According to CoinMeta, on September 14, a16z submitted a letter of opinion to the U.S. Securities and Exchange Commission (SEC), suggesting that the regulatory framework for Alternative Trading Systems (ATS) be referenced in order to establish a more flexible regulatory system for cryptocurrency trading platforms. a16z recommends that cryptocurrency trading platforms register with the SEC through a notification process and be allowed to trade both non-security asset pairs as well as security and non-security asset pairs simultaneously. a16z also suggests that platforms that trade tokenized stocks and other NMS stocks should only be subject to the Form ATS -N public disclosure requirements after reaching the trading volume threshold specified by Regulation ATS; information below this threshold should be kept confidential from the SEC and platform users. Platforms should adhere to record-keeping requirements similar to those for alternative trading systems and may use blockchain to store records under certain conditions, as well as set differentiated access rights, obligations for different users.