SEC’s June 11 NMS Reform Proposal Could Affect Tokenized Stock Infrastructure, Benchmark Says

Benchmark Equity Research said the SEC’s June 11 NMS reform proposal could be among the most far-reaching U.S. crypto regulatory actions this year. According to NS3.AI, the proposal would repeal Rule 611 and Rule 610(e), which have governed U.S. stock trade routing and execution since 2005. Benchmark said removing those rules could support the development of infrastructure for tokenized stocks and crypto securities. However, it added that major issues remain unresolved, including how such products would be handled across registration, clearing, settlement, and custody.