[SEC Extends Compliance Deadline for Regulation NMS to 2026] The U.S. Securities and Exchange Commission (SEC) issued an exemption order on October 31, 2025, extending the compliance deadline for Regulation NMS (National Market System Regulation) to 2026, providing exchanges with more implementation flexibility. Industry experts believe this move offers crypto platforms a 'legal litigation weapon,' allowing them to invoke 'fair notice' and due process defenses to alleviate regulatory pressure while rules remain unclear. For crypto exchanges like Coinbase, Kraken, and Binance, this could become a key basis for litigation defenses over the next two years. Regulation NMS, established by the SEC in 2005, serves as a core framework governing electronic trading and price competition mechanisms in the U.S. stock market.