The Securities and Exchange Commission has made a compelling case for pursuing a mid-case appeal to delve deeper into the intricacies of the law.
The SOMA token is designed as a non-cumulative, participating preferred stock for SOMA.finance, offering the potential for a dividend payout of as much as 10% of its earnings.
The SEC was instructed last week to revisit its earlier denial of the Grayscale Bitcoin Trust (GBTC) conversion, with no automatic implication of approval.
The regulatory authority has recently confirmed postponements for all six of the pending ETF applications.
A judge granted permission for the SEC to proceed with the appeal.
They would participate in pre-approved bitcoin futures ETFs.
Gathering all the Republican members of his panel, Patrick McHenry, who serves as the Chair of the House Financial Services Committee, led an inquiry with the SEC and FINRA regarding the distinctive standing of the company.
The regulatory body is currently examining over a dozen applications for spot Bitcoin and Ether futures-based ETFs.
A federal judge has decreed that Ripple's direct sales of XRP to institutional investors contravened securities law; however, the judge determined that the company's automated sales to retail investors via exchanges were not in violation.
Blockchange Ventures took the forefront in spearheading the fundraising efforts, joined by a consortium of investors including Dispersion Capital, Symbolic Capital, Hypersphere Ventures, Iclub, and TA Ventures.