Foresight News: A letter has been jointly submitted to the U.S. Securities and Exchange Commission (SEC) by Hyperliquid Policy Center (HPC) and core contributor Douro Labs of Pyth Network, supporting the SEC’s proposal this June to repeal Rule 611 of Reg NMS (the trade-through rule, also known as the “order protection rule” or “trade-through rule”). This rule is a key provision within the U.S. National Market System (NMS) framework, requiring brokers to route orders to the trading venues with the best available quotations in order to protect investors by ensuring the best execution prices. Both sides argue that this framework is built on a centralized quotation system and does not align with how on-chain trading venues actually operate. The letter makes three main claims: (1) the SEC should adopt the repeal proposal; (2) clear guidance should be provided for brokers to fulfill their “best execution” obligations on-chain; and (3) the guidance should use a principles-based standard, recognize independent reference price sources such as Pyth as an alternative, and also require the SEC to confirm that tokenized NMS stocks (i.e., the tokenized versions of U.S. stocks covered by this regulatory framework) remain covered by the investor protection framework.