Project Open
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 equity securities 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
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
Trades settle immediately wallet-to-wallet, eliminating traditional multi-day settlement periods and counterparty risk.
Why this Matters for Everyone
This is an effort towards unlocking billions or more in traditional assets (stocks, bonds, funds) to trade 24/7 with instant settlement, lower costs, and unprecedented transparency—while keeping the US competitive in financial innovation.
Maintaining America’s Financial Leadership
Positions the U.S. as a global leader in financial innovation by advancing technology while safeguarding investor protections. This ensures that innovation and trust move forward together, strengthening America’s role in the global economy.
Enhancing Market Efficiency
Settlement times that once took days can now be reduced to mere seconds. Faster transactions lower operational costs, minimize systemic risks, and increase liquidity—delivering a more efficient and resilient financial marketplace.
Improving Transparency
Blockchain’s built-in transparency provides regulators and market participants with clearer, real-time visibility into financial activity. This reduces hidden risks, builds confidence in the system, and enhances accountability across the market.
Broadening Market Access
By lowering frictional costs and removing traditional barriers, blockchain opens new opportunities for more Americans to engage in capital markets. Broader access means greater participation, inclusion, and financial empowerment.
Eliminating Settlement Risk
Delays between trade execution and settlement expose participants to risk. With blockchain-enabled systems, settlement happens instantly, eliminating gaps and ensuring greater security and trust in every transaction.
Streamlining Systems
Digital tokens enable seamless movement of value across the financial system. By connecting previously siloed processes, blockchain reduces complexity, enhances speed, and lays the foundation for a more modern, interconnected infrastructure.
Coalition Participants
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A non-partisan, non-profit standalone entity focused on educating policymakers on how decentralized networks like Solana are the future infrastructure of the digital economy.
A decentralized automated market maker (AMM) built on the Solana blockchain, providing user-friendly DeFi trading and liquidity infrastructure.
A financial infrastructure firm modernizing capital markets by connecting traditional assets to crypto rails through tokenized investment products powered by their SEC-registered transfer agent.
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.
A Nasdaq listed digital asset infrastructure firm focused on the tokenization of commodity assets. Streamex provides institutional-grade solutions to bring traditional commodities on-chain through secure, regulated, and yield-bearing financial instruments.
What’s Next
“Project Open is an embodiment of American progress in financial innovation. Our goal is to work constructively with the SEC and industry partners to create internet capital markets, and make all capital markets more efficient, accessible, and transparent.”
