The proposal to abolish Rule 611 and 610(e) put forward by the SEC last week has been called by Benchmark the most significant crypto regulation in the U.S. this year.

This is not just a modification of regulatory texts but could fundamentally change the compliance pathways for tokenized stocks and on-chain trading.
The current order protection rules and access rules in the NMS regulations impose structural constraints on DeFi's AMM models—market makers cannot freely quote on-chain, and trading costs for tokenized stocks remain high.
After abolition, platforms like Securitize and Coinbase may directly benefit, and AMMs can integrate more smoothly with traditional assets.
But don’t celebrate just yet. Core issues such as exchange registration, custody and clearing, and legal positioning of DeFi are still unresolved.
The SEC has initiated a 60-day consultation period, with a final vote possibly in early 2027.
This means that in the short term, it’s more about anticipated trading rather than substantive implementation.
Another key variable: if on-chain US stock trading is truly relaxed, will funds flow out of existing ETFs and CEXs?
Or will this instead open a new door for traditional finance and accelerate RWA penetration?
The direction is clear, but the path remains full of negotiations.
$nms #amm #cex #defi #rwa