BlockBeats News, June 12, the U.S. SEC proposed to eliminate Rule 611 of Regulation NMS (Order Protection Rule) and Rule 610(e) (Locked/Crossed Market Rule).

Rule 611 requires trading centers to prevent trades from occurring at prices inferior to those displayed on another trading platform. This rule has been a significant structural barrier for the trading of tokenized U.S. stocks in DeFi, as automated market makers (AMMs) are unable to comply with the NBBO requirement, inevitably resulting in "trade-through" transactions;

Rule 610(e) requires trading platforms and the National Securities Association to establish rules to prevent members from improperly displaying locked or crossed quotations to maintain market order and price protection.