Solana-related organization SPI submits legal framework proposal to the US SEC

## Towards the realization of the Capital Market

The non-profit organization “Solana Policy Institute (SPI)” that advocates for regulations on decentralized networks like Solana (SOL) announced on the 18th that it submitted a comprehensive legal framework proposal to the U.S. Securities and Exchange Commission (SEC) cryptocurrency task force.

We are submitting in collaboration with partner projects such as Phantom, Orca, and Superstate, and this time we are primarily requesting the establishment of specific exemption provisions. We are striving to ensure that the blockchain infrastructure is considered to operate in a manner different from traditional securities intermediaries.

SPI is an organization that officially launched on March 31, 2025. In April, it announced that it had submitted a regulatory framework proposal called “Project Open” to the SEC to realize the issuance and trading of securities compliant with regulations on the blockchain. This submission is being made as part of Project Open.

SPI’s Mirror Whitehouse Levin CEO explained as follows in this announcement.

Our detailed legal framework proposal is an important step in the collaborative effort to modernize the Capital Market on the internet.

By clearly explaining how blockchain infrastructure differs from traditional intermediaries, we will demonstrate to the SEC a concrete path to achieve innovation while protecting investors.

Regarding the future, SPI explained that it will continue to collaborate constructively with regulatory authorities to achieve financial innovation in blockchain within the regulatory framework.

Maintaining the United States’ dominance

SPI’s current initiatives are focused on the Capital Market. The goal is to build the next generation of capital markets while maintaining the highest standards of investor protection and market integrity. It argues that blockchain, being non-custodial, autonomous, and without intermediaries, requires different regulations from existing securities laws.

What is non-custodial?

Users themselves manage the secret keys of their wallets, rather than relying on central management organizations such as exchanges and service providers.

Specifically, we are trying to utilize blockchain in compliance with regulations to enable the trading of stocks, bonds, funds, etc., 24 hours a day without interruption, dramatically reduce various costs, enhance transparency, and achieve instant settlement.

Furthermore, SPI explained that the most important thing is to maintain the United States’ superiority in financial innovation.

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