Benchmark Calls SEC's NMS Proposal 'Most Consequential' Crypto Rule of 2025
Investment firm Benchmark says the SEC's plan to rescind two key market rules is the most impactful U.S. crypto regulatory move this year.
The SEC's recent proposal to eliminate Rules 611 and 610(e) under Regulation NMS has drawn attention from investment firm Benchmark, which called it the 'most consequential' U.S. crypto-related rulemaking of the year.
The proposal, announced last week, would rescind the so-called 'trade-through' rule and the 'best bid and offer' display requirement. These rules currently apply to national securities exchanges but have implications for digital asset trading platforms.
Benchmark's assessment
In a note, Benchmark analyst Mark Palmer wrote that the SEC's move could fundamentally alter how crypto assets trade in the U.S., potentially reducing friction and aligning market structure with decentralized finance principles.
The comment period for the proposal is open, and industry participants are expected to weigh in. The SEC has not indicated a timeline for finalization.