[Crypto Trading Platforms Proposed to Receive More Flexible Regulation, a16z Suggests SEC Refer to ATS Framework] Odaily Planet Daily News – On September 14, a16z submitted a comment letter to the U.S. Securities and Exchange Commission (SEC), recommending the adoption of the existing Alternative Trading System (ATS) regulatory framework to establish a more flexible and market-adaptive regulatory system for cryptocurrency trading platforms. a16z proposed that cryptocurrency trading platforms register with the SEC through a notification-based process and be allowed to simultaneously trade non-securities asset pairs as well as securities and non-securities asset pairs. Additionally, a16z suggested that platforms trading tokenized stocks, such as NMS stocks, should only be subject to the public disclosure requirements of Form ATS-N once they meet the trading volume thresholds specified under the existing Regulation ATS. Below the threshold, information should remain confidential to the SEC and platform users. Platforms should adhere to record-keeping requirements similar to those of Alternative Trading Systems and, under certain conditions, be permitted to store records on blockchain, with differentiated access permissions, rights, and obligations set for different users.