SEC proposes rule elimination for better investor pricing, shifts toward lighter regulatory touch

The Securities and Exchange Commission is proposing to remove a rule that was originally designed to improve how investors get priced on their trades.

The rule in question, proposed Rule 6b-1, was meant to prohibit volume-based transaction pricing for NMS stocks, which are the nationally listed equities that make up the backbone of US markets. In plain English, the rule would have stopped exchanges from offering better pricing to firms that trade in massive volumes, a practice critics argued gave Wall Street’s biggest players an unfair edge over smaller investors.

What volume-based pricing actually means

The SEC originally proposed Rule 6b-1 as part of a broader package of market structure reforms back in 2023. The idea was straightforward: ban the volume discounts so that everyone, from hedge funds to individual investors, would face the same transaction costs. The SEC withdrew that proposal in June 2025. Now, the agency appears to be going further by proposing the elimination of the rule framework entirely rather than simply letting the proposal sit dormant.

A broader pattern of regulatory streamlining

On May 5, 2026, the agency proposed giving public companies the option to file semiannual reports using a new Form 10-S instead of the traditional quarterly 10-Q filings. That proposal opened for a 60-day public comment period, giving market participants and companies time to weigh in before any final decision.

Then on May 19, 2026, the SEC rolled out additional proposals focused on modernizing registered offerings. These changes aim to simplify the eligibility and registration processes for companies looking to raise capital through public markets.

What this means for investors

The semiannual reporting option introduces its own set of tradeoffs. Less frequent reporting means less frequent data for investors to evaluate company performance. For active traders and analysts who rely on quarterly data to make allocation decisions, reduced reporting frequency could create information gaps that make valuation harder.

None of the SEC’s recent proposals touch crypto assets, tokens, or digital asset platforms. The agency’s modernization push is squarely focused on traditional equities and corporate reporting.

Investors watching these developments should pay close attention to the public comment periods on both the semiannual reporting proposal and the registered offerings reforms. The 60-day window on the reporting changes means those comments are due this summer.