SEC Closes in on rules that could reshape how stock market operates

They are proposing 2 major rule changes which would affect retail traders:

1) Instead of banning payment for order flow, they are proposing all retail orders get put into auctions, with brokers competing to execute them. This (as I understand the proposal) makes PFOF impossible. Robinhood (for example) wouldn't be able to sell their order flow to Citadel, Citadel would have to win that flow by offering retail investors the best deal.

2) They are proposing standardized "tick ladders" (price increments) across all venues including sub-cent increments. So people won't be able to shave say 100th of a penny off a price to snatch executions away from standard venues.