This Was Overlooked: Investment Bank Reveals One of the Most Significant Events for Cryptocurrencies This Year

Investment bank Benchmark stated that the US Securities and Exchange Commission’s (SEC) latest market structure reform proposal could be one of the most critical regulatory developments affecting cryptocurrency and tokenized asset markets in 2026.

According to Benchmark’s latest research report, the SEC’s proposal to repeal Rules 611 and 610(e) under Regulation NMS could have significant implications, particularly for tokenized stocks and on-chain trading systems.

The proposal, published by the SEC on June 11, aims to eliminate some trading protection and pricing rules that have been in place in the US stock market for nearly 20 years. The SEC stated that this step aims to reduce transaction costs, increase competition, and create more space for technological innovation.

According to Benchmark, the current Rule 611 mandates that transactions be executed in accordance with the National Best Bid-Ask Price (NBBO), while Rule 610(e) restricts locked and cross-quotations. While these rules are functional in traditional order book structures, they create structural constraints for Automated Market Maker (AMM) models used in decentralized finance markets.

The report stated that removing these rules could reduce compliance costs for tokenized shares and on-chain trading infrastructures. This, it was suggested, could pave the way for easier integration of AMM-based trading models into the US capital market system.

Benchmark highlighted Securitize, which offers tokenized securities infrastructure, as the most direct beneficiary among companies that could potentially benefit. The report also noted that Coinbase and Galaxy Digital are among the companies that could benefit from the expansion of their trading, market-making, and custody infrastructure.

However, Benchmark noted that the proposed changes do not resolve all fundamental issues. According to the report, clarity is still needed on matters such as the exchange registration system, custody and clearing framework, and the legal status of DeFi-specific transaction models.

Industry representatives believe that a mechanism similar to a “conversion exemption” could play a critical role as a supportive policy in this process. It is stated that the SEC has initiated a 60-day public consultation period for the proposal, with the final vote potentially taking place in early 2027.

*This is not investment advice.