The US Securities and Exchange Commission proposed rules on March 28 that would require certain market participants to register as broker-dealers or government securities dealers, and potentially be subject to oversight by self-regulatory organizations such as the Financial Industry Regulatory Authority. These proposed rules have the potential to bring a wide array of private funds, digital asset traders, certain exchange traded products, high frequency traders, and other proprietary traders within the definition of the term dealer (or government securities dealer), bringing an additional level of unnecessary costs and regulatory requirements to firms that generally do not have customers.