The Hyperliquid Policy Center (HPC) and Douro Labs, a core contributor to Pyth Network, jointly submitted a comment letter to the U.S. Securities and Exchange Commission supporting the repeal of Rule 611 under Regulation NMS, commonly known as the trade-through rule. HPC argued that the rule was designed around centralized quotations and the National Best Bid and Offer (NBBO) framework and is poorly suited to AMMs, onchain order books and 24/7 trading.

HPC said that if Rule 611 is repealed, the SEC should clarify how brokers can satisfy their best-execution obligations when routing orders to onchain markets. Where NBBO is not applicable, it proposed allowing transparent and manipulation-resistant independent reference prices, including onchain price feeds such as Pyth. HPC also argued that tokenized U.S. equities should remain subject to Regulation NMS and existing best-execution requirements.