Blockchain Association Supports SEC's Repeal of Certain Regulation NMS Rules, Calls for Recognition of Tokenized Securities Trading on Public Chains

Odaily Planet Daily reported that the Blockchain Association has submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) supporting the SEC's proposal to repeal Rule 611 and Rule 610(e) under Regulation NMS. The association stated that the two rules, implemented since 2005, have failed to achieve their original objectives and have instead increased costs for market participants over the past two decades. Against the backdrop of increased market automation and the accelerating tokenization of assets on public chains, the association believes that the current rules are suppressing the development of tokenized market infrastructure. It also urged the SEC to update its "best execution" guidance, formally recognize that tokenized securities trading on public chains can meet regulatory requirements, and acknowledge on-chain execution mechanisms as compliant, fair, and efficient methods of execution.