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The SEC's proposal to rescind Rules 611 and 610(e) of Regulation NMS could remove the biggest structural barrier preventing DeFi AMMs from legally trading tokenized US equities. > Rule 611's trade-through prohibition made AMM-based tokenized stock trading structurally illegal, as AMMs execute against bonding curves and cannot comply with intermarket routing requirements. > Rule 610(e) similarly blocked AMMs, whose continuous price discovery routinely crosses the National Best Bid and Offer. > Galaxy Digital's Alex Thorn framed the move as the SEC executing its "Project Crypto playbook," clearing the hardest market structure obstacle before addressing venue registration via an innovation exemption. > TD Cowen expects finalization in Q1 2027, with exemptive relief for tokenization pilots anticipated before then. > Tokenized US equities still face additional hurdles including ATS registration and clearance rules not designed for decentralized trading.