Solana-Led Coalition Pushes for SEC Approval to Revolutionize Securities Trading on Public Blockchains

A groundbreaking initiative led by Solana, alongside key industry players, seeks to transform the securities trading landscape by leveraging public blockchains with regulatory approval.

Solana-Led Coalition Seeks SEC Approval for Securities Trading on Public Blockchains

A coalition including the Solana Policy Institute, decentralized exchange Orca, and registered investment adviser Superstate has formally requested the SEC’s approval for a pilot program enabling securities issuance and trading on public blockchains. Dubbed ’Project Open,’ the initiative seeks exemptive relief under current regulatory frameworks to allow U.S. entities to issue and trade securities via compliant blockchain interfaces.

Orca would facilitate secondary transactions, while Superstate would handle securities issuance. ’This represents a critical step toward integrating traditional finance with decentralized infrastructure,’ said Solana Policy Institute CEO Miller Whitehouse-Levine. The proposal, filed April 30, could set a precedent for regulated digital asset markets.

FTX Repayments Cast Shadow Over Solana’s Market Momentum

Solana’s price action has stalled amid broader crypto market turbulence, with SOL trading at $145.45—a 2.5% weekly decline. The asset remains range-bound after rallying 30% from April lows, as traders weigh robust network activity against looming FTX liquidation risks.

On-chain metrics show Solana processing $432.9 million in annualized transaction fees, with $216.5 million worth of SOL burned yearly. This fundamental strength contrasts with technical resistance at current levels, where macro concerns and FTX’s pending SOL distributions converge.

The defunct exchange’s estate holds SOL as its largest on-chain asset, with initial creditor repayments scheduled for May 30. market participants anticipate potential selling pressure from these distributions, mirroring March’s price impact when FTX liquidated SOL holdings.

Best Crypto Presales to Watch this May: New Coins with Huge Potential

The crypto market’s resurgence in May has reignited Optimism among traders, with a keen focus on presale projects poised for substantial returns. Solaxy (SOLX) emerges as a standout, having raised over $32.2 million since December. Its Layer 2 blockchain for Solana aims to enhance transaction speeds and reduce gas fees through off-chain processing and rollups—a potential solution to Solana’s congestion challenges.

Investors are scouting for high-growth opportunities ahead of the next bull cycle, with presales offering early access to innovative protocols. Solaxy’s technical ambitions position it as a project to monitor, though market conditions remain volatile.

Unto Labs Positions Itself as Solana Competitor Amid L1 Infrastructure Debate

Unto Labs enters the competitive Layer 1 blockchain arena with cofounders Will Yoo and Liam Heeger framing their project as a scalable alternative to Solana. The team acknowledges social media skepticism about "another L1" but emphasizes their experience in building high-performance systems.

"We love Solana and we think they’re going to be an incredible competitor. We’d be honored to compete with them," Yoo stated, suggesting upcoming technical differentiators. The commentary arrives during a week of heightened VC activity in crypto infrastructure projects.