Ondo Finance has asked the SEC (U.S. securities regulator) to factor tokenized securities and blockchain-based trading infrastructure into its review of Regulation NMS, arguing that U.S. equity market rules should reflect how tokenized and traditional stocks may operate side by side. In a comment letter submitted on August 11 and announced in an X post on August 12, the company supported the SEC’s proposal to rescind Rules 611 and 610(e) but said any replacement framework should address newer execution models, including request-for-quote (RFQ, price requests sent to multiple dealers) trading. Ondo said completed RFQ execution should be recognized for traditional and tokenized stocks, especially if Rule 611 is removed. The company argued that RFQ trading, already used in U.S. Treasuries, corporate bonds, and European ETFs, could help tokenized equities handle fragmented liquidity across blockchain networks, regulated venues, and other trading systems while still meeting best-execution standards. The filing also urged the SEC to include recent tokenized-securities developments in its market-structure analysis, including approvals allowing Nasdaq and NYSE to support tokenized versions of certain stocks and ETFs through DTC-linked infrastructure. Ondo said other platforms are also building tokenized models using transfer agents and blockchain-based settlement outside the traditional DTC structure, raising questions about execution, settlement, interoperability, and investor protection. The letter follows Ondo’s own expansion in the sector. On July 23, its broker-dealer subsidiary Oasis Pro Markets received SEC and FINRA approvals covering tokenized stocks and funds, and on July 27 the company launched Ondo Network, designed to separate trade execution from onchain settlement. Ondo also asked the SEC to clarify whether fixed-logic, route-agnostic, and non-custodial infrastructure can operate without broker-dealer, exchange, or clearing-agency registration when it does not hold assets, match orders, or settle transactions. Ondo said regulated U.S. brokers can offer spreads below 1 basis point, while automated market maker (AMM, algorithmic liquidity pool) fees for tokenized equities can reach roughly 30 basis points before blockchain costs. It argued that competitive RFQ execution could narrow that gap. The company acknowledged its commercial interest, saying Ondo Global Markets offers 430+ tokenized stocks and ETFs, with over $1 billion in TVL and more than $20 billion in cumulative trading volume since September 2025. The SEC’s comment period remains open until August 17, 2026.