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Institution: The SEC market structure reform could become the most critical crypto regulation variable this year, benefiting tokenized stocks and AMM trading
BlockBeats News, June 15 — Investment bank Benchmark stated in its latest research report that the U.S. Securities and Exchange Commission (SEC) proposing to revoke Rule 611 and Rule 610(e) of Regulation NMS could become the "most decisive regulatory change" impacting the crypto and tokenized asset market structure in 2026.
This proposal was announced on June 11, aiming to eliminate nearly 20 years of U.S. stock trading protection and quote constraint rules. The SEC indicated that this move is intended to reduce trading costs and provide greater room for market competition and technological innovation.
Benchmark's analysis suggests that current Rule 611 (Order Protection Rule) requires trades to follow the National Best Bid and Offer (NBBO), while Rule 610(e) restricts "locked/crossed quotes." These mechanisms are effective in traditional matching systems but create structural constraints for decentralized finance (DeFi) models like automated market makers (AMMs).
The report points out that if these rules are revoked, it will significantly lower compliance barriers for tokenized stocks and on-chain trading systems, making AMM-based trading models easier to integrate into the U.S. capital market system.
Regarding potential beneficiaries, Benchmark highlights Securitize, considering it as the most directly benefiting tokenized securities infrastructure provider. Coinbase and Galaxy Digital are also expected to benefit from the expansion of trading, market making, and custody infrastructure.
However, the report also emphasizes that rule adjustments do not address all core issues, such as stock exchange registration systems, custody and clearing frameworks, and the legal positioning of DeFi-native trading, which still require further clarification. Industry insiders generally expect that subsequent "innovation exemption mechanisms" will become key supporting policies. The SEC has currently opened a 60-day public comment period for this proposal, with market expectations that a final vote may take place in early 2027.