PROJECT OPEN

Project Open is a proposed regulatory framework submitted to the SEC to enable compliant blockchain-based issuance and tradingof securities. This initiative seeks to harness blockchain technology to create more efficient, transparent, and accessible capitalmarkets while maintaining robust investor protections.

• Time-Limited Pilot Program:
An initial 18-month exemptive period allowing a cohort of issuers to register and trade equitysecurities as digital tokens ("Token Shares") on public blockchains.

• Registered Securities:
Token Shares would be registered with the SEC and subject to standard disclosure and reportingrequirements.

• Time-Limited Pilot Program:
An initial 18-month exemptive period allowing a cohort of issuers to register and trade equitysecurities as digital tokens ("Token Shares") on public blockchains.

• Investor Protection:
All participants must complete investor education before accessing the system.

• Transparent Ownership:
SEC-registered Transfer Agents would maintain ownership records using blockchain technology.

• Instantaneous Settlement:
SEC-registered Transfer Agents would maintain ownership records using blockchain technology.

Project Open advances core U.S. policy objectives by:

• Maintaining America s Financial Leadership:
Positions the U.S. as a leader in financial innovation while preserving investorprotections.

• Enhancing Market Efficiency:
Reduces settlement times from days to seconds, lowering costs and risks throughout the system.

• Improving Transparency:
Provides regulators with better visibility into market activity through blockchain s inherenttransparency.

• Broadening Market Access:
Creates pathways for more Americans to participate in capital markets through reduced frictionand costs.

Project Open demonstrates how blockchain can address longstanding inefficiencies by:

• Eliminating Settlement Risk:
No delay between trade execution and settlement.

• Maintaining America s Financial Leadership:
Direct peer-to-peer transactions lower overhead.

• Streamlining Systems:
Digital tokens move seamlessly across the financial system.

• Solana Policy Institute (SPI):
A non-partisan, non-profit standalone entity focused on educating policymakers on howdecentralized networks like Solana are the future infrastructure of the digital economy.

• Superstate Inc:
A financial infrastructure firm modernizing capital markets by connecting traditional assets to crypto rails throughtokenized investment products powered by their SEC-registered transfer agent.

• Zagreus Services LLC (dba Orca Creative):
A decentralized automated market maker (AMM) built on the Solana blockchain,providing user-friendly DeFi trading and liquidity infrastructure.

• Lowenstein Sandler LLP:
A leading national law firm with Lowenstein Crypto specializing in securities and markets regulation,blockchain technology, and financial innovation.

Designed as an open, collaborative initiative, Project Open invites additional industry participants including issuers, marketmakers, protocols, and infrastructure providers to engage in shaping compliant blockchain-based capital markets. Emailprojectopen@solanapolicyinstitute for more details on how to get involved.