[Galaxy Research Director: U.S. SEC Proposes Repeal of NMS Rule 611, Tokenized U.S. Stock Trading Bottleneck May Be Resolved] According to a report by Jinse Finance, on June 12, Galaxy Research Director Alex Thorn stated that the U.S. Securities and Exchange Commission (SEC) has just proposed to repeal Rule 611 of the National Market System (Reg NMS), which has shaped the overall framework of the U.S. stock market since 2005. While this development falls within the realm of traditional finance, it also represents a significant breakthrough for tokenized stocks. The commission has voted to propose the repeal of Rule 611 (Order Protection Rule) and Rule 610(e) (Market Locking/Crossing Restrictions), while also revising related definitions. This proposal will initiate a 60-day public comment period. Currently, it is only at the proposal stage and has not been formally implemented, but the direction of regulatory reform is already very clear. Rule 611 requires that all trading venues execute trades at prices no worse than the protected quotes of other exchanges. In practice, every trade of individual stocks under the National Market System (NMS) must adhere to the National Best Bid and Offer (NBBO) at the moment of execution. This rule is one of the most significant structural obstacles to conducting tokenized U.S. stock trading in decentralized finance (DeFi). Automated Market Makers (AMMs), by their underlying mechanisms, cannot meet the requirements of Rule 611: they price and execute trades based on liquidity pool bonding curves, inherently include slippage, and update prices at the granularity of block time. AMMs cannot issue cross-market sweep orders, cannot stably access Securities Information Processor (SIP) market data with low latency, and cannot halt a swap transaction simply because Nasdaq offers a better quote. Any liquidity pool offering tokenized NMS stocks would continuously trigger violations of the Order Protection Rule, and the trading venue could be deemed non-compliant from a legal perspective.