According to online reports, the Solana Policy Institute (SPI) and industry leaders such as Phantom, Orca and Superstate submitted a "compliant tokenized securities" framework proposal to the SEC Cryptography Working Group on June 18, 2025. The framework recommends linking traditional assets such as stocks and bonds, and provides regulatory exemptions for unmanaged blockchain protocols. SPI said its Project Open plan is expected to modernize capital markets, allowing traditional assets to be traded around the clock and settled instantly, while reducing costs and improving transparency. The framework emphasizes the fundamental difference between decentralized agreements and traditional intermediaries, and calls on the SEC to provide clear guidance to maintain the United States 'competitive advantage in financial innovation.