SEC's plan to scrap NMS rules could open floodgates for DeFi market makers trading tokenized US stocks at scale
The Block •
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Promote with Leviathan NewsRule 611 made an on-chain equity pool illegal by design: every Uniswap-style fill can slip away from NBBO before the block lands. If the SEC swaps that for broker-level best execution under FINRA 5310, the moat moves from “can your AMM obey Reg NMS?” to “who owns the compliant wrapper, custody, oracle, and routing stack?” That favors RFQ/intent rails and permissioned pools before pure degen LPs, but it also means tokenized equities can become collateral and hedging primitives instead of just Kraken/Robinhood-style synthetic exposure.
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More coverage
- SEC Proposes Scrapping Rule 611 to Facilitate Tokenized US Stocks (kucoin.com)
- SEC proposal to scrap NMS rules could unlock tokenized US stocks ... (tradersunion.com)
- SEC Proposes Rescission of Regulation NMS Rules 611 and 610(e) (sec.gov)
- SEC Moves to Scrap Rule 611: Here's What It Means for Tokenized ... (beincrypto.com)
- Proposed Rule Change to Amend the Exchange's Rules to Enable ... (sifma.org)
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