begin to consider and pursue an operationally viable path forward. We expect heightened and continued scrutiny from the SEC staff regarding certain crypto market participants’ compliance with exchange registration requirements. Market participants should review the Proposing Release and the Reopening Release to consider whether, and to what extent, the proposed amendments will affect their business, if adopted as proposed. Platforms that may be affected should begin to familiarize themselves with the registration process and what it entails. Further, market participants should be assessing what ongoing compliance may entail and how to implement a compliant infrastructure. To the extent that market participants are already engaged in activity that requires exchange registration, seeking advice from competent securities counsel is necessary.Endnotes[1] See Supplemental Information and Reopening of Comment Period for Amendments Regarding the Definition of “Exchange,” Exchange Act Release No. 34-97309, 88 Fed. Reg. 29448 (May 5, 2023) [Reopening Release].[2] 15 U.S.C. § 78c(a)(1). Under section 3(a)(1), the term exchange “means any organization, association, or group of persons, whether incorporated or unincorporated, which constitutes, maintains, or provides a market place or facilities for bringing together purchasers and sellers of securities or performing with respect to securities the functions commonly performed by a stock exchange.”[3] See Securities and Exchange Commission, "Comments on Amendments to Exchange Act Rule 3b-16 Regarding the Definition of “Exchange”; Regulation ATS for ATSs That Trade U.S. Government Securities, NMS Stocks, and Other Securities; Regulation SCI for ATSs That Trade U.S. Treasury Securities and Agency Securities" (last visited May 8, 2023).[4] See Amendments Regarding the Definition of “Exchange” and Alternative Trading Systems (ATSs) That Trade U.S. Treasury and Agency Securities, National Market System (NMS) Stocks, and Other Securities, Exchange Act Release No. 34–94062, 87 Fed