DeFi Development Corp Faces SEC Setback, Plans to Refile $1B Solana Fundraising

DeFi Development Corp, a Nasdaq-listed company, has encountered a little setback in its aim to acquire $1 billion to purchase additional Solana coins. The US Securities and Exchange Commission (SEC) rejected its Form S-3 filing, stating the company wasn’t eligible due to a missing internal control report. The firm has now withdrawn its registration but says it plans to refile a resale registration in the future.

According to a report by Cointelegraph, the company’s broader plan to expand its Solana holdings remains in place. DeFi Development, formerly known as Janover and focused on real estate financing, has since repositioned itself as a Solana Treasury Company. It has also adopted Solana liquid staking tokens and currently holds over 609,000 SOL, valued at around $97 million.

The company’s crypto strategy is being led by former Kraken executives who joined after acquiring over 728,000 shares in April. Any future Solana purchases, the company said, will depend on market performance.

US Senators Seek Clarity on Meta’s Stablecoin Plans as GENIUS Act Advances

As the U.S. Senate prepares to debate the GENIUS Act, which aims to regulate payment stablecoins, Senators Elizabeth Warren and Richard Blumenthal have asked Meta CEO Mark Zuckerberg to clarify the company’s position on stablecoin development. In a letter sent Wednesday, the senators requested details on any consultations Meta may have held in 2025 regarding stablecoins, as well as its potential influence on the legislation.

The inquiry follows Meta’s past initiatives like Libra and Diem, which were discontinued following regulatory scrutiny. The senators also raised concerns about a possible waiver under the GENIUS Act that could exempt Meta from certain regulations.

Their letter cited risks of consumer data misuse if Meta were to operate its own stablecoin. According to recent reports, Meta is looking into stablecoin payment possibilities while the company has openly denied any recent plans. With bipartisan backing in the Senate, the GENIUS Act is now closer to a vote.

US Bancorp Reassesses Crypto Custody and Stablecoin Role Amid Renewed Interest

U.S. Bancorp is reassessing its institutional crypto custody business and exploring potential involvement in stablecoins. At the Morgan Stanley U.S. Financials Conference, CEO Gunjan Kedia said the bank’s crypto custody service, launched in 2021, struggled under the Biden administration due to regulatory uncertainty but is now seeing renewed interest under the Trump administration.

Cointelegraph reported that the service is active again, with the bank closely watching developments in the stablecoin space. Kedia said U.S. Bancorp may consider issuing its own stablecoin through partnerships.

She noted that while stablecoin volumes appear large, much of it remains within crypto-to-crypto trades. Kedia also pointed to the GENIUS Act, recently advanced in the Senate, as a possible source of regulatory clarity that could influence the bank’s future direction in the digital asset space.