Company: OSOL
Filing Date: 2025-10-22
Form Type: S-1
Source: 0001493152-25-018952
Chunk: 102

Company: Osprey Solana Trust
Filing Date: 2025-10-22
Form: S-1
Chunk 102
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 currently challenging this ruling.                                                                                  |

| ● | The                                                                                                                                 
 United Kingdom’s Financial Conduct Authority published final rules in October 2020 banning the sale of derivatives and ETNs         
 that reference certain types of digital assets, contending that they are “ill-suited” to retail investors citing extreme            
 volatility, valuation challenges and association with financial crime. A new law, the FSMA, received royal assent in June 2023. The 
 FSMA brings digital asset activities within the scope of existing laws governing financial institutions, markets and assets.        |

| ● | The                                                                                                                                         
 Parliament of the European Union approved the text of MiCA in April 2023, establishing a regulatory framework for digital asset services    
 across the European Union. MiCA is intended to serve as a comprehensive regulation of digital asset markets and imposes various obligations 
 on digital asset issuers and service providers. The main aims of MiCA are industry regulation, consumer protection, prevention of           
 market abuse and upholding the integrity of digital asset markets. MiCA was formally approved by the European Union’s member                
 states in 2023. Certain parts of MiCA became effective as of June 2024 and the remainder applied as of December 2024.                       |

There remains significant uncertainty regarding foreign governments’ future actions with respect to the regulation of digital assets and digital asset trading platforms. Such laws, regulations or directives may conflict with those of the United States and may negatively impact the acceptance of SOL by users, merchants and service providers outside the United States and may therefore impede the growth or sustainability of the SOL ecosystem in the United States and globally, or otherwise negatively affect the value of SOL held by the Trust. The effect of any future regulatory change on the Trust or the SOL held by the Trust is impossible to predict, but such change could be substantial and adverse to the Trust and the value of the Shares.

The CFTC has regulatory jurisdiction over the SOL futures markets. In addition, because the CFTC has determined that SOL is a non-security “commodity” under the CEA and the rules thereunder, it has jurisdiction to prosecute fraud and manipulation in the cash, or spot, market for SOL. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market exchanges, spot digital asset trading platforms or transactions involving spot SOL that do not utilize collateral, leverage, or financing. The National Futures Association (“NFA”) is the self-regulatory agency for the U.S. futures industry, and as such has jurisdiction over SOL