The post US SEC Blocks $1B Solana DeFi Project, S-3 Filing Withdrawn appeared on BitcoinEthereumNews.com.

SEC blocks $1B filing over missing internal controls documentation. DeFi Development aims to expand Solana holdings through a capital raise. Internal controls report is crucial for securities capital raise filings. The U.S. Securities and Exchange Commission (SEC) recently blocked DeFi Development Corp’s $1 billion filing. The capital raise aimed to support Solana token purchases. The company intended to use the funds for general corporate purposes.  The SEC prevented the registration because of incomplete documentation. Particularly, the filing did not include an internal controls report. This is a report necessary with capital raises by offering securities. DeFi Development’s Solana Investment Plan Faces Regulatory Hurdles The offer of DeFi Development to collect 1 billion dollars started at the end of April 2025. The firm, which changed its name to Janover, requested permission to buy Solana tokens, which is analogous to approaches taken by other companies that bought Bitcoin. DeFi Development has already invested heavily in Solana, to the tune of 600K plus SOL tokens, worth over 100 million. The filing was part of a bigger plan to become more exposed to Solana and enjoy potential staking rewards. In spite of the failure, DeFi Development reassured that no securities were offered in the process of filing. The company also plans to re-file the S-3 registration after it incorporates the changes demanded by SEC on internal controls report. This filing problem is a major regulatory challenge because companies in the crypto space have encountered difficulties in meeting the SEC harsh demands. DeFi Development (formerly Janover) has withdrawn its $1 billion Form S-3 registration after the SEC deemed it ineligible due to missing a required internal controls report in its Form 10-K. No securities were issued, and part of the proceeds had been intended for purchasing… — Wu Blockchain (@WuBlockchain) June 11, 2025 Future of…

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Filed under: News - @ June 12, 2025 10:22 am