SEC plan to scrap Rule 611 could unlock tokenized US stocks, Galaxy says

The SEC proposed scrapping Rule 611 and Rule 610(e), which Galaxy's Alex Thorn says removes a major legal barrier for tokenized US stocks trading on decentralized platforms like automated market makers.

• SEC proposed rescinding Rule 611 (trade-through ban) and Rule 610(e) (quote display rules).
• Galaxy's Alex Thorn calls it 'one of the biggest unlocks yet for tokenized stocks'.
• Automated market makers can't comply with trade-through rules since they execute at pool prices.
• The SEC is likely to replace the rules with a 'best execution' framework that could permit AMMs.
• The proposal is open for 60 days of public feedback before any final changes.

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