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Solana Policy Institute Asks SEC for Control-Based Ledger Test
The Solana Policy Institute asked the SEC to define permissionless ledgers for tokenized-stock venues through five control and access factors.
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The Solana Policy Institute asked the U.S. Securities and Exchange Commission to clarify what qualifies as a public, permissionless distributed ledger for tokenized securities venues. Its October 22 comment supports a functional, control-based standard rather than a prescribed network architecture.
The group proposed five considerations: open-source code; open reading and transaction submission; execution under pre-established transparent rules; whether one person or controlled group has persistent authority over sequencing, validation, inclusion, finality or consensus changes; and whether anyone can unilaterally censor use or receive preferential permissions.
The letter also says temporary, disclosed incident-response measures should not automatically disqualify a network. These are recommendations from an industry policy group, not SEC guidance, an approval or a change to the exemption.
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Key takeaways
- //The Solana Policy Institute asked the SEC to use a functional, control-based definition of a public, permissionless ledger.
- //Its proposed five-factor test covers open-source code, transaction access, transparent rules and concentrated authority over validation, inclusion, finality or censorship.
- //The letter is a policy request, not SEC guidance or a change to the existing exemption.
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