The SEC has extended the compliance deadline for the National Market System rules to 2026, providing exchanges with more enforcement buffer

The "exemption order" issued by the U.S. SEC on October 31, 2025, shows that it has extended the compliance deadline for Regulation NMS (National Market System Regulation) to 2026, providing exchanges with more execution buffer. This practice is seen by the industry as providing "legal weapons" for crypto platforms: when regulatory rules are unclear and compliance standards are not yet defined, platforms can invoke "fair notice" and due process defenses, stating: "You didn't tell me how to comply, yet you want to punish me."

In short: for defendant crypto exchanges like Coinbase, Kraken, and Binance, this SEC action not only alleviates regulatory pressure but may also become an important basis for litigation defenses in the next two years. It is reported that Regulation NMS, established by the U.S. Securities and Exchange Commission (SEC) in 2005, is a core regulatory framework aimed at regulating electronic trading and price competition mechanisms in the stock market. It is one of the underlying rules governing the operation of the U.S. stock market and is binding on all exchanges (such as NYSE, NASDAQ) and brokers.