The U.S. Securities and Exchange Commission has proposed eliminating the long-standing Order Protection Rule, a cornerstone of Regulation NMS that requires stock trades to be executed at the best available price across exchanges. The proposal is being closely watched by both Wall Street and the digital asset industry because of its potential implications for tokenized . For more than two decades, Rule 611 has shaped how U.S. equity markets function by preventing trades from being executed at inferior prices when better quotes are available elsewhere. Regulators now argue that advances in market technology have reduced the need for the rule and that its compliance requirements create unnecessary complexity and costs for market participants. The SEC unanimously voted to propose its removal and opened a public comment period before any final decision is made. The crypto sector sees the proposal as potentially transformative. Market observers believe the removal of Rule 611 could make it easier for automated market makers (AMMs) and decentralized exchanges to facilitate trading of tokenized U.S. equities. Under the current framework, decentralized liquidity pools face significant regulatory hurdles because they cannot always comply with national best-price requirements designed for traditional exchanges. While the proposal does not immediately legalize unrestricted on-chain stock trading, it signals growing regulatory openness toward blockchain-based market infrastructure. The SEC has already explored frameworks for tokenized securities and innovation exemptions that could allow blockchain settlement systems to coexist with traditional financial markets. Industry participants believe the latest proposal