SPI Submits Legal Framework to SEC as Part of Project Open

June 18, 2025 – Solana Policy Institute, alongside coalition partners Orca, Superstate, and Phantom, have submitted comprehensive legal frameworks to the SEC's Crypto Task Force as part of our Project Open proposal. These submissions build upon the foundational framework we established with Project Open's launch in April 2025. We're now taking the next critical step by requesting specific exemptive relief that recognizes a fundamental truth: blockchain infrastructure operates differently from traditional securities intermediaries.

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"These detailed legal frameworks represent a significant step forward in our collaborative effort to modernize internet capital markets," said Miller Whitehouse-Levine, CEO of Solana Policy Institute. "By clearly articulating how blockchain infrastructure differs from traditional intermediaries, we're providing the SEC with a concrete path to enabling innovation while maintaining investor protection."

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Unlocking Transformative Potential

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This represents more than just regulatory compliance—it's about ensuring the next generation of capital markets are built to truly serve end users while maintaining the highest standards of investor protection and market integrity.

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The SEC submissions center on a key principle—blockchain protocols are fundamentally different from traditional intermediaries because they are non-custodial, autonomous, and don't interpose themselves between parties in transactions. This means that blockchain infrastructure providers like Solana network validators and decentralized automated market makers like Orca Protocol shouldn't be classified as exchanges, brokers, dealers, or clearing agencies under U.S. securities laws.

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These frameworks could unlock billions in traditional assets—including stocks, bonds, and funds—to trade 24/7 with instant settlement, dramatically lower costs, and unprecedented transparency. Most importantly, this approach maintains the United States' competitive edge in financial innovation while preserving core investor protections.

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What's Next

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We're committed to working constructively with regulators to advance this dialogue. The submission of these frameworks demonstrates our dedication to operating within the regulatory system while unlocking blockchain technology's transformative potential for traditional finance.

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The future of capital markets is being written today, and we're proud to be part of ensuring it's written in a way that benefits everyone.

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Read the full submission here.