DeFi & NFT
By Evie Vavasseur
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What Galaxy Digital's Alex Thorn Actually Said. Thorn's read on this is direct. He sees Rule 611's removal as a crucial step toward connecting…
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No Timeline Yet, and That's the Catch. The SEC hasn't finalized anything. No timeline, no implementation schedule, no confirmed vote date.
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The SEC is looking at killing Rule 611. That's the Order Protection Rule — the one that forces stock trades to execute at the best available price across every exchange…
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Rule 611 sits inside the National Market System framework. It's been there a long time, and for traditional equity markets it basically exists to guarantee best execution — no…
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Thorn's read on this is direct. He sees Rule 611's removal as a crucial step toward connecting traditional financial markets with digital asset infrastructure.
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Thorn's argument is basically that blockchain-native trading infrastructure has outgrown the rulebook. The regulation was written for a different market structure.
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That uncertainty matters. Tokenized stocks are already a growing corner of the market. They represent digital versions of traditional shares, theoretically allowing for more…
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If the SEC does move forward, it could set a precedent. Not just for tokenized stocks, but for how regulators approach blockchain-based financial instruments more broadly.
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Read also: SEC Moves to Kill Two Decades-Old Equity Rules, Crypto Markets Watch Closely
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Galaxy Digital is watching closely. The firm sees Rule 611's removal as something that could streamline how decentralized exchanges fit into the wider financial market, which has…
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The broader interest in tokenization has been building for a while. Major financial institutions have been experimenting with tokenized assets — bonds, funds, equities.
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Thorn's framing is that the competitive edge for tokenized stocks depends on being able to use decentralized platforms properly. Can't do that cleanly under Rule 611.
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Still murky, though. The SEC hasn't given specifics. No draft rule text has been publicly confirmed in the source material here. No vote date.
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Read also: Coinbase Launches AI Agent Platform Letting ChatGPT and Claude Trade Crypto
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What's clear is the direction of travel. The SEC seems to be acknowledging, at least at the consideration stage, that the regulatory framework needs to adapt to where financial…
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