According to CryptoSlate, an "exemption order" issued by the US SEC on October 31, 2025 shows that it has extended the Regulation NMS (National Market System Regulations) compliance period to 2026, providing exchanges with more execution buffers.
This approach is seen by the industry as providing crypto platforms with a "legitimate litigation weapon": when regulations are unclear and compliance standards have not yet been finalized, platforms can invoke "fair notice" and due process defenses, stating: "You didn't tell me how to comply, but you're going to punish me."
In short, for the defendant crypto exchanges such as Coinbase, Kraken, and Binance, this SEC move not only relieves regulatory pressure, but also could become an important basis for litigation and defense in the next two years.
It is reported that Regulation NMS (National Market System Regulation), also known as the "National Market System Regulation", is a set of core regulatory frameworks formulated by the Securities Exchange Commission (SEC) in 2005 to regulate the electronic trading and price competition mechanism of the stock market. It is one of the underlying rules for the operation of the US stock market and is binding on all exchanges (NYSE, NASDAQ, etc.) and brokers.
SEC Extends National Market System Regulation Compliance to 2026, Gets Exchanges More Enforcement Buffer
2025-11-02 02:39:29
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