The Securities and Exchange Commission is considering eliminating Rule 611, a regulation that could clear the way for tokenized U.S. stocks to trade on new platforms. According to Galaxy, an investment firm focused on digital assets, removing this rule would be positive for the growth of tokenized stock trading. Rule 611 currently requires stock exchanges to offer the best prices available to buyers and sellers, a rule designed decades ago for traditional exchanges that may not fit well with newer digital trading systems.
Tokenized stocks represent ownership in companies as digital assets on blockchain networks. Instead of owning a stock certificate stored at a bank, investors would hold digital tokens that prove their ownership. This technology could make buying and selling stocks faster and cheaper, especially for trades happening across different countries.
The SEC's potential rule change reflects recognition that digital trading systems operate differently than traditional exchanges. Removing Rule 611 would give these new platforms more flexibility in how they match buyers with sellers, which Galaxy argues would help the tokenized stock market grow.
Supporting this shift toward digital asset trading, payment processor Adyen recently completed a $335 million deal to acquire Orb, an enterprise billing platform. This acquisition shows how major financial companies are building the infrastructure needed to support new kinds of trading and payments. Billing platforms like Orb handle the technical side of processing payments and managing customer accounts—essential tools for any platform that wants to offer tokenized stock trading.
When companies like Adyen invest in billing technology, they're preparing for a future where tokenized assets might be traded regularly. Just like traditional stock brokers need payment systems to handle millions of daily transactions, tokenized stock platforms will need advanced billing and payment infrastructure.
Together, these developments—the SEC considering Rule 611 changes and companies like Adyen building payment infrastructure—suggest regulators and the financial industry are moving toward supporting tokenized stock trading. However, the SEC has not finalized any rule changes yet. Any final decision would need to consider investor protection and market stability alongside the potential benefits of new technology.
These regulatory shifts and business investments indicate that the path to bringing blockchain technology into traditional stock markets is becoming clearer, though significant work remains before tokenized stock trading becomes mainstream.