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Benchmark: The SEC's market structure reform may become the most critical variable for cryptocurrency regulation this year, benefiting tokenized stocks and AMM trading

According to The Block, investment bank Benchmark pointed out in its latest research report that the U.S. Securities and Exchange Commission (SEC) proposed to repeal Rule 611 and Rule 610(e) of Regulation NMS, which could become the "most decisive regulatory change" affecting the market structure of cryptocurrencies and tokenized assets in 2026.The proposal was announced on June 11 and aims to eliminate trading protection and quote 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 reduce trading costs and provide greater space for market competition and technological innovation.Benchmark's analysis believes 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 "locked/crossed quotes." These mechanisms are effective in traditional matching systems but create structural constraints for automated market maker (AMM) models in decentralized finance (DeFi).The report pointed out that if the relevant rules are repealed, it will significantly lower the compliance barriers for tokenized stocks and on-chain trading systems, making AMM-based trading models easier to access the U.S. capital market system.In terms of potential beneficiaries, Benchmark specifically mentioned 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 emphasized that the rule adjustments do not address all core issues, such as the exchange registration system, custody and clearing framework, and the legal positioning of DeFi-native trading still needs further clarification.The industry generally expects that the subsequent "innovation exemption mechanism" will become a key supporting policy. The SEC has currently opened a 60-day public comment period on the proposal, and the market anticipates that the final vote may take place in early 2027.

Trezor executive: Handing over all Bitcoin to ETFs would be the worst outcome for the industry, undermining the core principle of self-custody

According to The Block, executives from hardware wallet manufacturer Trezor stated that the market's trend of fully pushing Bitcoin towards ETFization may pose a long-term risk to the core principles of the crypto industry. According to the company's Chief Business Officer Danny Sanders during the BTC Prague event, the current global crypto user base is approximately 600 million, but only about 10% of users choose to self-custody their assets, with only about 12 to 13 million users using hardware wallets.Since the launch of the U.S. spot Bitcoin ETF in 2024, which has attracted over $53 billion in inflows, institutional allocation of Bitcoin has significantly increased. However, Sanders pointed out that this trend may also weaken users' behavior of directly holding private keys. He believes that self-custody is one of the core attributes of the Bitcoin system, but there are still significant challenges in terms of user experience and security thresholds, leading more users to prefer participating in the market through custodial tools like exchanges or ETFs.Sanders emphasized that the industry should focus on improving the usability and security of self-custody, rather than simply accepting the path of "putting Bitcoin into ETFs." He stated that if the long-term evolution leads to an ETF-dominated holding structure, it would undermine the foundational logic of Bitcoin as a decentralized asset, which could be the "least ideal outcome" for the industry.

Hong Kong Securities and Futures Commission: Will continue to promote the construction of a regulatory framework for digital assets and support AI financial applications

According to Crowdfund Insider, the Chairperson of the Hong Kong Securities and Futures Commission (SFC), Laura Liang, stated at the Caixin Summer Summit that Hong Kong will continue to expand its digital asset regulatory framework and promote the application of artificial intelligence (AI) in the financial services sector to consolidate its position as an international financial center.Laura Liang pointed out that regulatory agencies will improve the institutional framework around areas such as digital asset trading, custody, investment consulting, and asset management, while adhering to the regulatory principle of "same business, same risks, same rules," achieving a balance between innovation and investor protection.She stated that as the application of AI in the financial industry accelerates, regulatory focus will include potential risks such as model reliability, algorithm bias, data privacy, and cybersecurity, emphasizing that financial institutions need to strengthen risk management during the innovation process.In addition, the Hong Kong Securities and Futures Commission and relevant regulatory agencies have expanded the regulatory sandbox mechanism, allowing financial institutions to test generative AI applications in a controlled environment to promote technological implementation and compliant development. Analysts believe that Hong Kong is further enhancing the openness and standardization of its financial markets through a dual regulatory framework for digital assets and AI, while also increasing its competitiveness in the global capital markets.

The peace agreement between the US and Iran boosts market sentiment, with active contract trading for Gate SNDK (SanDisk) and SPCX (SpaceX)

Driven by the news of a peace agreement between the United States and Iran and the reopening of the Strait of Hormuz, global risk appetite has significantly rebounded, with U.S. stock futures rising across the board and the technology growth sector performing actively. According to Gate market data, SanDisk (SNDK) reached a high of $2,075.72 in 24 hours, currently reported at $2,067.95, with a 24-hour increase of 3.74%; SpaceX (SPCX) reached a high of $169.59 in 24 hours, currently reported at $167.85, with a 24-hour increase of 1.21%. According to CoinGlass data, the contract open interest for Gate SNDK (SanDisk) reached $9.0399 million, and the contract open interest for Gate SPCX (SpaceX) reached $6.6192 million, both ranking among the industry leaders.Gate stocks support users in trading over 10,000 mainstream U.S. market stocks and ETFs using USDT, covering major U.S. securities trading markets and liquidity networks such as NYSE, Nasdaq, NYSE Arca, NYSE American, and BATS, and supports fractional share trading starting from a minimum of 0.01 shares.In addition, Gate has now launched over 1,000 Hong Kong stock targets, covering high market capitalization and liquid quality listed companies on the main board and GEM of the Hong Kong Stock Exchange, including representative enterprises such as Tencent Holdings, HSBC Holdings, CATL, China Mobile, Xiaomi Group, Meituan, BYD Company, Ping An Insurance, AIA Group, and the Hong Kong Stock Exchange. The range of tradable targets will continue to expand based on market demand and compliance requirements.Gate stocks have now fully integrated into the VIP tier system, where users only need to hold $2,000 to easily upgrade to VIP status, enjoying an exclusive trading fee rate of as low as 0.023% and 1V1 customer manager service. Leveraging Gate's unified account system, users can achieve one-stop management and allocation of digital assets and global securities assets on the same platform, further enhancing cross-market investment efficiency.
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