Discrepancies Between Solana and Hedera on Securities Tokenization Exemption Standards

The securities tokenization innovation exemption mechanism introduced by the U.S. SEC has sparked controversy in the industry, focusing on which blockchains meet the "public and permissionless" access criteria. Eligible companies 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 either the Canton Network or Ethereum Layer 2. The Solana Policy Institute calls for a tightening of the definition of "permissionless," emphasizing the need to scrutinize the actual control over transaction validation, review, and rule modification; Hedera advocates for an expansion of the scope to allow public chains that utilize permissioned validation nodes to participate; the Wall Street organization SIFMA also demands further clarification of the standards. SEC officials stated that businesses can commence operations 30 days after submitting notifications without the SEC approving each blockchain used, but this does not imply regulatory endorsement of the relevant networks; the SEC is evaluating feedback and may issue supplementary guidance.

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