美SEC拟废除关键NMS规则，或为链上美股交易「重大松绑」

Mars Finance News: On June 12, the U.S. SEC proposed to revoke two core rules in Regulation NMS—Rule 611 and Rule 610(e)—to simplify market structure and promote the long-term development of the U.S. capital markets. SEC Chair Paul Atkins said the proposal is intended to lower trading costs and drive the continued evolution of market structure through competition and market mechanisms.

The related rules were established in 2005. Rule 611 requires that trades be executed with “best quote protection,” prohibiting execution at prices worse than the quotes available on other trading venues. Rule 610(e) prohibits “locked or crossed quotes.” Analysts said this adjustment could have structural implications for trading tokenized U.S. stocks and DeFi.

Alex Thorn, Head of Research at Galaxy Digital, said that Rule 611 has long been a core constraint on on-chain stock trading, because automated market maker (AMM) mechanisms are naturally difficult to meet the requirements for cross-market optimal quoting and trade routing. If the rule is repealed, market execution may shift more toward a framework based on “best execution obligations,” thereby creating more institutional room for on-chain trading, automated market making, and tokenized stocks.

TD Cowen analysts believe the proposal is likely to be formally implemented in the first quarter of 2027, but the SEC may use an exemption mechanism to promote early tokenization pilots before the final rules are issued.