SEC Moves to Scrap Two National Market System Rules, a Potential Boost for Tokenized U.S. Stock Trading

June 12 — The U.S. Securities and Exchange Commission has proposed repealing two rules under the National Market System: Rule 611, known as the Trade-Through Rule, and Rule 610(e), the locking/crossing market restrictions. Rule 611 requires trading centers to avoid executing orders at prices worse than the protected quotations available on other venues. Market participants have long viewed this requirement as a key structural hurdle for tokenized U.S. equities trading on DeFi, since automated market makers (AMMs) cannot meet NBBO obligations and would, by design, risk triggering trade-throughs. Rule 610(e) directs trading platforms and national securities associations to maintain rules preventing members from improperly displaying locked or crossed quotations, a safeguard intended to support orderly markets and price protection.