The Hyperliquid Policy Center and Douro Labs submitted a joint comment letter to the SEC on August 17 supporting the proposal to rescind Rule 611 of Regulation NMS. Adopted in 2005, this rule requires trading venues to route orders to the exchange displaying the best price. Both organizations argue it is outdated for decentralized markets operating on blockchain, where there is no consolidated quote system or hierarchy of registered venues. They are also calling for principles-based best-execution guidance tailored to onchain trading, accounting for network fees, MEV, and the absence of conventional quotes. HPC launched on February 18 with 28 million dollars in HYPE token funding, and Douro Labs is closely associated with the Pyth Network oracle infrastructure.
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