The NBA's Board of Governors approved the change on Tuesday evening.
Moreover, the rule change should also help decrease complaints on National Basketball Association refereeing, as the league now somewhat empowers teams to protest a controversial call - something that was prevalent in the past few seasons.
Currently, the start of free agency starts at on June 30 at 6 p.m., a change from previous years when the free agency period started at midnight on July 1.
News of Kemba Walker's deal with the Boston Celtics broke the day before.
"It's incredible to me, again, having been at the league for a long time and having watched change over the years, how much that change is now accelerating", Silver said. "I think right now, we're not quite there".
Silver also commented on potential rules changes regarding tampering, saying "the one strong conviction I have is that we should not have rules that are not strictly enforced". But when the issue revolves around the individual desires of certain players, it's hard to develop league-wide mandates to affect meaningful change without unforeseen side effects leading to other issues.
Fixing tampering is easy.
Addressing trade demands, however, seems even more hard.
The NBA knows its rules about when teams can negotiate with free agents are not being followed. After previously decrying the practice, Silver said it continues to be something the league has to address in the wake of Anthony Davis being sent to the Los Angeles Lakers several months after making his trade request public before February's trade deadline, and Paul George going to the LA Clippers after privately making his own trade request last week.
Both deals were reportedly made under trade demands from the players involved and had dramatic implications for the teams that parted with superstars.
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Silver acknowledged that the league has "work to do" in order to enforce those rules and said "trade demands are disheartening" and is something that "needs to be addressed".
How that will look is a mystery.
"We've got to fix that", Silver said.