SPI submitted “Project Open” to the SEC for an 18-month tokenized securities pilot.
Token shares would trade on Solana with built-in KYC and AML compliance.
The pilot seeks regulatory relief to avoid treating AMMs as traditional intermediaries.
A coalition led by the Solana Policy Institute (SPI) has proposed an 18-month pilot program to the U.S. Securities and Exchange Commission (SEC). The goal is to test the issuance and trading of tokenized securities on public blockchains under regulatory oversight.
Named “Project Open,” the initiative was submitted to the SEC’s Crypto Task Force on April 30, 2025, with follow-up communication sent this week. It aims to explore how tokenized stocks, bonds, and funds can operate securely and legally on decentralized networks like Solana.
Project Open Aims to Combine Compliance and Blockchain Efficiency
The proposal outlines a system where real-world assets convert into digital “Token Shares.” These assets would operate using smart contracts, with Superstate, a registered asset manager, overseeing the issuance. The system eliminates intermediaries by enabling real-time settlements and 24/7 trading access.
In line with regulatory issues, Orca, as a partner of the coalition, will implement Know Your Customer (KYC) and Anti-Money Laundering (AML) features on its decentralized exchange. This provides safe, non-account based trading and complies with regulations. Wallet provider Phantom is also involved in supporting compliant user interactions on the network.
The coalition has requested regulatory exemptions to avoid classifying automated systems like AMMs as traditional exchanges or brokers. Legal counsel from Lowenstein Sandler supports the argument that these systems operate differently from conventional financial intermediaries and should be treated as such under securities law.
Tokenization Momentum Expands Across Financial Sector
Project Open is an indication of a broader trend towards tokenisation of old-school financial assets. The interest in the possible applications of blockchain in asset operations has recently begun to attract institutions, as demonstrated by the recent announcements of companies like Ondo Finance and CME Group.
Nevertheless, with this momentum, criticism has arisen regarding the abilities of more public blockchains such as Solana, to supply the resilience and adaptability required by large-scale financial markets. The duration of the pilot program that lasts 18 months is designed to deliver the quantifiable understanding of these operating variables in a test environment.
Project Open is also expected to act as a proof-of-concept by SPI and its partners in terms of regulation-compliant blockchain finance. The result can have implications on how tokenized finance will fit into the U.S. securities law in the future
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