SEC proposes rescinding Reg NMS Rule 611, potentially opening path for tokenized US stocks

On June 11, 2026, the U.S. SEC proposed rescinding Regulation NMS Rule 611 and Rule 610(e), a market-structure change that could materially affect how tokenized U.S. equities trade in DeFi. The proposal enters a 60-day public comment period and would replace trade-by-trade NBBO enforcement with a principles-based best-execution approach at the broker-dealer level.