The Solana Policy Institute (SPI) has partnered with crypto heavyweights Phantom, Orca, and Superstate to put forth a new proposal to the U.S. SEC. They have put forth a bold yet simple goal. This goal is to create a legal framework for issue and trade of tokenized securities on public blockchains which includes Solana.
This initiative, spearheaded by SPI, is part of “Project Open” which rolled out to the public this year. The plan in this project is to see the transition of physical assets like stocks, bonds and funds into “Token Shares”. These Token Shares will exist on the blockchain. They will be managed via smart contracts which will in turn handle the trades and issues related to ownership. Such actions aim to align with the vision of the Solana Policy Institute.
The report puts forth an 18-month pilot program which will see these tokenized securities put through a controlled environment. If successful, this may mark the beginning of a transition. This transition brings together traditional finance and public blockchain in terms of speed, security, and reduced use of middlemen.
Solana Policy Institute Leads The Charge
In 2025 the founding of the Solana Policy Institute took place which has a base in Washington D.C. For the past 5 years this non-profit and non-partisan group has been at the top of the game. Also at the head of SPI is Miller Whitehouse-Levine. He is a familiar face in crypto space and former CEO of the DeFi Education Fund.
SPI’s goal is to provide legal clarity for developers. In this proposal SPI puts forth for “exemptive relief” a legal work around. This would allow blockchain projects to operate as if they are not traditional brokers or exchanges. Through the expertise of the Solana Policy Institute, developers can navigate this complex landscape with confidence.
The framework includes the key elements of investor protection. It includes KYC at the onboarding stage, whitelist approval for wallets, and regular reporting. This model is very much in line with public securities. Also, they have done away with central middlemen via the use of blockchain smart contracts. This initiative highlights the Solana Policy Institute’s influence in the push for innovation.
Phantom, Orca, and Superstate Join Forces
Each partner brings top-tier resources. Phantom, which is a very popular wallet on the Solana network, provides multi-chain access and now includes KYC tools. Orca, one of the leading Decentralized Exchanges in the Solana space, will be building out compliance right into the core of its trading features. With the backing of the Solana Policy Institute, the project aims for seamless integration.
Superstate, already registered with the SEC, takes care of the back end issuing tokenized assets and tracking ownership via blockchain. They have a transfer agent system which ensures full compliance without slowing down transactions.
Through the support of the SEC’s Crypto Task Force, which is now headed by Commissioner Hester Peirce, this project has to succeed. If approved, it may serve as a precedent for legal, fast, and secure asset trade on public blockchains like Solana. This success will benefit from the Solana Policy Institute’s advocacy and knowledge.
