) increased their...more

Ballard Spahr LLP

SEC Exam Priorities Target AML

Ballard Spahr LLP on

Priorities Echo Prior Alerts and Enforcement Actions - The SEC’s Division of Examinations (the “Division”) released on October 16 a report on its “Examination Priorities” (the “Report”) for fiscal year 2024. This release...more

Goodwin

SEC’s ATS Re-proposal Doubles Down on DeFi and Digital Asset Regulation

Goodwin on

In April 2023, the SEC re-proposed amendments to Exchange Act Rule 3b-16 to expand the definition of what it means to be an exchange. When the SEC initially proposed these amendments in January 2022, there were zero direct...more

WilmerHale

SEC Proposes to Expand Reg SCI

WilmerHale on

The Securities and Exchange Commission (SEC) proposes to amend Regulation Systems Compliance and Integrity (Reg SCI) to update and expand the regulatory oversight of the core technology of the U.S. securities markets.1 The...more

Morrison & Foerster LLP

The SEC Redefines “Exchange”: An Act in Three Parts

On April 14, 2023, the Securities and Exchange Commission (SEC) reopened the comment period on proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934 (the “Exchange Act”) (the “Amendments”). The...more

Dechert LLP

Overview of crypto asset class regulations in the EU and the US

Dechert LLP on

This OnPoint summarizes the panel discussion at Dechert’s annual investment funds conference that took place in Luxembourg in the last quarter of 2022. At the conference, we discussed the Regulation on the Markets of Crypto...more

Freeman Law

Crypto Exchanges & the SEC’s Proposed Redefinition of an “Exchange”

Freeman Law on

Recently, the SEC published a proposed new regulation (the “Proposed Rule”) to amend the definition of an “exchange” for purposes of the Securities Exchange Act. Any person whose conduct meets the Proposed Rule’s new...more

Goodwin

SEC Examinations Division Publishes 2022 Priorities

Goodwin on

The SEC Division of Examinations recently published its list of priorities for 2022. While it was a bit late compared to a typical year, the priorities letter provides a roadmap for firms to better understand where the...more

Womble Bond Dickinson

SEC Proposes to Redefine “Exchange” - New Definition Could Subject Blockchain Crypto Platforms to SEC Regulation

Womble Bond Dickinson on

The Securities and Exchange Commission (“SEC” or “Commission”) has released a proposal to amend Exchange Act Rule 3b-16, Regulation ATS, and Regulation SCI. Criticized by SEC Commissioner Hester Peirce as “too wide-ranging”...more

Manatt, Phelps & Phillips, LLP

Focus on Crypto and Blockchain: Regulatory Fog Begins to Lift, but Many Questions Remain

The cryptocurrency and blockchain industry has developed over the past decade with a large and increasingly glaring void: What regulations ultimately will apply and who will regulate the space? Much regulatory focus to date...more

Latham & Watkins LLP

Expanded Definition of “Exchange” and SEC Regulation of Crypto Platforms

Latham & Watkins LLP on

The amended definition could provide a new means for the SEC to regulate crypto platforms. We previously published a blog post on the set of proposed amendments (Proposal) issued on January 26, 2022, by the Securities...more

Sheppard Mullin Richter & Hampton LLP

SEC Proposed Amendments Could Significantly Impact DeFi Companies

The U.S. Securities and Exchange Commission (SEC) recently issued proposed amendments to the Securities Exchange Act (the “Exchange Act”) that would significantly broaden the definition of “exchange” for purposes of...more

Latham & Watkins LLP

SEC Proposes to Expand the Definition of an “Exchange”

Latham & Watkins LLP on

The proposal would require certain systems and platforms currently not subject to any registration requirements to register as broker-dealers and ATSs. On January 26, 2022, the Securities and Exchange Commission (SEC)...more

Morgan Lewis

SEC Proposes Changes to Regulation ATS for Communication Protocol Systems

Morgan Lewis on

The US Securities and Exchange Commission (SEC) has proposed a sweeping expansion in how it defines securities exchanges to capture digital asset platforms, request-for-quote platforms, indication-of-interest platforms (IOI),...more

Holland & Knight LLP

SEC to Keep Watchful Eye on Digital Asset Trading Platforms - Commission's Focus on Securities Exchange Laws, Reg ATS and Expanded...

Holland & Knight LLP on

In July 2017, the SEC issued its landmark DAO Report, which clarified, among other things, its view that digital tokens with characteristics akin to those of an "investment contract" as established in SEC v. W.J. Howey Co....more

Eversheds Sutherland (US) LLP

SEC issues proposed rule that could reach cryptocurrency exchanges

On January 26, 2022, the US Securities and Exchange Commission (SEC) proposed a rule (Proposed Rule) amending - and significantly broadening - a rule that defines certain terms used in the statutory definition of “exchange.”...more

WilmerHale

SEC Proposes Significant New Regulatory Obligations for Communication Protocol Systems and Government Securities ATSs

WilmerHale on

The Securities and Exchange Commission (SEC) proposed significant changes to the regulation of securities trading systems that use non-firm trading interest and alternative trading systems (ATSs) that trade government...more

Proskauer - Blockchain and the Law

SEC Brings Charges against Blockchain-Based Trading Platform over Alleged Violations of Disclosure Rules

On January 10, 2022, the Securities and Exchange Commission (“SEC” or the “Commission”) announced it settled charges in In re tZERO ATS, LLC, No. 93938 (SEC Order Jan. 10, 2022) (“Order”)....more

Goodwin

Federal Reserve Proposes New Supervisory Framework for Certain Holding Companies Engaged in Insurance Activities

Goodwin on

In This Issue. The Board of the Governors of the Federal Reserve (Federal Reserve) proposed a new supervisory framework for certain holding companies engaged in insurance activities; the Consumer Financial Protection Bureau...more

BCLP

Crypto Regulation by any Other Name

BCLP on

2022 was billed as the year regulation will descend on the cryptocurrency (“crypto”) and decentralized finance (“DeFi”) spaces. While it seems regulation may indeed be coming, it initially appears to be buried in lengthy...more

Jones Day

SEC Proposes to Broadly Expand the Definition of an "Exchange" and Amend Regulation ATS

Jones Day on

The SEC's Proposal - On January 26, 2022, the SEC released a rulemaking proposal that, among other things, would expand the definition of "exchange" under Rule 3b-16 of the Exchange Act. ...more

Goodwin

SEC Proposes Broad Expansion of Regulation ATS, Regulation SCI, and Exchange Definition

Goodwin on

On January 26, 2022, the SEC proposed rule changes that would greatly expand the scope of Regulation ATS, the regulatory regime that governs alternative trading systems (“ATSs”). The proposal focuses on four main changes: ...more

BCLP

SEC’s Gensler: Major Cybersecurity Regulatory Changes On the Horizon

BCLP on

A significant expansion of rules relating to cybersecurity risks - particularly for the financial sector - is under consideration by the Securities and Exchange Commission (SEC). In public remarks last week, SEC Chair...more

Goodwin

SEC Proposes Rules That Could Regulate DeFi, Extend to Aspects of Centralized Crypto Exchanges

Goodwin on

On January 26, 2022, the SEC proposed rule changes that would greatly expand the scope of Regulation ATS, the regulatory regime that governs alternative trading systems (“ATSs”). Applicability to the fixed income markets was...more

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JD Supra Privacy Policy

Updated: Dec 28, 2021:

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

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Updates to This Policy

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