This week, Securitize and @DouroLabs jointly submitted a comment letter to FINRA in response to Regulatory Notice 26-15, which requests comment on modernizing FINRA's best execution guidance under Rule 5310. This is the first time FINRA has formally invited the market to weigh in on how best execution obligations should apply to tokenized securities executing onchain. Our letter takes on a set of genuinely novel issues: - How best execution should be determined when transactions are settled instantly and atomically, and executed at speeds not measured in microseconds - How transaction costs like gas and prefunding fit into the existing cost framework - How MEV should be treated as a best-execution factor Our joint submission recommends that FINRA update its Rule 5310 guidance to address order-specific pricing, reliable onchain reference prices, total transaction costs, 24/7 trading, cross-market routing, execution-quality reviews, and investor-directed slippage protections. The goal is to preserve the investor protections at the heart of Regulation NMS and best execution while adapting them to how tokenized securities are actually traded and settled. We see this as an important starting point, not necessarily a final answer. These are challenging, largely unaddressed questions, and we encourage others to add their perspective to FINRA's docket before the comment period closes September 25, 2026.

A strong product still matters — but the bar’s way higher now. 📈 @pythnetwork says the days of “Rollup X” copy-pasting an L2 playbook are over. Too many chains. Too little differentiation. If you’re not adding real, net-new value… you won’t stand out ❌

1/ We’re excited to welcome four new members to @BlockchainAssn: @canaanio @DouroLabs @union_build @veda_labs These teams are building for the future of crypto and joining us to engage in critical policy discussions in Washington.