Agency: The SEC's Market Structure Reform Could Be This Year's "Most Critical Crypto Regulatory Variable," Benefiting Tokenized Stocks and AMM Trading

BlockBeats News, June 15th. Investment bank Benchmark pointed out in its latest research report that the U.S. Securities and Exchange Commission (SEC) proposing to repeal Rule 611 and Rule 610(e) in Regulation NMS could become the "most decisive regulatory change" affecting the market structure of crypto and tokenized assets in 2026.

The proposal was announced on June 11th, aiming to eliminate the nearly 20-year-old U.S. stock market trading protection and quote restraint rules. The SEC stated that this move is intended to reduce trading costs and provide greater room for market competition and technological innovation.

Benchmark's analysis believes that the current Rule 611 (Order Protection Rule) requires trades to follow the National Best Bid and Offer (NBBO), while Rule 610(e) restricts the "locked/crossed quote" phenomenon. These mechanisms are effective in traditional matching systems but create structural constraints on the automated market maker (AMM) model in decentralized finance (DeFi).

The report points out that if the relevant rules are repealed, it will significantly reduce compliance barriers for tokenized stocks and on-chain trading systems, making the AMM-based trading model more easily accessible to the U.S. capital market system.

Regarding potential beneficiaries, Benchmark specifically mentioned Securitize as the most direct beneficiary as a tokenized security infrastructure provider, while Coinbase and Galaxy Digital will also benefit from the expansion of trading, market making, and custody infrastructure.

However, the report also emphasizes that the rule adjustment does not address all core issues, such as exchange registration systems, custody and clearing frameworks, and the legal positioning of DeFi-native transactions still need further clarification. It is widely expected in the industry that a follow-up "innovation exemption mechanism" will be a key supporting policy. The SEC has currently initiated a 60-day public comment period on the proposal, and the market expects the final vote to take place in early 2027.