The US Securities and Stock Exchange Commission (SEC) did not approve Defi Development Corp’s 1 billion dollar registration application. It was announced that the company would be used for solana (left) investment of the money that the company wanted to collect in the application. The SEC said that the application is not appropriate on the grounds that some expected documentations are not provided.
Solana news
The main reason behind the rejection of the application was that the company did not present the internal control report that should be present at Form 10-K. The SEC stressed the importance of the registration documents in accordance with the complete and in force regulations. As Defi Development Corp pointed out, the source to be collected was planned to be transferred to the Solana network.
During the registration application, it was stated that large -scale financial movements should be applied to legal processes and the protection of investors was a priority. It is known that SEC was sensitive to this issue, and the disruption has caused disappointment for solana investors.
Defi Development Corp attracted attention with its investment plans described in the application file. The company’s step was focused on the purchase of solana unlike many other companies exporting debt and receiving BTC. Therefore, a billion dollar strategy excited investors. Even the public companies Bitcoin $109,290.39 Treasure Treasure as a continuation of the treasure trend, Ethereum 
$2,765.16 The big move, which could open the door to trends such as treasure, has not been able to succeed for now.
Missing documents in the application
In order to protect the transparency and accountability of financial markets, SEC is conducting a meticulous examination in registration applications. In particular, in the case of high consistent financial plans and investments, the institution focuses on the complete control reports and financial inspections.
Form 10-With the detection of deficiencies in K, the application process was suspended. The SEC officials said that “In order to protect the rights of investors and ensure transparency in the markets, all necessary documents need to be provided in order to protect the rights of the investors and to ensure transparency in the markets”.
The company did not make a statement as to whether the application would be repeated. Perhaps they want to compensate for their loss of reputation by making a new application this time with a larger figure. This is supportive for solana.
Developments in crypto assets and bloczincir investments in the United States continue to be in the observation of regulatory institutions for both companies and investors. This decision, taken by the SEC, seems to require more careful preparation of the next large -scale investment plans. Investors are recommended to ensure that all arrangements and reports expected in the application processes are fully expected. Such decisions in the US financial markets encourage companies to act in accordance with transparency and adequate auditing standards.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
