1. What specific market-quality problem is 24-hour equity trading intended to solve, and what evidence would demonstrate that it has succeeded? 2. How does the SEC envision ensuring that overnight trading offers institutional-quality liquidity rather than merely extended access to a thinner market? 3. As U.S. equities move toward 24-hour trading, how will best-execution obligations evolve? Will asset managers be expected to monitor and execute overnight, or will choosing not to trade overnight remain an acceptable fiduciary decision when liquidity and execution costs are unfavorable? 4. Digital assets already trade continuously. What lessons does the SEC believe should be imported from 24/7 markets regarding liquidity fragmentation, volatility, market surveillance, and investor protection and what lessons should we avoid? 5. How will the SEC ensure that overnight trading improves the ability of institutional investors to manage risk without creating additional operational, valuation, and model risk?