PANews reported on May 1 that Solana Policy Institute, Superstate Inc. and Zagreus Services LLC jointly submitted a "Project Open" proposal to the SEC, aiming to allow the issuance and trading of equity securities on public blockchain networks. The core contents of the proposal include: establishing an 18-month pilot period and limiting the number of initial issuers; requiring issuers to register "Token Shares" with the SEC and submit registration statements similar to traditional securities; all digital wallets holding Token Shares must pass KYC checks and investor education courses; transactions will be settled instantly through blockchain smart contracts without the need for a clearing process; transfer agents will use blockchain as the primary recording system. The proposal also points out issues that need to be further addressed, including the characterization of blockchain network fees, peer-to-peer transaction supervision, and the definition of broker roles.