SEC Innovation Exemption order 5-year* — creates *Tokenized Securities Venue (TSV)* — *allows tokenized NMS stocks trading on public, $BROCCOLI714 $NOM $LSK permissionless blockchains without registering as exchange* — *AMM pools, 24/7, fractional, stablecoin settlement, self-custody*
- *3 conditions:* *1) smart contracts auditable public on public permissionless ledger 2) every participant permissioned at pool or token 3) token = real share same dividends/votes — synthetics out*
- *Also:* liquidity providers exempt from dealer registration, must halt if underlying halts, volume/symbol limits, public notice, expires Sep 2031
*Solana angle:*
- *Solana Policy Institute CEO Miller Whitehouse-Levine proposed Project Open Apr 2025* — *SPI President Kristin Smith: "So @solana qualifies from day one... The private bank chains do not"*
- *Live example:* *Forward Industries tokenized shares Nov 2025 trading on Orca (Solana), Superstate transfer agent with token-level permissioning*
- *Stats cited:* *Solana claims ∼97% cumulative onchain tokenized equity spot volume, $430M xStocks + Ondo deployment, $10B volume June 2026 ∼95% of global at that time* — *Backpack >50% weekly volume on chain, backed 1:1 brokerage shares*
- *Order does NOT name Solana* — says *public permissionless* — *Ethereum, Base also qualify via Securitize, Superstate models — BNB weak fit due to US-person venue requirement, Robinhood chain distribution but Jersey tokens don't qualify yet*
So *Solana positioned as front-runner with existing stack, not official favored pick by SEC*.
*BREAKING 🚨 SEC Innovation Exemption Sep 17 5-yr allows tokenized NMS stocks on public permissionless ledgers via AMM TSVs — no exchange registration — real shares only dividends/votes 🚀 SPI CEO Miller Whitehouse-Levine Project Open Apr 2025 — SPI: Solana qualifies day 1 private bank chains don't — $10B Jun vol 97% cumulative — conditions: auditable contracts permissioned participants ⚡*
- *3 conditions:* *1) smart contracts auditable public on public permissionless ledger 2) every participant permissioned at pool or token 3) token = real share same dividends/votes — synthetics out*
- *Also:* liquidity providers exempt from dealer registration, must halt if underlying halts, volume/symbol limits, public notice, expires Sep 2031
*Solana angle:*
- *Solana Policy Institute CEO Miller Whitehouse-Levine proposed Project Open Apr 2025* — *SPI President Kristin Smith: "So @solana qualifies from day one... The private bank chains do not"*
- *Live example:* *Forward Industries tokenized shares Nov 2025 trading on Orca (Solana), Superstate transfer agent with token-level permissioning*
- *Stats cited:* *Solana claims ∼97% cumulative onchain tokenized equity spot volume, $430M xStocks + Ondo deployment, $10B volume June 2026 ∼95% of global at that time* — *Backpack >50% weekly volume on chain, backed 1:1 brokerage shares*
- *Order does NOT name Solana* — says *public permissionless* — *Ethereum, Base also qualify via Securitize, Superstate models — BNB weak fit due to US-person venue requirement, Robinhood chain distribution but Jersey tokens don't qualify yet*
So *Solana positioned as front-runner with existing stack, not official favored pick by SEC*.
*BREAKING 🚨 SEC Innovation Exemption Sep 17 5-yr allows tokenized NMS stocks on public permissionless ledgers via AMM TSVs — no exchange registration — real shares only dividends/votes 🚀 SPI CEO Miller Whitehouse-Levine Project Open Apr 2025 — SPI: Solana qualifies day 1 private bank chains don't — $10B Jun vol 97% cumulative — conditions: auditable contracts permissioned participants ⚡*
