Yes, you can reduce the wire size going to the second or 3rd or any of the other receptacles.
There isn't anything in the NEC that specifically says you can do this, but its not prohibited anywhere.
Generally, the NEC requires you to size the wires for the branch circuit breaker (lets assume its a 20A breaker for this case.) So you have to use a minimum of #12 wire.
If you increase part of the circuit to a larger wire size for voltage drop, that's fine. It doesn't have any effect on the required wire sizes for the rest of the circuit.
Note however that there is a code section that requires the ground wire to be increased in size when the hot wires are increased in size. So in this case, the ground wire would also be a #10 for the portion of the circuit where the wires are #10.