A article on how to understand Solana's policy research organization submitted Project Open pilot proposal to the SEC: Building an on-chain stock trading platform

It plans to tokenized issuance and trading of traditional stock securities through blockchain technology, creating a new era of digitalization of the US capital market.

Going to the future: Project Open builds an on-chain stock trading platform

Solana's policy research organization, financial technology company Superstate Inc., legal firm Lowenstein Sandler LLP, and Solana-based DEX Orca, jointly submitted a "Project Open" pilot project, with the goal of guiding traditional equity securities to issue and trade through public blockchains such as Solana, to achieve digital transformation of the financial market.

Instant transparency and money saving: Project Open's three visions

This proposal to the SEC lists the core advantages of "Project Open", including:

• Instant settlement: Transactions can be completed in seconds, significantly shortening the current settlement time of several days.

• Higher transparency: Through blockchain technology, strengthen market information disclosure and participant trust.

• Reduce costs: Reduce intermediary participation and save transaction, settlement and operational expenses.

Miller Whitehouse-Levine, CEO of Solana Policy Research Organization, stressed that we are working with SEC and industry partners to create a more efficient, transparent and online capital market that everyone can participate.

Unveiling the vision of tokenization: All-weather stock trading is no longer a dream

Project Open argues that issuers can submit registration statements to issue "tokenshares", while following current reporting obligations, taking into account innovation and compliance.

The proposal coincides with the views previously expressed by BlackRock CEO Larry Fink in his annual director letter: "Every stock, every bond, every fund. All assets can be tokenized."

Tokenization can not only accelerate the settlement process, but also release funds frozen by the settlement procedures, thereby stimulating economic growth.

On the other hand, CME (CME) also announced in March that it will work with Google Cloud to promote the pilot program of asset tokenization, which is expected to be officially tested in 2026. It mainly uses Google Cloud's Universal Ledger (GCUL) technology to achieve the ultimate goal of not closing 24/7 transactions in the traditional financial market.

SEC regulatory trend changes, welcoming the wave of digital assets

Since Paul Atkins officially became the SEC chairman last month, symbolizing a significant change in the direction of encryption regulation, the US government may express openness and support for digital assets. Not only did it abolish the controversial accounting guidelines on crypto assets, it also suspended litigation against several crypto companies, and widely solicited industry opinions through holding multiple forums.

On the chain, the Converge network recently launched by Ondo Finance and Ethena and Securities are both blockchain networks designed for large institutions and focused on asset tokenization, highlighting the prospect of this field becoming an important part of financial infrastructure in the future.

As blockchain technology becomes increasingly mature, if this pilot plan is successfully passed, it is expected to become a key milestone in the integration of tradition and digital finance, pushing the US capital market into a new era of instant and transparent.

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