U.S. SEC Commissioner Hester Peirce has called for public comments on the trading of crypto assets on National Securities Exchanges (NSEs) and Alternative Trading Systems (ATSs). This initiative, announced on December 18, accompanies a new FAQ release from the Department of Trading and Markets. Peirce's statement highlights the need for clearer market structure rules to protect investors and support innovation without imposing excessive regulatory burdens. The consultation seeks input on several key issues, including the potential need for a dedicated Form ATS for crypto trading, the appropriateness of current regulations like Reg NMS and Reg ATS, and the disclosure requirements for crypto ATS. Peirce also raised questions about the confidentiality of transaction information, system risk controls, and the impact of regulations on software development and decentralized trading. The feedback will inform the SEC's cryptography working group in shaping future policies.