The U.S. Securities and Exchange Commission (SEC) has proposed repealing Rule 611 of Regulation NMS, a move that could facilitate the trading of tokenized stocks in decentralized finance (DeFi) platforms. Rule 611, known as the Order Protection Rule, has been a cornerstone of U.S. stock market structure since 2005, requiring exchanges to prevent trades at prices inferior to those on other exchanges. This rule has posed significant challenges for automated market makers (AMMs) in DeFi, as they could not comply, leading to potential regulatory violations. Alex Thorn, Head of Research at Galaxy Digital, highlighted that the repeal would replace Rule 611 with a "best enforcement" principle at the broker level, aligning with AMMs' operations. This change is part of the SEC's broader "Crypto Project" initiative, aimed at removing market structure barriers and addressing venue registration issues through "innovation exemptions."