Benchmark analysts have characterized the SEC's proposal to rescind Rules 611 and 610(e) of Regulation NMS as the most consequential US crypto regulatory action of 2026. Rule 611, the order protection or trade-through rule, and 610(e) govern how orders interact across trading venues; removing them for crypto markets would significantly alter execution obligations and potentially fragment or concentrate liquidity in ways that reprice digital assets.
For Armada's crypto desk, secondary market liquidity in tokenized T-Bills and other digital collateral could be directly affected if the proposal changes how venues compete for order flow. Tighter or more fragmented markets would influence the reliability of collateral valuations used to set LTV ratios and margin thresholds. The proposal is at comment stage and warrants ongoing legal and trading team attention.