The U.S. Securities and Exchange Commission's newly proposed rules for alternative trading systems involved in trading government securities could reach a surprising target: cryptocurrency exchanges and decentralized finance projects. A subtler point in the text could also usher in a paradigm shift, said Goodwin Financial Industry partner Nick Losurdo. The specification of exchanges as protocol systems that "make available" securities trading — rather than directly or actively "using" methods for orders to interact — could address a key tension in the regulation and enforcement of decentralized projects, he said. Read the Law360 article here.