Solana Policy Institute Proposes Tokenization of Securities to the SEC

• Tokenization of securities can modernize the financial market
• Solana proposes exception for decentralized blockchain protocols
• Phantom and Orca support tokenized securities framework

Washington, D.C.-based lobbying group Solana Policy Institute (SPI) on Wednesday formally submitted regulatory proposals to the Securities and Exchange Commission’s (SEC) Cryptocurrency Task Force in collaboration with the Phantom, Orca and Superstate projects. The initiative aims to structure a viable regulatory model for compliant tokenized securities, bringing traditional assets such as stocks, funds and bonds into the blockchain ecosystem.

JUST IN: SOLANA POLICY INSTITUTE, PHANTOM, ORCA & SUPERSTATE SUBMIT “COMPLIANT TOKENIZED SECURITIES” FRAMEWORKS TO SEC.

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The proposal is based on the so-called Open Project, created by the SPI to modernize capital markets through the tokenization of assets. According to the institute, the adoption of blockchain technology can generate benefits such as instant settlement, significant reduction in operational costs and greater transparency, without compromising investor security.

“Project Open has the potential to unlock transformative change for capital markets by enabling billions in traditional assets, including stocks, bonds, and funds, to be traded 24/7 with instant settlement, dramatically lower costs, and unprecedented transparency — all while maintaining America’s competitive advantage in financial innovation,” the Solana Policy Institute said in an official letter.

The central argument of the proposal lies in the distinction between traditional infrastructures and decentralized blockchain protocols. According to the SPI, protocols such as automated market makers do not take custody of users' assets and eliminate the need for intermediaries such as brokers and clearing houses.

Phantom (digital wallets), Orca (decentralized brokerage) and Superstate (financial infrastructure) support the SPI in advocating for regulatory exemptions for these autonomous, non-custodial systems.

“Automated and decentralized market makers like Orca Protocol should not be classified as exchanges, brokers, dealers or clearing agencies under existing securities laws because they operate as autonomous, non-custodial systems that are user-directed and not intermediaries,” the entity argued.

With this move, proponents seek not only to adapt the rules to advances in cryptocurrencies, but also to offer legal security for the development of asset tokenization in the American market.