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

June 15. Investment bank Benchmark’s latest research report notes that a proposal from the U.S. Securities and Exchange Commission (SEC) to repeal Rules 611 and 610(e) under Regulation NMS could emerge as the “most transformative regulatory shift” impacting crypto and tokenized asset market structure in 2026. Announced on June 11, the proposal aims to scrap nearly 20-year-old safeguards for U.S. stock trading and restrictions on quote activities. The SEC says the move is designed to lower trading costs, boost market competition, and create more room for technological innovation. Benchmark’s analysis explains that current Rule 611 (the Order Protection Rule) requires trades to align with the National Best Bid and Offer (NBBO), while Rule 610(e) curbs “locked/crossed quote” scenarios. These mechanisms work smoothly with traditional order-matching systems but place structural limits on the automated market maker (AMM) model used in decentralized finance (DeFi). The report points out that if the relevant rules are repealed, compliance hurdles for tokenized stocks and on-chain trading systems will drop sharply, making AMM-based trading far more accessible to the U.S. capital market ecosystem. On potential beneficiaries, Benchmark singles out Securitize as the most direct gainer, given its role as a tokenized securities infrastructure provider. Coinbase and Galaxy Digital will also benefit from expanded opportunities in trading, market making, and custody infrastructure. Still, the report stresses the rule change does not address all core issues—key gaps like exchange registration requirements, custody and clearing frameworks, and the legal standing of DeFi-native transactions remain unresolved. Industry observers widely expect a follow-up “innovation exemption mechanism” to be a critical supporting policy. The SEC is currently accepting public comments for a 60-day period on the proposal, with the market anticipating a final vote in early 2027.