Solana-Linked $1 Billion DeFi Dream Crushed By SEC Intervention
DeFi Development Corp. faced a setback as the SEC blocked its $1 billion registration filing due to the absence of a required internal controls report. This report is essential for firms raising capital through public offerings. The company, previously known as Janover, plans to rectify the paperwork and refile within 30 to 45 days. The funds were intended for purchasing Solana tokens, with part allocated for staking rewards. The delay in the filing may impact market expectations, as traders anticipated that the influx of capital would elevate Solana's price. DeFi Development confirmed no securities were issued during this process and emphasized the importance of adhering to regulatory requirements. The company's next steps will be closely monitored by investors and developers alike.
