The SEC last week proposed amendments to regulate "significant Treasury market platforms" under ATS oversight. The 654-page proposal seeks to "extend ATS regulation for alternative trading systems (ATSs) that trade government securities, NMS [National Market System] stocks, and other securities." It also proposes to "expand regulated SCI to ATSs that trade government securities" and "amend the SEC's rules on the definition of 'exchange' to address regulatory loopholes." SEC Commissioner Hester Peirce warned that while The proposal makes no mention of crypto, but it could give officials new powers to overhaul cryptocurrency platforms, including decentralized finance (defi) protocols. The proposal includes very broad language, along with the chairman's apparent interest in regulating all cryptocurrencies, suggesting that it could be used to regulate crypto platforms.