Crypto Scenario Insights
What happened
The SEC's proposal to rescind Regulation NMS Rules 611 and 610(e) could eliminate the biggest technical barrier preventing automated market makers (AMMs) from trading tokenized stocks.
What we think
The most likely outcome is a multi-year transition where the SEC rescinds Rule 611 and introduces 'innovation exemptions' for permissioned on-chain trading, carrying a 55% probability.
Read the analysis
SEC targets Regulation NMS: Will dismantling Rule 611 unlock institutional DeFi?
We explain what happened and what could follow. We do not forecast prices.