The Solana Policy Institute, along with other groups, proposed a new framework on Wednesday to tokenize equity securities on blockchains like Solana.
Dubbed Project Open, the initiative aims to bring increased transparency, instant settlements, and reduced costs to the U.S. financial market.
The proposal, submitted to the SEC's Crypto Task Force, suggests issuers register "token shares" and seeks relief for blockchains from SEC registration.
BlackRock CEO Larry Fink stated last month that "every stock, every bond, every fund-every asset- can be tokenized," potentially revolutionizing investing with faster transactions and reinvestment of immobilized capital.
The SEC's Crypto Task Force has received numerous inputs, including a letter from the Proof of Stake Alliance asserting that staking and staking services are not securities.
The SEC, under new leadership, anticipates "huge benefits" from digital assets and plans to collaborate with lawmakers to establish a regulatory framework for crypto.