The SEC reopened the comment period to:

• allow interested persons further opportunity to analyze and comment on the proposed amendments in light of the supplemental information
• request further information and public comment on certain aspects of the proposed amendments as applicable to all securities

The Securities Exchange Act defines certain terms used in the statutory definition of “exchange”, and the proposed amendments added the following to the definition: systems that bring together buyers and sellers of securities that offer the use of non-firm trading interest and provide another type of nondiscretionary method, for example, communication protocols. The proposed amendments would require these systems to both register as national securities exchanges or as broker-dealers and comply with Regulation ATS. Also included in the reopening release is additional information related to trading systems for crypto asset securities (including DeFi systems) and economic analysis for systems that would be included in the proposed “exchange” definition.

Interested parties may submit feedback on the reopening release during the public comment period, which will remain open for 30 days following publication in the Federal Register, or June 13, 2023, whichever is later.

Source:

SEC Reopens Comment Period for Proposed Amendments to Exchange Act Rule 3b-16 and Provides Supplemental Information (sec.gov)