Robinhood backs push to scrap a market rule most traders don't know exists
Robinhood and SEC Commissioner Hester Peirce are pushing to scrap Rule 611, a two-decade-old mandate that could pave the way for stock token trading.
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📍 How it ended
The SEC proposed the rescission of Regulation NMS trade-through and locked/crossed market rules. SEC Commissioner Hester Peirce and Robinhood backed the plan to scrap Rule 611, which was described as having outlived its usefulness.
The proposal was poised to allow stock token trading.
Epilogue added 7d ago, after coverage quieted.
The brief
The SEC is proposing the rescission of Regulation NMS trade-through and locked/crossed market rules, specifically Rule 611. Commissioner Hester Peirce has backed the plan, stating that the rule has outlived its usefulness and is no longer needed by markets.
Coverage from Reuters, Bloomberg, and Yahoo Finance emphasizes that Robinhood supports the push and suggests the move could allow for stock token trading. Bloomberg identifies crypto as a clear winner in this potential market shakeup.
Attention is now on whether the SEC proposal will lead to the actual rescission of the rule and the subsequent impact on the tokenization path, though CoinDesk notes that a full rule may lack resilience.
Synthesized by Archynetys from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 22d ago.
Quick answers
What is Rule 611?
It is a two-decade-old mandate within Regulation NMS regarding trade-through and locked/crossed market rules.
Who is advocating for the removal of this rule?
SEC Commissioner Hester Peirce and the trading platform Robinhood.
What is the potential outcome of scrapping the rule?
According to Reuters and Bloomberg, the move could allow for stock token trading and benefit the crypto sector.
Coverage (8)
- SEC's Hester Peirce Says Rule 611 Has Outlived Its Usefulness, Backs Plan To Scrap Two-Decade-Old Mandate TradingView · 24d ago
- SEC's Peirce Backs Killing Rule 611, Says Markets Don't Need It Stocktwits · 24d ago
- Coming Soon: Buy Nvidia From the App Where You Short Oil Perps. | by Austin Liu Medium · 24d ago
- SEC proposes rescission of Regulation NMS trade-through and locked/crossed market rules JD Supra · 24d ago
- SEC's big swing to clear tokenization path isn't likely to get resilience of full rule CoinDesk · 24d ago
- SEC Proposal to Scrap Decades-Old Stock Rule Has a Clear Winner: Crypto Bloomberg.com · 24d ago
- US SEC poised to allow stock token trading in potential market shakeup Reuters · 24d ago
- Robinhood backs push to scrap a market rule most traders don't know exists Yahoo Finance · 24d ago
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