On June 15, investment bank Benchmark noted in its latest report that the U.S. Securities and Exchange Commission (SEC) proposal to repeal Rule 611 and Rule 610(e) of Regulation NMS could become the "most decisive regulatory change" affecting the market structure of cryptocurrencies and tokenized assets by 2026. The proposal, announced on June 11, aims to eliminate trading protection and quotation constraint rules that have been in place for nearly 20 years in the U.S. stock market. The SEC stated that this move is intended to lower trading costs and provide greater space for market competition and technological innovation. Benchmark's 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 the phenomenon of "locked prices/crossed quotes." These mechanisms are effective in traditional matching systems but impose structural constraints on the Automated Market Maker (AMM) model in decentralized finance (DeFi). The report points out that if these rules are repealed, it will significantly reduce compliance barriers for tokenized stocks and on-chain trading systems, making AMM-based trading models easier to access within the U.S. capital market system. Among the potential beneficiaries, Benchmark highlights Securitize, which is expected to directly benefit 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 the rule adjustments do not address all core issues, such as the exchange registration system, custody and clearing frameworks, and the legal positioning of DeFi-native trading, which still need further clarification. The industry widely anticipates that subsequent "innovation exemption mechanisms" will become key supporting policies. The SEC has currently opened a 60-day public comment period on the proposal, with the market expecting a final vote to possibly occur in early 2027.