The Blockchain Association filed comments supporting the SEC's proposal to repeal National Market System rules established in 2005, arguing the rules have failed their stated purposes and now impede tokenized securities market development. The SEC's openness to NMS reform represents a meaningful shift, as these rules govern equity trading infrastructure and their removal could clear structural obstacles to tokenized equity trading and settlement at scale.
For Armada's crypto desk, tokenized equities remain an emerging but growing collateral category. The $2.8 billion tokenized equity market has already tripled market share this year, and NMS repeal could further accelerate institutional adoption by enabling on-chain settlement finality without legacy market structure constraints. While near-term collateral policy impact is limited, tracking this rulemaking is relevant to Armada's medium-term collateral eligibility framework and client conversations around tokenized asset repo.