Overview
- The SEC on Oct. 31 issued exemptive relief that moves key Regulation NMS compliance dates to February and November 2026.
- The agency cited a lapse in appropriations and the need to facilitate orderly market functions after a court denied a stay petition tied to earlier rule challenges.
- The delay covers tick-size changes, access‑fee caps, and quote‑transparency mechanics, giving traditional exchanges such as Nasdaq and the NYSE more time to implement systems.
- Legal analysts say crypto platforms including Coinbase, Kraken, and Binance are likely to cite the order when seeking stays, injunctions, or other relief in SEC enforcement cases.
- Courts have shown receptiveness to these arguments, with Judge William Orrick allowing Kraken’s fair‑notice defense and the Third Circuit remanding Coinbase’s rulemaking petition with a concurrence criticizing the SEC’s lack of clear guidance.