The Securities and Exchange Commission proposed scrapping its trade‑through rule, a mandate that forces exchanges to execute orders at the best available price. This change targets the speed‑driven stock market, opening the door for crypto platforms that trade tokenized equities.

Crypto firms have long struggled to compete with traditional venues that thrive on high‑frequency trading. Eliminating the rule would let tokenized assets trade on their own exchanges without routing to legacy markets, a move praised by leaders at Galaxy Digital and Coinbase.

The SEC also plans an innovation exemption for decentralized finance platforms, relaxing requirements for token listings. Investors gain tighter access to 1:1 backed tokenized stocks, while regulators await public comment before finalizing the measure.

Market watchers caution that removing the rule could erode protections for retail investors, but the proposal signals a shift toward a more inclusive, technology‑driven trading ecosystem.