In today’s cryptocurrency news, publicly traded corporations are widening their crypto reserve approaches to incorporate more tokens; a recent lawsuit initiated by Oregon’s attorney general categorizes XRP and various other digital currencies as unregistered securities; and Paul Atkins has officially taken the oath as chair of the US Securities and Exchange Commission (SEC).
DeFi Development Corp invests $11.5M in SOL, shares rise 12%
The DeFi Development Corporation, previously known as Janover, is enhancing its Solana treasury plan after a buyout led by executives from Kraken.
As per an announcement made on April 22, the firm acquired 88,164 Solana (SOL), valued at $11.5 million, increasing its Solana holdings to $34.4 million.
On April 7, DeFi Development Corporation was taken over by a consortium of former Kraken executives. As part of the arrangement, the company revealed a pivot towards crypto, including a rebranding and a Solana-centric reserve treasury. Prior to this shift, Janover was engaged in real estate financing, connecting lenders with commercial property purchasers.
Since the acquisition, the firm has executed numerous purchases of SOL, including a transaction worth $10.5 million on April 16. With this most recent acquisition, DeFi Development Corporation’s total SOL holdings amount to 251,842. The company intends to stake the tokens for additional yield.
DeFi Development Corporation’s shares (JNVR) increased by 12.83% following the news, as reported by Google Finance.
Oregon AG’s lawsuit against Coinbase claims XRP is an unregistered security
The lawsuit filed by Oregon Attorney General Dan Rayfield against Coinbase contends that XRP and other cryptocurrencies are indeed unregistered securities.
Rayfield has taken legal action against the US-based, publicly listed crypto exchange Coinbase for purportedly breaching Oregon’s securities regulations. In an April 18 announcement, the Oregon Department of Justice indicated that the lawsuit aims to address what they described as a regulatory gap left by federal authorities during the Trump administration:
“States need to fill the enforcement gap being created by federal regulators who are retreating from these cases under Trump’s presidency,” the department stated.
Paul Grewal, the chief legal officer at Coinbase, expressed his discontent regarding the lawsuit in an April 21 X post. Justin Slaughter, the vice president of regulatory affairs at the crypto investment firm Paradigm, pointed out that the lawsuit enumerates a long list of digital currencies, including XRP (XRP), as unregistered securities.
Yarden Noy, a partner at the crypto legal firm DLT Law, informed Cointelegraph that if the court deems these assets to be securities, it “would mainly lead to further confusion on this matter.” He added that it would not set a binding precedent in other cases, not even within Oregon.
Paul Atkins, Trump’s nominee, sworn in as SEC chair
Paul Atkins has been formally sworn in as the 34th chairman of the US Securities and Exchange Commission.
The April 21 announcement follows closely after Atkins’ confirmation by the US Senate with a 52-44 vote on April 9.
“I am grateful for the trust and confidence that President Trump and the Senate have placed in me to lead the SEC,” stated Atkins, who served previously as an SEC commissioner from 2002 to 2008.
Atkins is anticipated to guide a more cryptocurrency-friendly SEC compared to former chair Gary Gensler under the Biden administration.
