The U.S. Securities and Exchange Commission (SEC) rejected DeFi Development's proposal to issue $1 billion in securities for the purchase of Solana due to incomplete documentation. The company has withdrawn its S-3 form and stated it will resubmit in the future. Nevertheless, DeFi Development has invested millions of dollars in purchasing SOL over the past two months and raised $42 million before April. The company is positioning itself for SOL staking and collaborating with multiple partners. However, its plan to 'become the MicroStrategy of Solana' has been temporarily shelved due to regulatory hurdles from the SEC.

https://www.sec.gov/Archives/edgar/data/1805526/000121390025053425/ea024543901-rw_defidevelop.htm

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