The Blockchain Association sent a comment letter to the SEC on August 17 supporting its proposal to revise Regulation NMS, specifically Rules 611 and 610(e). Rule 611 created fragmented trading and increased costs by requiring investors to connect to multiple venues with protected quotes. Rule 610(e), which prohibited locked and crossed markets, skewed price discovery by preventing displayed prices from accurately reflecting actual economic value. The association considers these rules outdated for the 2026 crypto market, which has become more automated and interconnected, and is asking the SEC to consider factors beyond price, such as speed, costs, settlement certainty, interoperability, and self-custody, as well as clarify how tokenized securities can trade using stablecoins.
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