# SEC Proposes Rescission of Regulation NMS Rules 611 and 610(e)

> **Open Intelligence Dossier** · First detected: 2026-06-12 04:07 UTC · Category: Business

## Executive Summary
SEC’s proposed repeal of key stock-trading rules could reshape tokenized assets and market competition

## Intelligence Brief
Securities and Exchange Commission (SEC) has proposed rescinding Regulation NMS Rules 611 and 610(e), which govern order protection and trade-through restrictions in equities trading. Rule 611, known as the 'order protection rule,' requires exchanges to route orders to the venue offering the best price, while Rule 610(e) prohibits 'trade-throughs'—executions at worse prices than available elsewhere. Coverage highlights the potential impact on tokenized securities, with analysts citing the proposal as a major step toward enabling broader trading of digital asset-backed equities.


Major outlets—including Reuters, Bloomberg, and The Wall Street Journal—frame the change as a shift toward deregulation, while industry publications like MLex and The Block emphasize its implications for market structure and innovation. The SEC’s official statement notes the proposal is open for public comment, signaling a formal review process ahead. Watch for industry reactions from exchanges, brokerages, and tokenization platforms, as well as potential legal challenges or counterproposals.


The outcome could influence the future of fractionalized and digital asset trading in the U.S., with implications for retail and institutional investors alike.

## Multi-Source Evidence Table
| Source Outlet | Headline | Verification URL |
|---|---|---|
| Yahoo Finance | SEC Moves to Scrap Rule 611: Here’s What It Means for Tokenized Stocks | [Source Link](https://news.google.com/rss/articles/CBMikwFBVV95cUxQUktpeGl5cFhId0pVRU5OTUxKNkJMSnNzVG95dTd4RVpWblZrUkl1c3JDTW5LZFlQTXNiMDNJV1ZkbjM4azBLV0g4N3daZElaWnVtREdoVGFBTEhTbU1keFFJdGhJYlVEdVBBSjFzbll0SEdLMk5hYnNRekFCb0pRa0FBeEJrYi1zakN1SXN1LWZvczQ?oc=5) |
| The Block | SEC's proposal to scrap key NMS rules a major unlock for tokenized US stocks: analysts | [Source Link](https://news.google.com/rss/articles/CBMihAFBVV95cUxQeDU4MzFJMFgwNktUemRPYmRmbFBXc1E2eWRTdGN1U2VwRFA5NWZ5MnRXQUVaNnhkRS1lMW1SV0xUOHdxb3VpTVJ0SmFJWXVYcDRIQkx0NU1UWGRKZThweVpLdE40bnZvNmVMTUFtUDNKUGJRRlM3S19janZ5Sl9tdTZmbEE?oc=5) |
| MLex | US SEC moves to cancel 2005 stock-trading rules aimed at spurring competition | [Source Link](https://news.google.com/rss/articles/CBMivAFBVV95cUxOSTVIVGlsY2dtWW1wamtDcWJCR2I1ZWczbVRrejdBUi1nTVhpdlhZR0dQdUFNVGFQWEdVODIwQjR0VkxqSE1MSS1oTHp1cHpZVHl3ZC01d3pnOFBQZlV3NmUweGdaZHBRYXBKZlIzNXotcThCb1V1aFNrVFRjdWJxd1lpYzdpUjAxUmlyRE5iZU9QU0N4RDFUMEtOY1ZQWERGX1A3Mk9LdW1GY1RCUjFTREl1OFI0NzdHR2x0dQ?oc=5) |
| MLex | US SEC moves to cancel 2005 stock-trading rules aimed at spurring competition | [Source Link](https://news.google.com/rss/articles/CBMi1gFBVV95cUxNRUs3eDZ1YmFQYXJGMVJ4WW9MdnFHLTdvcElxU3hVbXhkZTJJSWFLbVFjS2Y4WXF4MHFfQUxCV25Zb3BHWmFZYURfaWlFRUdLVHRrWUVqVEI2aksxUFI3R0NlMjlfTjgtMlR6aU41RkpLTS1nb1UzeDk5QTljcFg3djZ3NGpfZXhfU05NU0VmVnQ2dEJva1JjellhSGdUcnEyd3lLUTdqY2E4bE1sUmdCNDJsU042aW5PT1hnNlZUWnhkclhPMmdneEI0MGxHUF9WYzdQZExB0gFaQVVfeXFMTVE2WEQ3Y0MxLXF2bmRNTmFfZTRZdV9TbTVHTmFZcXBmZXl5bW5YaVNDNlgwZklQdTVVeGMySUszU24xUHBNRXQ2MTY0ZS1raXNtX003aG9NQXJB?oc=5) |
| KuCoin | SEC Proposes to Remove Regulation NMS 611, Impacting Tokenized Stock Trading | [Source Link](https://news.google.com/rss/articles/CBMipAFBVV95cUxQUlJobkNuYTVkblQ1MHhnZE9vdlBSTlB1bGVlNXI5UU9aNV9RNE4yVjFPT19tMmhLbmItLTJfb000YzVISUI5ZjI4bTZPd1hIVG9MQnp1d1pyQWMyUHZQR2s1a204N3VHckY2RmhJQUNmb3duZnJ1dnMyVzhqX0o0ajV5UndWM0dHa1pYX3l2MURZSm81cXBMNENycVNwYnVLUjQ0Yw?oc=5) |
| Binance | STOCKS - Galaxy Digital’s Alex Thorn Says SEC Proposal to Repeal Reg NMS Rules Could Affect Tokenized Stocks | [Source Link](https://news.google.com/rss/articles/CBMiaEFVX3lxTFAyUXBYYUd0eWtzcGg4bGFBWjd4R0drbm9VUWhHWENmdXBaYzh5UHZ1T2xTYzE4bmdHNGlqYktPQmFHbi1LdkN3SkVHcXBqM09pVTdfRmlfcE9Mc040TWZiZGs1QXcwbTdI?oc=5) |
| Reuters | Wall Street regulator proposes to scrap 'order protection rule' | [Source Link](https://news.google.com/rss/articles/CBMiogFBVV95cUxObklJU3podWRVTkFZRVhtbGNJQzdOVHhYU3lWOEI0a2pRWm9oSGZCVGFfUWFXbFpOQ1hOZXVrekFDU1g0YVRiYV95eFZJX2ZqVFNpSVFkMjAxcFNRUXc4MjFpTzdQeHFJY3VIWkdrSGNDaWxZUWQzS3dlLXUyY0puLUY4d1hpUFF1Q081YkNMcVZCQ2dKa3UyYVc2MldPNG9SZ3c?oc=5) |
| WSJ | SEC Seeks to Scrap Best-Price Rule | [Source Link](https://news.google.com/rss/articles/CBMiigFBVV95cUxNdEE4akZGRTl1bU9ZRWtGUG50V0c5X3p1bGgyZ1h4eTVZblFSNVRmdUNVRGJCX3U1d2NSTS0tYjFvb2hpTGQwS3VzOUtuWl9UMFhkUGtGYnhpLWthOE12VnRrNENITEZqNkZxelFDc25OeXEtc0ZIU3ZqMy1aVVFiTzM3UHFlcTQ1VkE?oc=5) |
| Bloomberg.com | SEC Proposes to Scrap Trade-Through Rule for Equities Execution | [Source Link](https://news.google.com/rss/articles/CBMitAFBVV95cUxQaHRKZTFzWjUyVDNEbWZVN3ltdkdxMXRyZUJFLWk0ZTBkOFNuRzV4emtrVVFMWnkwYVFSSnhfaDQ4RUIzV0FCcFNxcW5wQnV4bVg1clktZms5ZmN6c0tCaTl1WWRYTlczQ043RFN4MTdXdV9wcmVKQzNycnVFd0o5NFl1WUZ6RUg4M3R0QzZTY0pNTE4tVG9qV2x2aHpGeXFtV2QzSWNkV0FSYVJxdFdWQVh0X04?oc=5) |
| SEC.gov | SEC Proposes Rescission of Regulation NMS Rules 611 and 610(e) | [Source Link](https://news.google.com/rss/articles/CBMiqAFBVV95cUxPM2x4MEhQenNsWUFBU1dfRnhEWWZoalhKLXZiSmNNNVpCMW8ydkV6MXdfZWhJWE5ULTFza0VGNjJydGVzZWZCbm52S202UjBPZzQ1YWJVZTZmR1JzZWo5V1BmODJKN3FYSHhRWTBkSWZadnRnUzJNX0ZwR29ZRlo2aHc4cFVqamhxQXNOZUFHcE5odmZCY2ZobEFSaHNwa1pQQ2JkR0NVN1M?oc=5) |

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*Canonical Source: https://pulse.byoviral.com/trend/2026-06-12/sec-proposes-rescission-of-regulation-nms-rules-611-and-610-e*