Reg NMS repeal boosts on-chain equities
The proposed repeal of Reg NMS rules 611 and 610e is argued to clear major regulatory hurdles for crypto-native, on-chain securities markets.
The argument
The guest argued that traditional order-protection rules are incompatible with automated market makers (AMMs) like Uniswap. Repealing these rules allows decentralized protocols, solvers, and aggregators to compete on execution quality without being forced to replicate legacy routing infrastructure.
The thesis, stress-tested
✓ What validates it
- ✓Formal SEC adoption of the proposed Reg NMS rule repeals
- ✓Launch of compliant on-chain trading platforms for major public equities
▸ Risks discussed
- ▸Legal and regulatory uncertainty regarding tokenized stock trading
- ▸Potential for increased market opacity if competitive forces fail to protect consumers
Hear it yourself
"And we don't really know because the government has not been transparent. And, Josie, really quick, before you go on, can you explain more about why it would be so bad if someone could bypass this? Like, I understand this, but I want you to illustrate this to our listeners because I don't think people really grasp how serious all of this is. Yeah. So we talked about mythos in detail on a different episode. Mythos is the model that Anthropic said, this is too scary. We're not gonna release it. Instead, we're gonna give it to a glass wing group of companies, and let them make sure that their systems are ready for this."
06:45
AFFILIATE LINK · ZORTIX MAY EARN A COMMISSION · NEVER A RECOMMENDATION TO TRADE