Once again, the SEC cut the wings of the crypto project Solana at its best moment. Even with the registration approved SEC raised the question about staking and structure.
Just days after the SEC said most staking isn’t a security, it reversed course and threw cold water on the REX-Osprey Solana ETFs. What is the best Solana crypto to buy before approval?
SEC Pushback Hits Crypto Solana ETF’s Ambitions
The REX-Osprey Solana ETF, which includes staking as part of its core setup, has officially been registered to go live on 30th May 2025.
But the next day SEC came up saying the fund might not qualify as an “investment company” under U.S. law.
The U.S. SEC is questioning the legality of ETH and SOL staking ETFs by REX and Osprey, warning they may not qualify under federal law; REX won’t proceed until resolved, as the SEC has yet to approve this staking-based ETF structure.https://t.co/Wz0p1E2vCt pic.twitter.com/l49x8gAVNy
— Telo News (@Telo_Official) June 2, 2025
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It is unclear if staking ETFs actually fall under the Investment Company Act of 1940, a key requirement for going public.
The ETFs are part of a wider range of filings, including ETH, DOGE, XRP, and even a TRUMP meme coin.
But somehow, Solana stands out above others because of a recent deal with R3, powering $10 billion+ in tokenized assets, including BlackRock, Franklin Templeton, and another big player.
More about that you can read here.
But things get even crazier. This came out one day after the SEC dropped new guidance saying most forms of staking, like self-staking and custodial staking, are not securities.
1/8 🚨 Major win for staking & decentralization.@SECGov has issued a long-awaited statement: non-custodial, self-custodial and custodial staking services are NOT securities offerings. This is a huge step forward for crypto infrastructure. Let’s break it down 🧵… pic.twitter.com/NLQKMvXonD
— Everstake (@everstake_pool) May 30, 2025
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This is straight up outrageous. Even Commissioner Caroline Crewnshaw called it out for being confusing and inconsistent.
Right now, the ETFs are not listed on any exchange, and the SEC warned that if these issues are not fixed, it could block or delay things further.
For Solana, this was a significant step in proving it is ready for the institutional stage. This still might happen, but the SEC has the last word on how things will happen.
Solana First Layer 2 to Play Out
While waiting for things to play out, this is the perfect moment to act. Before the SEC makes another crazy statement, another star is about to be born on Solana.
SOLAXY is the first Layer 2 built on the Solana chain. It helps to improve SOL pains as congestion, failed transactions, and even downtime.
By doing most of the heavy work off-chain, we can reduce the load and achieve faster finalization, cheaper fees, and a smoother experience.
Combine that with a meme, and you will have a recipe for success. But the fun doesn’t stop here.
Currently, the project is in its final presale phase with less than 15 days left.
You can join the fun by buying 1 $SOLX for as cheap as $0.001744 per coin. Furthermore, you can grow your $SOLX portfolio by staking your coins for 93% APY.
So far, the team has raised a staggering ~$43.2 million, which is shaping up to be one of the best presales on Solana.
For the latest updates on the project, connect with the SOLX community on X and Telegram.Â
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