Institutions: U.S. SEC market structure reform may become the most critical crypto regulatory variable this year, benefiting tokenized stocks and AMM trading

Investment bank Benchmark pointed out in its latest research report that the U.S. Securities and Exchange Commission (SEC)'s proposal to revoke Rule611 and Rule610(e) in RegulationNMS may become the "most decisive regulatory change" affecting the structure of the crypto and tokenized asset market in 2026. The proposal was announced on June 11 and intends to cancel the nearly 20-year-old trading protection and quotation binding rules in the U.S. stock market. The SEC said the move aims to reduce transaction costs and provide more room for market competition and technological innovation. Benchmark analysis believes that the current Rule611 (Order Protection Rules) requires transactions to follow the National Best Bid and Ask Price (NBBO), while Rule610(e) restricts the phenomenon of "lock-in/cross-quoting". These mechanisms are effective in traditional matchmaking systems, but create structural constraints on the automated market maker (AMM) model in decentralized finance (DeFi). The report pointed out that if the relevant rules are revoked, it will significantly reduce compliance barriers for tokenized stocks and on-chain trading systems, making it easier for AMM-based trading models to access the U.S. capital market system. In terms of potential beneficiaries, Benchmark highlighted Securitize, believing that it will benefit most directly as a provider of tokenized securities infrastructure, while Coinbase and GalaxyDigital will also benefit from the expansion of trading, market-making and custody infrastructure. However, the report also emphasized that the rule adjustments have not resolved all core issues, such as the exchange registration system, custody and clearing framework, and the legal positioning of DeFi-native transactions still need to be further clarified. It is generally expected in the industry that the subsequent "innovation exemption mechanism" will become a key supporting policy. The SEC has currently opened a 60-day public comment period on the proposal, and the market expects that the final vote may be held in early 2027.