Belton stated that technically, the draft says, “If you’re offering people a platform where they can engage with these types of transactions regardless of whether it is a commodity, security, or both, New York might be saying, ‘Hey! We think you might need to be broker-dealer – either a securities brokerdealer, commodities BD.'” If that’s true, this is a much larger issue than if you ask, “Oh, hey, can exchanges continue offering ether?”