On June 11, 2026, the SEC proposed rescinding Rules 611 and 610(e) of Regulation NMS — the trade-through prohibition and the locked-and-crossed market restrictions that have defined US equity market structure since 2005. The proposal also strikes the related defined terms in Rule 600 and makes conforming changes across the rulebook. The comment period r…
Arche Capital Substack · Jun 12, 2026
The SEC Moves to Rescind Rule 611 — Clearing the Biggest Regulatory Barrier to Tokenized US Equities
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Why the rescission of Rule 611 is the most consequential market structure development for tokenized equities to date
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