SEC Proposal to Repeal Reg NMS Rules Could Boost Tokenized Stocks, Says Galaxy Digital Exec
GLXY has more than doubled off its 52-week low of $16.43.
Summary
Galaxy Digital's research head, Alex Thorn, highlighted an SEC proposal to repeal parts of Regulation NMS, including Rule 611. Thorn stated that Rule 611 is a major obstacle to trading tokenized stocks in DeFi, as automated market makers cannot comply. The potential repeal of this rule could remove a significant regulatory barrier, potentially enabling growth in the tokenized stock market, which is a relevant area for Galaxy Digital's operations.
At the time of this announcement, GLXY was trading at $33.60 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $13B. The 52-week trading range was $16.43 to $45.92. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Binance News.