Project Open
Project Open is a proposed regulatory framework submitted to the SEC
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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.
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Registered Securities
Token Shares would be registered with the SEC and subject to standard disclosure and reporting requirements.
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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.
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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:
Maintaining America’s Financial Leadership
Positions the U.S. as a leader in financial innovation while preserving investorprotections.
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Enhancing Market Efficiency
Reduces settlement times from days to seconds, lowering costs and risks throughout the system.
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Improving Transparency
Provides regulators with better visibility into market activity through blockchain s inherent transparency.
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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:
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Eliminating Settlement Risk
No delay between trade execution and settlement.
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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.
Resources
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