a16z and the DeFi Education Fund submitted a proposal to the US SEC on September 14 recommending the 1998 Alternative Trading System (ATS) regulatory framework as a model for crypto asset trading platforms (CTPs). The proposal advocates for a notice filing registration process that permits CTPs to support both crypto securities and non-security asset pairs, such as BTC/stablecoin, on a single platform to prevent market fragmentation. The submission outlines tiered disclosure requirements where Form ATS-N public disclosures would only trigger after exceeding specific volume thresholds, with lower-volume platforms submitting information confidentially. Additionally, the proposal recommends allowing CTPs to implement differentiated user access permissions and utilize blockchain technology for recordkeeping purposes.