On May 7th, we sat down with the SEC to discuss Solana staking in U.S. ETPs. Today, we’re officially submitting our improved framework for the inclusion of responsible staking in Solana-based ETPs to the SEC Crypto Task Force. A massive milestone for both Solana and the staking industry 🧵

@solana 1 | At Phase, we’ve always believed Solana’s growth depends on doing things the right way, with transparency, decentralization, and security at every layer of the network. This new proposal improves upon that first meeting & framework seen below:

2 | It’s built around three core pillars: • Stake Decentralization • Cybersecurity Standards • Competitive & Open Market Access Through months of discussion, iteration, and experience, we have developed a way we believe these three core pillars can truly be sustained.

3 | As institutional adoption of Solana grows, decentralization must scale alongside it. Without proper safeguards, ETPs could unintentionally cluster stake among a few custodians, reducing Solana’s Nakamoto coefficient and increasing systemic risk. These three pillars form the framework that prevents that.

4 | This is a key step toward responsible institutional participation in Solana staking, one that strengthens, not centralizes, the network. Many thanks to @solanainstitute, @cfl0ws, @ferric, @pumpkinspool, @SolanaCompass, @nickyscanz, and the entire @Layer_33_ initiative for reviewing earlier versions of this proposal.

📄 Read the full framework: