Hyperliquid Policy Center backs SEC Rule 611 repeal

The Hyperliquid Policy Center and Douro Labs submitted a joint comment letter to the U.S. Securities and Exchange Commission on Aug. 17 supporting the proposed repeal of Regulation NMS Rule 611. Summary August 17 filing jointly backed the SEC proposal to repeal Regulation NMS Rule 611 entirely. Rule 611 prevents executions through protected quotations displaying better prices across connected U.S. trading venues. HPC and Douro asked regulators to recognize qualifying independent reference prices when NBBO is unavailable. Tokenized U.S. equities would remain subject to securities rules and broker best execution duties unchanged. The SEC comment period closed August 17, with no final repeal decision announced yet publicly. Rule 611, commonly called the trade through rule, generally prevents trading centers from executing orders at prices worse than protected quotations displayed elsewhere. The framework uses consolidated market data to establish the National Best Bid and Offer, or NBBO. HPC and Douro argued in their 22 page letter that this quotation system does not map cleanly onto automated market makers, onchain order books and markets operating continuously outside traditional ex...