BlockBeats news, on June 15, investment bank Benchmark stated in its latest research report that the U.S. Securities and Exchange Commission's (SEC) proposal to rescind Rule 611 and Rule 610(e) of Regulation NMS could become the "most decisive regulatory change" impacting the market structure of crypto and tokenized assets in 2026.
The proposal, announced on June 11, aims to eliminate the U.S. stock market trading protection and quote restriction rules that have been in place for nearly 20 years. The SEC stated that this move is intended to reduce trading costs and create greater room for market competition and technological innovation.
Benchmark analysis indicates that the current Rule 611 (Order Protection Rule) requires trades to adhere to the National Best Bid and Offer (NBBO), while Rule 610(e) restricts locking and crossing of quotes. These mechanisms are effective in traditional matching systems but impose structural constraints on Automated Market Maker (AMM) models in decentralized finance (DeFi).
The report states that removing the relevant rules would significantly reduce compliance barriers for tokenized stocks and on-chain trading systems, making AMM-based trading models more accessible to the U.S. capital markets.
Regarding potential beneficiaries, Benchmark highlights Securitize as the most directly advantaged, given its role as a tokenized securities 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 regulatory adjustments have not resolved all core issues, such as the exchange registration system, custody and clearing frameworks, and the legal status of DeFi-native trading, which still require further clarification. The industry generally expects that the upcoming "innovation exemption mechanism" will serve as a key supporting policy. The SEC has already opened a 60-day public comment period on this proposal, and the market anticipates that the final vote could take place in early 2027.