Policy Priorities

Project Open

Project Open is a proposed regulatory framework submitted to the SEC

What is Project Open?

Project Open is a proposed regulatory framework submitted to the SEC to enable compliant blockchain-based issuance and trading of securities. This initiative seeks to harness blockchain technology to create more efficient, transparent, and accessible capital markets 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 reporting requirements.

Investor Protection

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

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.

Why it Matters

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

Why this Matters

Maintaining America’s Financial Leadership

Positions the U.S. as a leader in financial innovation while preserving investorprotections.

Why this Matters

Enhancing Market Efficiency

Reduces settlement times from days to seconds, lowering costs and risks throughout the system.

Why this Matters

Improving Transparency

Provides regulators with better visibility into market activity through blockchain s inherent transparency.

Why this Matters

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:

Why this Matters

Eliminating Settlement Risk

No delay between trade execution and settlement.

Why this Matters

Streamlining Systems

Digital tokens move seamlessly across the financial system.

Coalition Participants

Solana Policy Institute

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.

Lowenstein Sandler LLP

A decentralized automated market maker (AMM) built on the Solana blockchain,providing user-friendly DeFi trading and liquidity infrastructure.

Phantom

Phantom is the world's leading crypto wallet, serving more than 15 million monthly active users who self-custody over $25 billion in crypto assets.

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.

What’s Next

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.

Email projectopen@solanapolicyinstitute for more details on how to get involved.

The crypto community, traditional finance, and policymakers are aligned on the importance of this legislation. With continued bipartisan support and the clear framework the GENIUS Act provides, America would be better poised to lead the next chapter of financial innovation.

Solana Policy Institute is a non-partisan, non-profit focused on educating policymakers on how decentralized networks like Solana are the future of the digital economy—and why the people building on and using them need legal certainty to flourish.
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