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It’s complex to pinpoint an exact number of regulated Alternative Trading Systems (ATSs) in the USA that exclusively trade cryptocurrencies for a few key reasons:
* Evolving Regulatory Landscape: The regulation of cryptocurrency trading platforms is still developing. The SEC and other regulatory bodies are actively working on establishing clear guidelines.
* Security vs. Non-Security Tokens: A crucial distinction is whether a cryptocurrency is classified as a security under U.S. law. The SEC has asserted that many digital assets are securities, bringing them under its regulatory purview. ATSs primarily deal with securities.
* Blurring Lines: Some platforms might offer trading in both cryptocurrencies that are considered securities and those that are not, or they might be exploring this.
* Focus on Compliance: Many crypto platforms are working towards compliance with existing regulations, which might involve registering as an ATS if they trade digital assets deemed securities.
What we know:
* ATS Definition: An ATS is a trading system that meets the definition of an “exchange” under federal securities laws but operates under an exemption and registers as a broker-dealer. They must comply with SEC regulations for ATSs.
* SEC Oversight: The SEC has made it clear that platforms trading digital assets that are considered securities must register as a national securities exchange or operate under an exemption, such as as an ATS.
* FINRA Involvement: ATSs that are broker-dealers must also become members of the Financial Industry Regulatory Authority (FINRA) and comply with their rules.
* Known ATSs (Not Exclusively Crypto): While not exclusively focused on cryptocurrencies, some existing ATSs might facilitate trading in digital assets that are classified as securities. It’s difficult to get a real-time list of exactly which ATSs are actively trading which specific cryptocurrencies. The SEC provides a list of registered ATSs, but it doesn’t specify which ones trade cryptocurrencies.
* Focus on Exchanges: Currently, many cryptocurrency platforms that allow the trading of digital assets that the SEC considers securities are in discussions with or facing enforcement actions from the SEC regarding their registration status as exchanges, broker-dealers, or potentially ATSs.
In conclusion, while there are regulated ATSs in the USA, the exact number that specifically trade cryptocurrencies is not a readily available static figure due to the evolving regulatory environment and the classification of different digital assets. It’s more accurate to say that platforms trading digital assets deemed securities are required to register as a national securities exchange or operate as a registered ATS.
To get the most up-to-date information, you would need to monitor official announcements and lists from the SEC and FINRA regarding the registration status of cryptocurrency trading platforms.

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