According to Wu, Solana Policy Institute, Superstate Inc. and Orca Creative submitted a "Project Open" proposal to the U.S. Securities and Exchange Commission. The proposal proposes to use public blockchain infrastructure to achieve securities issuance and trading to improve efficiency and support existing regulatory goals. The proposal includes digital equity registered as Token Shares, wallet addresses certified by KYC and education and training whitelists, shareholder registers recorded by blockchain, non-custodial or compliant custodial wallet structures, instant settlement mechanisms, and peer-to-peer transactions based on smart contracts.

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