币界网报道：The Solana Policy Institute (SPI), alongside industry leaders Phantom, Superstate, and Orca, has submitted a legal framework to the SEC's Crypto Task Force advocating for compliant onchain tokenized securities. The proposal builds on SPI's Project Open, aiming to modernize capital markets by leveraging blockchain for efficiency, transparency, and accessibility while maintaining investor protections. SPI argues decentralized protocols like automated market makers differ fundamentally from traditional intermediaries, eliminating the need for custodial oversight. The group seeks SEC guidance on compliant onchain securities issuance and trading, requesting exemptive relief for non-custodial blockchain infrastructure. They emphasize that decentralized exchanges like Orca should not be classified under existing securities laws as they operate autonomously without asset custody. This move follows SPI's ongoing efforts to align regulatory frameworks with blockchain innovation.