[Institution: SEC Market Structure Reform May Become the 'Most Critical Crypto Regulatory Variable' of This Year, Beneficial for tokenized Stocks and AMM Trading] According to BlockBeats, on June 15th, investment bank Benchmark stated in its latest research report that the US Securities and Exchange Commission (SEC) has proposed to revoke Rule 611 and Rule 610 (e) in Regulation NMS, which could be the "most decisive regulatory change" affecting the structure of the cryptocurrency and tokenized asset markets in 2026. The proposal was announced on June 11th, intending to cancel the nearly 20-year US stock market trading protection and quote constraint rules. The SEC stated that this move aims to reduce transaction costs and provide greater space for market competition and technological innovation. Benchmark analysis suggests that the current Rule 611 (Order Protection Rule) requires transactions to follow the National Best Buy Sell Price (NBBO), while Rule 610 (e) restricts the phenomenon of "lock up/cross quoting". These mechanisms are effective in traditional matchmaking systems, but they impose structural constraints on the Automated Market Maker (AMM) model in decentralized finance (DeFi). The report points out that if the relevant rules are revoked, it will significantly reduce the compliance barriers for tokenized stocks and on chain trading systems, making it easier for AMM based trading models to integrate into the US capital market system. In terms of potential beneficiaries, Benchmark focuses on Securitize, believing that it will benefit most directly as a provider of tokenized securities infrastructure, while Coinbase and Galaxy Digital will also benefit from the expansion of trading, market making, and custody infrastructure. However, the report also emphasizes that rule adjustments have not solved all core issues, such as exchange registration systems, custody and clearing frameworks, and the legal positioning of DeFi native trading still needs further clarification. The industry generally expects that the "innovation exemption mechanism" will become a key supporting policy in the future. The SEC has currently opened a 60 day public opinion period on the proposal, and the market expects the final vote to take place in early 2027. [Original link]