One 2005 rule controls which venue is allowed to fill your US stock order.
Rule 611, the order protection rule, blocks your trade from filling at a price worse than the best quote displayed across registered exchanges right then. Each exchange feeds its top bid and offer into one consolidated tape, and your order is bound to that price, routed to the venue showing it. A tokenized stock lives on a chain that was never wired into that tape, so it cannot see the protected quote, let alone honor it. Under the rule, the trade is illegal before it starts. Pull Rule 611, and the trade no longer has to chase that price, freeing a blockchain venue to quote and settle a tokenized share on its own rails.
I've watched tokenized US shares trade offshore for years. The wall was never the technology, it was a rule written to guarantee you the best price, and the unlock is its deletion.
#btc #bitcoin #CryptoExchange