News linked to both this project and an event.
research firm Benchmark Equity Research has highlighted that the market structure reform proposal put forward by the U.S. Securities and Exchange Commission (SEC) on June 11 could be one of the most far-reaching regulatory actions for the U.S. crypto industry this year. The proposal aims to abolish Rule 611 and Rule 610(e) of Regulation NMS, two core rules that have governed the routing and execution of U.S. stock trades since 2005, which are seen as having long constrained the development of tokenized stocks and on-chain trading.Rule 611 (Order Protection Rule) requires trading venues to avoid executing trades at prices inferior to "protected quotations" on other markets, thereby enforcing the National Best Bid and Offer (NBBO) system. Rule 610(e) prohibits locked and crossed markets, restricting quotation overlaps and price mismatches.Benchmark analyst Mark Palmer stated that if the rules are repealed, it would remove key legal barriers hindering DeFi trading models, such as automated market makers (AMMs), allowing them to operate without relying on traditional order routing systems. The regulatory changes would directly benefit infrastructure for tokenized stocks and crypto securities trading, with Securitize identified as the most immediate beneficiary. Additionally, Coinbase and Galaxy Digital could also benefit from the expansion of trading, custody, and market-making businesses.However, Benchmark also noted that even with looser rules, critical issues such as exchange registration, clearing and settlement, and custody frameworks remain unresolved. The market is still anticipating the SEC's potential introduction of an "innovation exemption" mechanism. The SEC has opened a 60-day public comment period, and Benchmark expects a final vote could take place in early 2027. (The Block)
The global financial market's attention will be focused on Washington this week as newly appointed Federal Reserve Chair Kevin Warsh chairs his first post-confirmation FOMC press conference. This marks not only his transition from a policy commentator to the "world's most powerful banker," but also a critical window for the outside world to observe whether a major shift in Federal Reserve monetary policy is underway.The market widely expects the Fed to keep the benchmark interest rate unchanged at 3.50%-3.75% during this week's meeting. Compared to the specific rate decision, the market is more focused on how Warsh will reshape the Fed's "art of communication." For a long time, former Chair Powell tended to guide market expectations through transparent "forward guidance," but Warsh has previously expressed reservations about this approach publicly, arguing that the Fed should not provide too many interest rate hints to the market.This meeting will also release the latest quarterly Summary of Economic Projections (SEP) and the "dot plot." For Warsh, who has a strong aversion to the dot plot, this is undoubtedly an awkward beginning, as he must find a balance between respecting the Fed's decision-making mechanism and articulating his own policy preferences. (Reuters)
Odaily Benchmark maintains a Buy rating for Securitize, a tokenized infrastructure company, with a price target of $16, based on the company's projected revenue of $178 million for 2027. The SEC has approved the registration statement for the merger of Securitize and Cantor Equity Partners II. Shareholders will vote on June 29. If the merger goes through smoothly, the combined entity will be listed on the New York Stock Exchange under the ticker SECZ.The report states that Securitize has a differentiated advantage through its compliance license framework spanning the U.S. and Europe, including being registered in the U.S. as a broker-dealer, an alternative trading system, a transfer agent, and a fund service provider, while holding trading and settlement licenses under the EU's DLT Pilot Regime. Securitize currently manages approximately $3.4 billion in tokenized assets, and its specific market segment has already exceeded $30 billion. (The Block)
the U.S. Senate Banking Committee has advanced the crypto market structure bill, the Clarity Act, by a vote of 15 to 9. The bill aims to establish a comprehensive regulatory framework for the crypto industry at the federal level for the first time, garnering support from Democratic Senators Ruben Gallego and Angela Alsobrooks.While the industry generally views the committee's passage as positive progress, analysts believe the bill still faces significant obstacles before becoming law. TD Cowen has raised the bill's passage probability from approximately one-third to 40%, noting that some Democratic lawmakers are showing willingness to find a path to support it, though substantive disagreements have not been fully resolved.Previously, the bill had long been affected by issues such as stablecoin yield arrangements, conflicts of interest, and ethical provisions. Additionally, to overcome a filibuster in the Senate, the bill will need to secure more Democratic support than it currently has. Benchmark analysts also pointed out that the current number of supporting votes is insufficient to ensure its eventual passage. (The Block)