# One Market, Onchain and Off: Our Comment to the SEC on Rule 611

Published: 2026-08-12T12:45:00.000Z

Tags: Announcement

URL: https://ondo.finance/blog/sec-comment-rule-611

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This week, Ondo filed a comment letter with the SEC on its proposal to rescind Rule 611 of Regulation NMS: the rule governing how nearly every U.S. stock trade has been executed since 2005.

Rule 611 routes orders to whichever venue shows the best displayed price. It was built for a market with one prevailing execution model. Two decades later, tokenized and traditional securities trade side by side, and increasingly need to interact directly to best serve investors.

We support rescission. The rule predates tokenization, and it was never built to account for a market where tokenized and traditional securities coexist.

But rescission alone isn't enough. Our letter also asks the SEC to:
Recognize the same execution standards for onchain and offchain markets alike
Recognize competed request-for-quote execution, so tokenized orders get priced and filled competitively
Confirm that neutral execution infrastructure can operate without registering as a broker-dealer or exchange, so no single venue decides how trades connect

Ondo Stocks already routes trades directly into existing exchange order books, rather than recreating liquidity separately, by choice, not regulatory mandate. Tokenized markets work best on the same competitive terms as the markets they're built on, not on lesser ones.

There are broader market interests at stake here too. Onchain trading in U.S.-listed stocks is growing, and right now much of it is growing offshore. Getting the post-Rule 611 standard right is a chance to bring that activity onshore instead, into the market system the U.S. spent decades building.

We look forward to working with the SEC to define what the post-Rule 611 standard should look like: one built for tokenized and traditional markets to work smoothly for investors regardless of how they choose to trade. The full letter is linked below.

Filing