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Wu Shuo learned that Galaxy Research research director Alex Thorn stated that the U.S. SEC's proposal to eliminate Rule 611 (Order Protection Rule) and Rule 610(e) (Lock-up/Cross Market Restrictions) of Reg NMS is one of the most significant regulatory developments in the tokenized stock field in recent years. He believes that Rule 611's long-standing requirement for trades to follow the National Best Bid and Offer (NBBO) makes it difficult for on-chain trading mechanisms like AMMs to meet compliance requirements. If the relevant rules are ultimately implemented, the U.S. stock market regulatory framework will shift more towards the broker-dealer's obligation of "best execution," providing greater compliance space for tokenized U.S. stocks and on-chain trading models. The proposal is currently in a 60-day public comment period.