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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 "best execution" obligations borne by broker-dealers, 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.