The original title is "Solana: Can You Own Something You're Not Allowed to Sell?"

Short summary

Solana's Token Extensions enable non-transferable, issuer-revocable credentials using Permanent Delegate authority—allowing issuers to burn or move tokens without holder consent. While useful for regulatory compliance (Paxos uses this for USDP clawback), it fundamentally questions what "ownership" means: if an issuer can revoke your token without your signature, are you truly holding an asset or just a revocable permission slip?

• •Non-Transferable extension locks tokens to an account permanently at the protocol level; transfer instructions are rejected by the blockchain itself
• •Permanent Delegate grants issuer unilateral revocation power without holder signature—exemplified by Paxos using this on USDP for regulatory compliance
• •Raises tension between true ownership and permission-based token models: revocable credentials may be more like policy than property

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