A coalition comprising the Solana Policy Institute, Superstate, and decentralized exchange Orca, with legal support from Lowenstein Sandler LLP and Zagreus Services LLC, has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) for a pilot project called Project Open. The initiative seeks regulatory approval to enable the issuance and trading of equity securities on public blockchain networks such as Solana. Project Open proposes an 18-month pilot that would allow U.S. entities to issue securities as tokens on a public blockchain and permit investors to trade these securities through compliant interfaces. Orca would serve as the venue for secondary market transactions, while Superstate would act as the issuer. The pilot is structured with limited asset types and capped transaction volumes. The proposal outlines that all participating wallets would undergo know-your-customer (KYC) and anti-money laundering (AML) procedures. The coalition is requesting exemptive relief or no-action letters from the SEC to facilitate the pilot under existing regulatory frameworks. The coalition estimates the tokenization market could reach as much as $19 trillion. If approved, Project Open would test the feasibility of using public blockchain infrastructure as an alternative to current clearing and settlement systems such as the Depository Trust & Clearing Corporation (DTCC). The SEC has not yet issued a response or timeline for a decision.