A coalition led by the Solana Coverage Institute, decentralized trade Orca, and registered funding adviser Superstate has filed a request with the US Securities and Change Fee (SEC) to launch a pilot program for the issuance and secondary buying and selling of securities on public blockchains.
The April 30 submitting proposes that the SEC grant exemptive reduction to facilitate the venture, named “Venture Open,” underneath current regulatory frameworks.
The initiative would enable US entities to challenge securities on public blockchain networks and allow traders to commerce these securities via compliant interfaces. Orca would function the venue for secondary transactions.
Solana Coverage Institute CEO Miller Whitehouse-Levine stated:
“Venture Open is an embodiment of American progress in monetary innovation. Our objective is to work constructively with the SEC and business companions to create web capital markets, and make all capital markets extra environment friendly, accessible, and clear.”
Superstate would challenge the securities, whereas the Solana Coverage Institute would coordinate technical and regulatory engagement.
The submitting is structured as a time-limited pilot underneath SEC Guidelines 5b-3 and 15c3-3, requesting regulatory reduction to design and function a market construction appropriate with current investor safety guidelines whereas using blockchain settlement layers.
The sponsors goal to show that publicly accessible blockchains can assist clear and compliant markets for conventional securities.
Venture Open
The proposal would enable the issuance of tokens to symbolize securities on a public blockchain, like Solana (SOL), permitting for programmable compliance options and settlement mechanisms.
The securities could be accessible to eligible traders via interfaces ruled by know-your-customer (KYC) and anti-money laundering (AML) necessities.
Orca would supply the liquidity venue and value discovery, whereas Superstate, already working underneath an SEC-registered funding advisor (RIA) construction, would function the issuer. The pilot proposes a measured scope, focusing on restricted asset sorts and capped transaction volumes.
It seeks to guage the feasibility of public blockchain infrastructure as a substitute for current clearing and settlement programs corresponding to DTCC, with a concentrate on regulatory auditability, transparency, and operational resilience.
The coalition seeks no-action reduction or exemption orders from the SEC’s Divisions of Buying and selling and Markets and Funding Administration.
The petition additionally outlines authorized arguments asserting that the pilot would stay inside the bounds of the Funding Firm Act and Change Act, given its slender construction and oversight options.
Regulatory engagement amid market evolution
The submitting arrives at a time when the SEC is growing its engagement with tokenization and blockchain-based infrastructure.
Venture Open explicitly requires using public, decentralized blockchain infrastructure. The sponsors argue that public chains supply verifiable audit trails, open entry to market knowledge, and decrease limitations to entry for issuers and intermediaries, aligning with the SEC’s long-term objectives for transparency and investor safety.
The pilot would additionally present empirical knowledge on investor habits, system efficiency, and compliance monitoring in a blockchain-native atmosphere, which might inform future policymaking.
The submitting contains technical documentation detailing the cryptographic settlement mannequin, token requirements, and entry controls to assist supervisory visibility and implement compliance.
The SEC has not issued a proper response, and there’s no present timeline for a call.
If accredited, the Venture Open pilot would symbolize one of many first SEC-sanctioned efforts to operationalize securities buying and selling instantly on a public blockchain with a registered asset supervisor and decentralized trade as counterparties.
