2 months ago
A conjugation led by the Solana Policy Institute, decentralized speech Orca, and registered concern advisor Superstate has filed a petition with the US Securities and Exchange Commission (SEC) to motorboat a aviator programme for the issuance and secondary trading of securities connected nationalist blockchains.
The April 30 filing proposes that the SEC assistance exemptive alleviation to facilitate the project, named “Project Open,” nether existing regulatory frameworks.
The inaugural would let US entities to contented securities connected nationalist blockchain networks and licence investors to commercialized those securities done compliant interfaces. Orca would service arsenic the venue for secondary transactions.
Solana Policy Institute CEO Miller Whitehouse-Levine said:
“Project Open is an embodiment of American advancement successful fiscal innovation. Our extremity is to enactment constructively with the SEC and manufacture partners to make net superior markets, and marque each superior markets much efficient, accessible, and transparent.”
Superstate would contented the securities, portion the Solana Policy Institute would coordinate method and regulatory engagement.
The filing is structured arsenic a time-limited aviator nether SEC Rules 5b-3 and 15c3-3, requesting regulatory alleviation to plan and run a marketplace operation compatible with existing capitalist extortion rules portion utilizing blockchain colony layers.
The sponsors purpose to show that publically accessible blockchains tin enactment transparent and compliant markets for accepted securities.
Project Open
The connection would let the issuance of tokens to correspond securities connected a nationalist blockchain, similar Solana (SOL), allowing for programmable compliance features and colony mechanisms.
The securities would beryllium disposable to eligible investors done interfaces governed by know-your-customer (KYC) and anti-money laundering (AML) requirements.
Orca would supply the liquidity venue and terms discovery, portion Superstate, already operating nether an SEC-registered concern advisor (RIA) structure, would service arsenic the issuer. The aviator proposes a measured scope, targeting constricted plus types and capped transaction volumes.
It seeks to measure the feasibility of nationalist blockchain infrastructure arsenic an alternate to existing clearing and colony systems specified arsenic DTCC, with a absorption connected regulatory auditability, transparency, and operational resilience.
The conjugation seeks no-action alleviation oregon exemption orders from the SEC’s Divisions of Trading and Markets and Investment Management.
The petition besides outlines ineligible arguments asserting that the aviator would stay wrong the bounds of the Investment Company Act and Exchange Act, fixed its constrictive operation and oversight features.
Regulatory engagement amid marketplace evolution
The filing arrives astatine a clip erstwhile the SEC is expanding its engagement with tokenization and blockchain-based infrastructure.
Project Open explicitly calls for the usage of public, decentralized blockchain infrastructure. The sponsors reason that nationalist chains connection verifiable audit trails, unfastened entree to marketplace data, and little barriers to introduction for issuers and intermediaries, aligning with the SEC’s semipermanent goals for transparency and capitalist protection.
The aviator would besides supply empirical information connected capitalist behavior, strategy performance, and compliance monitoring successful a blockchain-native environment, which would pass aboriginal policymaking.
The filing includes method documentation detailing the cryptographic colony model, token standards, and entree controls to enactment supervisory visibility and enforce compliance.
The SEC has not issued a ceremonial response, and determination is nary existent timeline for a decision.
If approved, the Project Open aviator would correspond 1 of the archetypal SEC-sanctioned efforts to operationalize securities trading straight connected a nationalist blockchain with a registered plus manager and decentralized speech arsenic counterparties.
The station Solana Policy Institute, Superstate, and Orca question SEC support for securities trading connected nationalist blockchains appeared archetypal connected CryptoSlate.
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