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2026-06-12 11:00

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`. **Nội dung đã dịch:** SEC Hoa Kỳ đề xuất bãi bỏ Quy tắc 611: Rào cản lớn nhất đối với cổ phiếu token hóa đang biến mất

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Một cuộc cải cách TradFi, tại sao Web3 cũng đang theo dõi.

Original author: KarenZ, Foresight News

On June 11, the US SEC proposed a market structure reform that appears very TradFi: rescinding Rule 611 and Rule 610(e) of Regulation NMS (National Market System Regulation).

The former is the so-called trade-through rule, and the latter restricts locked and crossed quotations. Simply put, the SEC is considering removing a set of rigid rules that protect the best quotes in the US stock market, giving trading venues and brokers more flexibility in order routing, quote display, and trading mechanisms.

This is not yet an effective new regulation. The SEC has currently published a proposed rule. The public comment period is 60 days after the proposal is published in the Federal Register.

Why is the Web3 community paying attention? Because the SEC clearly stated in the proposal's background that the stock market is approaching 24/7 trading, distributed ledger technology allows issuers to tokenize securities as crypto assets, and smart contracts and AMMs have brought new ways to trade securities. What it's really discussing is whether the underlying trading rules of the US stock market are still suitable for today's technological conditions.

Galaxy Digital's Head of Research, Alex Thorn, called this a "tradfi story" and believes it could be one of the significant breakthroughs for tokenized stocks.

What exactly does Rule 611 govern?

Rule 611 can be understood as a rule in the US stock market that says "don't bypass a better quote".

For example, if a stock has an automatically accessible sell price of $10 at Exchange A, and Exchange B's sell price is $10.01, the basic logic of Rule 611 is: a trading center cannot, without an applicable exception, bypass Exchange A's better sell price and directly execute a buy order at $10.01 on Exchange B.

The problem is that the market in 2026 is very different from the market in 2005. The SEC stated in the proposal that the US stock market is now highly automated, interconnected, fast, and competitive. Rule 611 was originally intended to encourage displayed liquidity, but the SEC believes that the proportion of trading shifting towards non-displayed liquidity and off-exchange execution is still rising, and the market has become more fragmented and complex.

According to the SEC, the side effects of Rule 611 include: increased compliance costs, limited order processing and execution choices, driven expansion in the number of exchanges, exacerbated trading fragmentation, and market participants investing significant resources in pursuing lower latency. The SEC also believes that brokers already have a duty of best execution, meaning they must seek the most favorable terms for clients under reasonably available conditions. Therefore, Rule 611 may no longer be necessary to serve the same protective function.

What about Rule 610(e)?

Rule 610(e) restricts locked and crossed quotations for NMS stocks.

A locked quotation occurs when the bid price displayed at one trading venue equals the ask price displayed at another; a crossed quotation occurs when the displayed bid price is higher than the displayed ask price. On a trading screen, the former looks like buyers and sellers "stuck" at the same price, while the latter appears as a temporary mispricing, theoretically creating an arbitrage opportunity.

The current Rule 610(e) does not directly prohibit every single locked or crossed quotation. Instead, it requires self-regulatory organizations, such as exchanges and FINRA, to establish, maintain, and enforce rules requiring their members to avoid displaying orders that would lock or cross protected quotations, and to handle such quotations when they occur. Consequently, over the past two decades, the US stock trading system has developed numerous order types and automatic re-pricing mechanisms around this requirement, such as adjusting order prices to a level that doesn't lock or cross the market.

What the SEC is now proposing to rescind is precisely this federal rule (Rule 610(e)) requiring the prevention of locked and crossed quotations. According to the SEC, the market is now more automated and interconnected than in 2005, market participants have a greater ability to access market data, and the necessity of retaining this rule has diminished.

The SEC provides three main reasons. First, a locked quotation can sometimes be a natural result of competitive quoting; prohibiting it might artificially widen bid-ask spreads. Allowing locked quotations could potentially narrow spreads for some stocks, lowering investor transaction costs. Second, the current restrictions encourage exchanges and brokers to design complex order types, auto-pricing functions, and compliance processes, increasing system complexity and maintenance costs. Third, even if crossed quotations occur in the future, the SEC believes that high-speed trading technology and arbitrage incentives will drive the market towards relatively quick correction.

Access fee caps will be retained. Access fee caps limit the amount a trading venue can charge external participants for accessing and executing against its quotations, preventing venues from displaying seemingly attractive quotes while inflating actual execution costs through excessive fees.

However, the SEC also acknowledges that rescinding Rule 610(e) could introduce new problems. For example, crossed quotations might affect execution quality statistics, less liquid stocks might experience longer periods of quote dislocation, and retail investors might be confused by locked or crossed quotations appearing on their screens. Therefore, this rescission is still in the comment period, and the SEC is requesting data and feedback from market participants.

What's the connection to tokenized stocks?

The aspect truly worth the attention of Web3 readers is that it could loosen a layer of centralized coordination logic in the US stock market.

For tokenized stocks to scale, simply "mapping stocks onto the chain" is not enough. The harder part is the trading structure: on-chain markets naturally lean towards 24/7 operation, smart contract matching, AMMs or hybrid order books, and cross-venue liquidity.

Traditional US stock markets, on the other hand, are built upon exchanges, brokers, quote protection, order routing, SRO rules, and clearing and settlement systems. The rhythm, quoting logic, and technical interfaces of the two systems are not inherently compatible.

The existence of Rule 611 requires trading centers not to bypass protected quotes easily. While protective for traditional stock markets, it also forces new trading mechanisms to be designed around the existing quote protection system. If the SEC ultimately rescinds this rule, trading venues and ATS (Alternative Trading Systems) might gain more room for experimentation in matching mechanisms, auction mechanisms, priority design, and block trading mechanisms.

However, this remains a possibility. The proposal does not change securities issuance registration requirements, nor does it address issues like custody, clearing, shareholder rights, cross-border sales, KYC/AML, and broker-dealer responsibilities for tokenized stocks. More critically, even if the SEC rescinds Rule 610(e), the existing related rules of exchanges and FINRA will not automatically disappear; they will still need to decide whether to amend their own rules.

Summary

In its economic analysis evaluating the rescission of Regulation NMS Rules 611 and 610(e), the SEC estimates that relevant market participants could achieve quantifiable annual cost savings of approximately $54.2 million to $77 million after the repeal. These savings primarily come from trading centers, ATSs, brokers running smart order routing systems, and OTC market makers: they would no longer need to maintain certain Rule 611 / Rule 610(e) related compliance policies, monitoring processes, order routing logic, and connectivity arrangements.

These numbers aren't enormous, but they illustrate a point: the SEC isn't just discussing "principles." It views this reform as a market structure simplification, aiming to reduce rule-driven complexity and allow trading venues to compete for orders based on price, speed, liquidity, and mechanism design.

For tokenized stocks, perhaps the most important word is precisely "complexity." The advantages of on-chain assets are often summarized as 24/7, composability, and transparent settlement. But if the underlying securities trading rules still require all innovations to fit back into the quote protection framework designed in 2005, the "on-chain" aspect is merely an additional wrapper. With the loosening of rules, the truly testable question is whether new trading venues can provide better execution quality within a compliant framework, rather than just changing the form of the stock into a Token.