According to CoinMeta, the core contribution teams of Hyperliquid Policy Center and Pyth, in collaboration with Douro Labs, have submitted a comment letter to the U.S. Securities and Exchange Commission (SEC) in support of repealing the 611 "Trading Through Rule" under Regulation NMS. HPC believes that this rule, based on traditional centralized quotation and NBBO system design, is difficult to adapt to the post-repeal environment of AMM, on-chain order books, and 24/7 trading. After its repeal, SEC should further clarify how brokers must fulfill their best execution obligations in the on-chain market, and allow the use of transparent, anti-manipulation independent reference prices when NBBO are not applicable, such as the on-chain price sources provided by Pyth. At the same time, HPC suggests that tokenized U.S. stocks should continue to be included within the Reg NMS and best execution framework.