SEC

#SEC
DeFi Development Corp’s withdrawn SEC filing underscores how even public, Nasdaq-listed companies can be tripped up by overlooked compliance details.
DeFi Development Corp has withdrawn its $1 billion registration filing with the U.S. Securities and Exchange Commission (SEC) after the regulator found the company ineligible to use the streamlined S-3 form.
The setback stems from a missing internal controls report in the company’s most recent Form 10-K.
The company, which is listed on Nasdaq and formerly operated under the name Janover, had filed the S-3 registration on April 25. The aim was to raise capital for general corporate purposes, including purchasing more Solana (SOL) tokens.
But the SEC found that the filing was ineligible because DeFi Development Corp failed to include a management report on internal controls over financial reporting in its most recent Form 10-K.
DeFi Development Corp Cites Investor Protection in Withdrawing SEC Filing
In a notice submitted to the SEC this week, the company requested to withdraw the registration under Rule 477 of the Securities Act, stating that “no securities have been issued or sold under the Registration Statement.”

It also emphasized that the filing had not been declared effective by the Commission.
DeFi Development Corp said the decision to withdraw aligns with “the public interest and the protection of investors.” The firm plans to refile a resale registration statement in the future once it addresses the compliance issue.
The company acknowledged that the fees paid to the SEC for the registration would not be refunded but requested that they be credited toward a future filing.
Despite the setback, DeFi Development Corp is not walking away from its plans. It said it plans to file a resale registration statement in the future.
The firm had originally disclosed that some of the funds raised could go toward acquiring more Solana tokens, while also warning that price volatility might affect their value if converted back into cash.
The company said that the unused registration fees from the filing will be credited toward future filings under SEC Rule 457(p). However, it acknowledged that no refunds would be issued.
“The Company understands that the Commission has determined that [it] does not meet the eligibility requirements for the use of Form S-3 at this time,” the filing stated, citing the missing internal controls report as the reason for ineligibility.
While no timeline has been provided for the updated filing, the firm made clear its intention to pursue the offering again in compliance with SEC standards.
For now, the Solana investment plan is on hold, pending the resolution of the regulatory issue.
DeFi Development Corp Raises $42M for Solana Strategy in April
DeFi Development Corp had aimed to use the proposed $1 billion S-3 filing to build a significant Solana treasury, mirroring strategies like MicroStrategy’s Bitcoin accumulation.
The plan centered on acquiring SOL tokens with the intention of generating returns through staking rewards, returns that would only materialize if Solana’s price appreciated over time.
The company made its position clear in the filing, stating that the raised capital would be directed toward Solana purchases and staking yield.
While the SEC’s rejection leaves the future of that plan uncertain, DeFi Development has already made moves in the Solana ecosystem.
As disclosed in an April 7 announcement, the firm raised $42 million via a private offering of convertible notes and warrants tied to its Solana strategy.
The notes carry a 2.5% annual interest rate, maturing in 2030, with conversion terms dependent on reaching a $100 million market cap.
The move follows a leadership shift in April 2025, following the acquisition of over 728,000 shares by former Kraken executives. Joseph Onorati, Kraken’s ex-chief strategy officer, now leads the firm.
Under the new direction, DeFi Development adopted Solana as a reserve asset, echoing the playbook of Bitcoin-heavy treasuries, but targeting an asset they see as earlier in its adoption cycle.

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Listen, interesting news has emerged — the U.S. Securities and Exchange Commission (SEC) seems to be optimistic about the possible approval of ETFs on Solana. It sounds serious, especially if you remember how long the crypto market has been waiting for similar decisions on both Bitcoin and Ethereum. Now it looks like it's SOL's turn.
What happened? Over the past year, several major players such as Grayscale, Bitwise and VanEck have applied to create ETFs based on Solana. Recently, the SEC even asked them to make changes to the documents — the S-1 forms — within a week. This usually happens when the regulator is ready to move on to a more serious consideration and clarifies exactly how the fund's shares will be placed and the staking income will be processed. This means that things are moving forward.
The SEC is expected to give its response within 4-5 weeks. That is, if everything goes smoothly, ETFs on Solana can be approved as early as July or early August.
While discussions are underway, the market has already reacted: the volume of open interest in derivatives on SOL has grown to $ 7.35 billion, which is a billion more than a week ago. And over the past 24 hours, open interest in options has jumped by almost 19%! This suggests that traders are actively starting to speculate on the background of a possible approval.
Even the SOL price has noticeably perked up. Over the past six days, the asset has risen in price by 13%, from 141 to almost 165 dollars. But, as always in the crypt, not everything is so clear. Let's recall Ethereum: when its ETF was approved, the price initially rose, but soon sank — a typical "buy rumors, sell news" scenario.
Now everyone is wondering: will the approval of the Solana ETF become a take-off point, or will the market react the other way around, as it has already happened?
All this is happening against the background of the fact that the US government is actively discussing the regulation of stablecoins and digital assets. And in 2024, Solana showed excellent technical results — speed, stability, and scalability. If institutions really start entering Solana through ETFs, this can lead to a strong influx of liquidity and strong growth.
But you also understand that so far everything is at the level of expectations. The market likes to exaggerate.
So, the question is: if the SEC really approves the Solana ETF in July, would you buy SOL now or would you wait for the market reaction?
#SolanaETF #solana $SOL #CryptoNewss #SEC

Decentralized finance took center stage in Washington as the SEC’s latest policy roundtable spotlighted code-driven innovation, individual empowerment, and freedom from centralized financial control.

DeFi Embodies US Values, SEC Commissioner Argues Amid Regulatory Debate
U.S. Securities and Exchange Commission (SEC) Commissioner Hester Peirce addressed the audience on June 9 during the final session of the Crypto Task Force’s Spring Sprint roundtable series in Washington D.C., emphasizing the importance of decentralized finance (DeFi) in embodying core American values. The event, titled “DeFi and the American Spirit,” concluded a months-long initiative focused on major regulatory themes in crypto, including custody, tokenization, and trading. Moderated by former SEC Commissioner Troy Paredes, the session marked the culmination of a series Peirce said was instrumental in shaping ongoing SEC policy discussions around digital assets.
Peirce clarified that DeFi should not be confused with traditional platforms. Instead of being a service offered by intermediaries, DeFi is a system where users interact directly with open-source protocols. “DeFi is not a place people go to access services that someone else provides and controls; it is software code that people use to engage in the activity of transacting without a centralized intermediary,” she explained. The commissioner firmly underscored the constitutional protections for those who write and publish such code, stating:
The SEC must not infringe on First Amendment rights by regulating someone who merely publishes code on the basis that others use that code to carry out activity that the SEC has traditionally regulated.
“If somebody else subsequently violates the law using the software protocol, the user—not the developer of the software—should face the music,” the commissioner added. She drew a sharp distinction between code publication and operational roles that may involve custody or decision-making, suggesting only the latter may trigger regulatory scrutiny.
In warning against deceptive efforts to brand centralized services as DeFi, Peirce coined the term “DeFi-In-Name-Only (DINO)” and stressed that regulators should stay focused on clear threats to investors. She stated: “With centralized entities comes the potential for fraud, conflicts of interest, principal-agent problems, information asymmetries, and other issues common in the traditional finance world—all the issues DeFi is designed to address.” She stressed:
The SEC’s efforts are best spent protecting investors, not from their own use of open-source software code to engage in transactions with their peers, nor from writers of such code, but from providers of financial services.
Commissioner Peirce closed by calling for a balanced approach that preserves individual rights while ensuring legitimate regulatory oversight of centralized actors.

#Binance #wendy #BTC #SEC $BTC