The U.S. Securities and Exchange Commission (SEC) has announced plans to repeal two key rules under Regulation National Market System (Reg NMS) that have been foundational to the U.S. stock market for nearly 20 years. This regulatory shift is seen by some, including industry commentator Tuongvy Le, as a significant step towards facilitating the development of on-chain securities markets. The proposed changes could pave the way for more blockchain-based trading platforms, potentially transforming how securities are traded in the future.