Hyperliquid Policy Center said it has submitted a joint comment letter with Douro Labs to the U.S. Securities and Exchange Commission supporting the agency’s proposal to repeal Rule 611 of Regulation NMS, also known as the Trade-Through Rule. According to ChainCatcher, the letter also calls for a clearer best-execution framework for onchain markets.

The group said the current trade-through rule was built for traditional securities market structure and does not fit blockchain-native trading models. It urged the SEC to repeal the rule, issue clear best-execution guidance for onchain trading, and adopt a principles-based regulatory framework that recognizes independent price reference mechanisms.