This article by nostr:npub1mznweuxrjm423au6gjtlaxmhmjthvv69ru72t335ugyxtygkv3as8q6mak is interesting. 

According to L0laL33tz The SEC (U.S. Securities and Exchange Commission) expands their definition of what an exchange is to be inclusive of:

"systems that bring together buyers and sellers of securities that offer the use of non-firm trading interest and provide another type of non-discretionary method (i.e., communication protocols). The proposed amendments would require these systems to register as national securities exchanges or as broker-dealers and comply with Regulation [Alternative Trading Systems] ATS."

nostr:npub1mznweuxrjm423au6gjtlaxmhmjthvv69ru72t335ugyxtygkv3as8q6mak, please site where this quote is taken from. 

https://www.therage.co/gensler-to-rule-on-licensing-requirements-for-communication-protocols-2/