SEC blocked DeFi Development's investment strategy for Solana
The U.S. Securities and Exchange Commission (SEC) rejected DeFi Development's application to raise $1 billion for investments in Solana.
The reason for the rejection was the lack of a 10-K internal control report.
The company aimed to replicate MicroStrategy's strategy by betting on Solana instead of Bitcoin.
DeFi Development plans to reapply, maintaining ambitions to become a major holder of Solana.