TechFlow news, November 2 – According to CryptoSlate on October 31, 2025, an "exemptive order" issued by the U.S. SEC shows that it has extended the compliance deadline for Regulation NMS (National Market System Regulation) to 2026, granting exchanges additional buffer time for implementation.
This move is seen by the industry as providing crypto platforms with a "legally actionable weapon": when regulatory rules remain unclear and compliance standards are not yet defined, platforms may invoke "fair notice" and due process defenses, arguing: "You didn't tell me how to comply, yet you want to penalize me."
In short, for defendant crypto exchanges such as Coinbase, Kraken, and Binance, this SEC action not only alleviates regulatory pressure but could also become a key basis for legal defense in litigation over the next two years.
Regulation NMS (National Market System Regulation), established by the U.S. Securities and Exchange Commission (SEC) in 2005, is a core regulatory framework designed to govern electronic trading and price competition mechanisms in stock markets. It serves as one of the foundational rules for U.S. equity market operations and is binding on all exchanges (e.g., NYSE, NASDAQ) and broker-dealers.
