AI Summary
5 min readOutdated Rules Are Holding Crypto Back
The SEC is proposing to scrap two 20-year-old market structure rules that have quietly shaped how every stock and option trades in America — and the move could open the door for tokenized equities to finally trade on automated market makers. The proposal to rescind Regulation NMS Rules 611 and 610E would shift U.S. equity markets from a rigid, rules-based best execution framework to a more flexible, principles-based one. And while the change is framed as a modernization for all markets, its implications for crypto — particularly for DeFi and on-chain securities — are unusually direct.
The SEC's 20-Year-Old Rules Are Finally Getting Scrapped
Rules 611 and 610E were adopted in 2005, when the Nasdaq had only just become an exchange and stock prices were still quoted in fractions of a dollar. Their purpose was to guarantee best execution by requiring that every trading venue respect the "national best bid and offer" — the best available price across all exchanges. In practice, this meant brokers had to connect to a huge number of venues and ensure no trade executed at a price worse than the protected quote.
Continue reading the full summary in the app — free to try.
Read Full Summary →Free • No credit card required
Never miss an episode of Inflection Point
Get every new episode summarized in your inbox — free, ~5 minutes to read.
No spam. Unsubscribe anytime.
What you'll learn
- 1 (00:02) **Market Bottom Debate & Macro Context** - The panel discusses the difficulty of calling a Bitcoin bottom and the macro factors driving price action.
- 2 (05:45) **Record M&A Activity & Blockworks-Masari Merger** - The hosts celebrate a record-breaking quarter for crypto M&A and announce the merger of Blockworks and Masari.
- 3 (15:31) **Sector Performance & Hyperliquid Bull Case** - A look at which crypto sectors are outperforming and why Hyperliquid is a standout.
- 4 (18:30) **SEC Rescinds Reg NMS Rules 611 & 610E** - A deep dive into the SEC’s proposal to scrap two 20-year-old market structure rules and what it means for crypto.
- 5 (26:44) **Why Reg NMS Rescission Matters for AMMs & Tokenized Securities** - The panel explains how the rule change could unlock tokenized equities on decentralized exchanges.
- 6 (30:46) **The Fundamental Question: Does Code Fix Inefficiency?** - A philosophical discussion on whether regulations designed for old market inefficiencies should apply to technologies that have solved those problems.
- 7 (34:09) **The Accredited Investor Problem** - The panel argues that outdated accredited investor rules are locking retail out of the most important growth companies.
+ Full timestamped outline available in the app
Show Notes
The biggest opportunities in crypto may be emerging just as prices eye a bottom and investors are questioning old assumptions about markets, regulation, and where value will accrue next.
This week, we explore whether recent market strength signals a meaningful shift for crypto or simply another chapter in an increasingly complex macro environment.
We also discuss record M&A activity, SEC market structure reforms, accredited investor rules, DeFi security risks, and the evolution of crypto ETFs. Enjoy!
TIMESTAMPS:
00:00 Intro
01:46 Blockworks Acquires Messari
04:08 World Cup And Knicks
09:44 Bitcoin Bottom Debate
15:29 Crypto’s Few Winners
18:26 SEC Rewrites Market Structure
34:12 Private Markets Leave Retail Behind
45:06 AI, Hacks, And DeFi Risk
58:50 Active Crypto ETFs Arrive
FOLLOW THE SHOW
› Inflection Point – https://x.com/BWInflection
› Marc – https://x.com/marcarjoon
› Matt – https://x.com/Matt_Hougan
› David – https://x.com/dlawant
› Michael – https://x.com/marcryptonio
› Blockworks – https://x.com/Blockworks
EVENTS
› Join us at Digital Asset Summit 2026 Asia October 7th & Digital Asset 2026 London November 10-11th
https://blockworks.com/events
Blockworks recently acquired Messari. For more information, please visit: https://blockworks.com/insights/blockworks-acquires-messari
DISCLAIMER
Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.
More from this podcast
Inflection Point →