Public comment letters · U.S. Securities and Exchange Commission

Andy Altahawi Public SEC Comments on Certain Regulations in the Public Discourse

Rulemaking at the U.S. Securities and Exchange Commission is a public process: proposed rules and roundtables are opened for comment, and every letter received becomes part of the permanent public file. Andy Altahawi — investment banker and international attorney, admitted to the bar in 1988 — participates in that process on regulations now under discussion in the public discourse. His comment letters are published below; each one is a hyperlink to the full letter as a PDF, so any reader can click through and read it in its entirety on sec.gov.

File No. S7-2026-20

The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS

The Commission is revisiting two pillars of Regulation NMS, the 2005 framework that governs how the U.S. national market system routes and prices orders: the trade-through rule (Rule 611), which requires trading centers to honor better-priced displayed quotations on other exchanges, and the provisions restricting locked and crossed markets. The review asks whether rules written for a slower, less consolidated market still serve investors in today's high-speed, multi-venue structure. Mr. Altahawi's comment letter is part of the public file for this rulemaking.

Read the comment letter (PDF)

File No. 4-913

Roundtable on Preparations for 24-Hour Trading

As exchanges and trading platforms move toward round-the-clock securities trading, the Commission convened a public roundtable on what a 24-hour market would demand of the national market system — market infrastructure and resilience, liquidity and price discovery outside traditional hours, investor protection, and the operational readiness of issuers, brokers, and clearing systems. Mr. Altahawi's submission is part of the public record for this roundtable.

Read the comment letter (PDF)

File No. S7-2026-25

Electronic Delivery of Information Under the Federal Securities Laws

This rulemaking considers making electronic delivery the default for the information investors receive under the federal securities laws — prospectuses, reports, and shareholder communications — modernizing a paper-first framework that predates the internet, while addressing access and protections for investors who still rely on paper. Mr. Altahawi's comment letter is part of the public file for this rulemaking.

Read the comment letter (PDF)

File No. S7-2026-27

Regulation Crypto Assets

Among the most debated questions in today's public discourse: how crypto assets should be regulated under the federal securities laws. This rulemaking takes up the framework for crypto asset offerings, trading, and custody — where the securities laws apply, how registration and disclosure should work for digital assets, and how investor protection is maintained as the market matures. Mr. Altahawi's comment letter is part of the public file for this rulemaking.

Read the comment letter (PDF)

All letters are published by the SEC as received and remain permanently available on sec.gov. Questions about any of these submissions: info@directlylisted.com.