In this episode of Tangents, Peter and Jerry discuss the SEC's proposed rulemaking on the definition of ‘exchange’ and Alternative Trading Systems. Bottom line: The Commission’s proposed redefinition of “exchange” violates the First Amendment by requiring a license to speak–even of open source developers. It’s unconstitutional and they should change it. We explain why the First Amendment arguments against the proposed rule are strong and why the Supreme Court is poised to rule against the SEC should it finalize this new rule as drafted.