SEC đề xuất thay đổi quy định có thể ảnh hưởng đến DeFi và cổ phiếu được token hóa

The Huoxing Finance report states that on June 15, investment bank Benchmark, in its latest research report, pointed out that the U.S. Securities and Exchange Commission (SEC)’s proposal to revoke 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 U.S. stock trading protection and quote constraint 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’s analysis suggests 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 “lock/cross” quoting phenomena. These mechanisms function effectively within traditional matching systems but impose structural constraints on Automated Market Maker (AMM) models in Decentralized Finance (DeFi). The report notes that if these rules are revoked, they will significantly lower compliance barriers for tokenized stocks and on-chain trading systems, making AMM-based trading models more easily integrable into the U.S. capital market system. Among potential beneficiaries, Benchmark specifically highlights Securitize, noting it as the infrastructure provider for tokenized securities that would benefit most directly, while Coinbase and Galaxy Digital would also benefit from expanded trading, market-making, and custody infrastructure. However, the report also emphasizes that the regulatory adjustments do not resolve all core issues—for example, exchange registration systems, custody and clearing frameworks, and the legal status of DeFi-native trading remain to be further clarified. Industry participants generally expect that an “innovation exemption mechanism” will become a key supporting policy. The SEC has currently opened a 60-day public comment period for this proposal, and the market anticipates the final vote may take place in early 2027.