Solana and Hedera Diverge on Public Chain Admission Standards for Securities Tokenization Exemption

Odaily reports that the U.S. SEC's securities tokenization innovation exemption mechanism has sparked industry controversy, with the focus on which blockchains meet the "public and permissionless" admission standards. Qualifying firms can operate tokenized U.S. stock trading platforms under specific requirements without registering as traditional securities exchanges. Currently, TSV LLC, OKXICE, and Kephas Corp. have submitted notifications to the SEC, planning to conduct business using Canton Network or Ethereum Layer 2, respectively. The Solana Policy Institute is calling for a stricter definition of "permissionless," with a focus on examining actual control over transaction validation, censorship, and rule changes; Hedera advocates expanding the scope to allow public chains that use permissioned validator nodes to participate; the Wall Street organization SIFMA is also seeking further clarification of the standards. SEC officials stated that firms may begin operations 30 days after submitting notification, without requiring SEC approval of the blockchain used on a case-by-case basis, but this does not mean the regulator endorses the relevant networks; the SEC is evaluating feedback and may issue supplementary guidance.